Globalization at Risk : Challenges to Finance and Trade

by Gary Clyde Hufbauer and Kati Suominen

• ISBN13: 9780300154092
• ISBN10: 0300154097
• Format: Trade Book
• Copyright: 2010-10-19
• Publisher: Yale University Press

Summary

History has declared globalization the winner of the 20th century. Globalization connected the world and created wealth unimaginable in the wake of the Second World War. But the financial crisis of 2008-09 has now placed at risk the liberal economic policies behind globalization. Engulfing the entire world, the crisis gave new fuel to the skeptics of the benefits of economic integration. Policy responses seem to favor anti-globalizers. New regulations could balkanize the global financial system, while widespread protectionist impulses might undo the Doha Round. Issues from climate change to national security may be used as convenient excuses to keep imports out, keep jobs at home, and to clamp down on global capital. Will globalization triumph or perish in the 21st century? What reforms make sense in the post-crisis world? International economists Gary Clyde Hufbauer and Kati Suominen argue that globalization has been a force of great good, one that needs to be actively advanced and honed. Drawing on the latest economic analyses, they reveal the drivers and effects of global finance and trade, lay out the key risks to globalization, and offer a practical policy roadmap for managing the challenges while increasing the gains. Vital reading for anyone in business, finance, foreign affairs, or economics,Globalization at Riskis sure to advance public debate on this defining issue of the 21st century.

Author Biography

Gary Clyde Hufbauer, Reginald Jones Senior Fellow at the Institute for International Economics, was formerly the Marcus Wallenberg Professor of International Finance Diplomacy and deputy director of the International Law Institute at Georgetown University. Kati Suominen is Transatlantic Fellow at the German Marshall Fund of the United States. In 2004–10, she served as Trade Economist at the Inter-American Development Bank, where she managed the Bank’s global trade policy research. Both authors live in Washington, D.C.

Table of Contents

Preface	p. ix
Acknowledgments	p. xiii
Introduction	p. 1
Booming Finance	p. 27
Expanding Commerce	p. 49
Mighty Multinationals	p. 86
Southbound	p. 115
A Dangerous Time in Global Finance	p. 132
Trade in Trouble	p. 167
Anxious Workers	p. 192
New Frictions	p. 214
Afterword	p. 241
Notes	p. 249
Index	p. 297
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