"In the process of dispelling simplistic myths of economic globalization, Greenwald and Kahn present an alternative history based on facts. Refreshingly, their conclusions cut across traditional ideological chasms . . . Greenwald and Kahn challenge much of the conventional knowledge about globalization and offer investors a long–term look into macroeconomic developments. They present intriguing insights based on facts rather than political ideology. That′s exactly what Foolish investors want to hear."
—The Motley Fool
"A creative and original work from one of this country′s greatest minds. Greenwald cuts through the clichés and conventional wisdom to give readers a true understanding of the forces that are shaping the world. He dispels myths and provides an insightful guide for governments and businesses that need to know how to cope with globalization."
—Joseph E. Stiglitz, Nobel Laureate in Economics, 2001
"Absolutely the smartest book on globalization yet. No ideological ax–grinding, fact–free assertion, or mindless extrapolation. Just brilliant insights, compelling predictions, plain speaking, and an unrivalled command of data and business behavior. globalization confirms Bruce Greenwald′s iconic status as a corporate strategy guru who understands how the global economy really works and can explain it to the rest of us."
—Sylvia Nasar, author of A Beautiful Mind
In globalization, Greenwald and Kahn cut through the myths surrounding globalization and look at its real impact, presenting a more accurate picture of the present status of globalization and its future consequences. There has clearly been a glaring need for a straightforward, inclusive, and digestible presentation of the wide range of systematic data that addresses the question of the likely future of globalization. This timely book meets this need.
Introduction: Just How Global Are We?
Chapter 1: It May Be News, But It Isn’t New: A Brief History of Globalization.
From Goods to Services.
Which Services Remain Rooted?
Why So Newsworthy?
Chapter 2: Countries Control Their Fates: How Little Globalization Explains.
Who Calls the Shots?
An Inadvertent Experiment.
The Uneven Course of Manufacturing.
The Recipe for Productivity Growth.
Importance of Incremental Improvements.
Tell Me Again: Why Is China Rising?
Episodic Improvements and Retreats.
Widely Shared Diversions.
What About Free Trade?
Keep It Local.
Chapter 3: Employment Trends for Globalization 3.0: Are All the Good Jobs Going Away?
Recent History as a Guide.
Recent Patterns of Employment and Unemployment in the United States.
The Changing Nature of Work.
The Meaning Is in the Details.
That Giant Sucking Sound Is Coming from . . . .
But Will the Future Be Different?
What about Wages?
Chapter 4: Can We Make Any Money?: What Globalization Does to Profi ts.
Companies Under Globalization 3.0.
Why Some Companies Are Profi table.
Profi ts in Competitive Markets: Low Before Globalization, and Low After.
Profi ts in Protected Markets: Do They Survive?
How to Keep Competitors Out.
The Special Role of Economies of Scale Advantages.
Competitive Advantages in a Global World.
The Future of Profitability.
Chapter 5: International Finance in a Global World: Home Field Advantage.
Flow of Funds.
Foreign Direct Investment: Not Where the Action Is.
Financial Markets and Portfolio Investment: Not Here, Either.
Institutions as Investors: These Do Matter.
Safer at Home: Financial Markets and the Limits of Globalization.
Global Capital Markets and Economic Development: More Headlines Than Production Lines.
Chapter 6: A Genuine Global Economic Problem: Replacing the Consumer of Last Resort.
The Link between Reserve Currencies and Global Financial Stability.
Chronic Surplus Countries and Monetary Mercantilism.
The Global Financial System and Global Economic Stability.
The Situation of the United States.
A Modest Proposal for a New Reserve Currency.
Conclusion: Beyond Economics.
Globalization and Everything Else.
One Last Question.
About the Authors.
Judd Kahn, PhD, is currently COO of Summit Street Capital Management, LLC. They also coauthored Value Investing: From Graham to Buffett and Beyond and Competition Demystified.