Globalizátion N. the Irrational Fear That Someone in China Will Take Your Job : "A Creative and Original Work from One of This Country's Greatest Minds. "

by Greenwald, Bruce C. N.; Kahn, Judd

• ISBN13: 9780470169636
• ISBN10: 047016963X
• Edition: 1st
• Format: Hardcover
• Copyright: 2008-11-10
• Publisher: Wiley

Summary

In Globalization, authors Bruce Greenwald and Judd Kahn cut through the myths surrounding globalization and look more closely at its real impact, presenting a more accurate picture of the present status of globalization and its future consequences. Page by page, they uncover the real facts about globalization and answer the most important questions it raises, including: Will globalization increase or diminish in economic importance? Do higher living standards depend more on global or local conditions- and What are the actual implications of globalization for financial markets?

Author Biography

Bruce C. Greenwald, PhD, is one of the nation's leading economists. He currently serves as the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University's Graduate School of Business. Greenwald consults worldwide on a variety of issues concerning capital markets, business strategy, corporate finance, and labor performance. He is also the author, coauthor, and editor of several books, including Value Investing: From Graham to Buffett and Beyond (Wiley) and Competition Demystified.

Judd Kahn, PhD, is currently COO of Hummingbird Management LLC. Prior to joining Hummingbird, he was an historian, the CFO of a privately owned manufacturing company, and a consultant to government and not-for-profit agencies.?Kahn cowrote Value Investing: From Graham to Buffett and Beyond and Competition Demystified with Bruce Greenwald.

Table of Contents

Acknowledgments	p. xi
Introduction: Just How Global Are We?	p. xiii
It May Be News, But It Isn't New: A Brief History of Globalization	p. 1
Tradable Goods	p. 3
From Goods to Services	p. 8
Which Services Remain Rooted?	p. 11
Why So Newsworthy?	p. 19
Countries Control Their Fates: How Little Globalization Explains	p. 23
Who Calls the Shots?	p. 25
An Inadvertent Experiment	p. 29
The Uneven Course of Manufacturing	p. 31
The Recipe for Productivity Growth	p. 33
Importance of Incremental Improvements	p. 35
Tell Me Again: Why Is China Rising?	p. 38
Episodic Improvements and Retreats	p. 40
Widely Shared Diversions	p. 42
What About Free Trade?	p. 51
Keep It Local	p. 53
Employment Trends for Globalization 3.0: Are All the Good Jobs Going Away?	p. 55
Recent History as a Guide	p. 56
Recent Patterns of Employment and Unemployment in the United States	p. 60
The Changing Nature of Work	p. 62
The Meaning Is in the Details	p. 63
That Giant Sucking Sound Is Coming from ...	p. 69
But Will the Future Be Different?	p. 71
What about Wages?	p. 74
Can We Make Any Money?: What Globalization Does to Profits	p. 79
Companies Under Globalization 3.0	p. 80
Why Some Companies Are Profitable	p. 84
Profits in Competitive Markets: Low Before Globalization, and Low After	p. 86
Profits in Protected Markets: Do They Survive?	p. 90
How to Keep Competitors Out	p. 93
The Special Role of Economies of Scale Advantages	p. 102
Competitive Advantages in a Global World	p. 104
The Future of Profitability	p. 108
International Finance in a Global World: Home Field Advantage	p. 111
Flow of Funds	p. 113
Foreign Direct Investment: Not Where the Action Is	p. 116
Financial Markets and Portfolio Investment: Not Here, Either	p. 118
Institutions as Investors: These Do Matter	p. 120
Safer at Home: Financial Markets and the Limits of Globalization	p. 126
Global Capital Markets and Economic Development: More Headlines Than Production Lines	p. 129
A Genuine Global Economic Problem: Replacing the Consumer of Last Resort	p. 135
The Link between Reserve Currencies and Global Financial Stability	p. 136
Chronic Surplus Countries and Monetary Mercantilism	p. 142
The Global Financial System and Global Economic Stability	p. 147
The Situation of the United States	p. 151
A Modest Proposal for a New Reserve Currency	p. 156
Conclusion: Beyond Economics	p. 161
Globalization and Everything Else	p. 163
One Last Question	p. 169
Notes	p. 171
About the Authors	p. 179
Index	p. 181
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