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Outsourcing Economics: Global Value Chains in Capitalist Development



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Cambridge Univ Pr
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Outsourcing Economics has a double meaning. First, it is a book about the economics of outsourcing. Second, it examines the way that economists have understood globalization as a pure market phenomenon, and as a result have "outsourced" the explanation of world economic forces to other disciplines. Markets are embedded in a set of institutions - labor, government, corporate - that mold the power asymmetries that influence the distribution of the gains from globalization. In this book, William Milberg and Deborah Winkler propose an institutional theory of trade and development. They find that offshoring reduces employment and raises income inequality in countries that lack institutions supporting workers. They also find that offshoring allows firms to reduce domestic investment and focus on finance and short-run stock movements. Development has become synonymous with "upgrading" in global value chains, but this is not sufficient for improved wages or labor standards.

Table of Contents

The new wave of globalization
What role for comparative advantage?
Lead firm strategy and global value chain structure
Economic insecurity in the new wave of globalization
Financialization and the dynamics of offshoring
Economic development as industrial upgrading in global value chains
Outsourcing economics
Table of Contents provided by Publisher. All Rights Reserved.

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