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Why Globalization Works

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Why Globalization Works

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15 min read
9 take-aways
Audio & text

What's inside?

The problem isn't that the world's economies are too globalized. The problem is that they are not globalized enough.

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Editorial Rating

6

Qualities

  • Innovative

Recommendation

In this purpose-driven book, author Martin Wolf stakes out his intellectual turf clearly and defends it. Wolf begins with the concept that the value of the individual and the importance of that individual’s right to pursue economic advancement are the foundation of the world’s great democracies. From there, he levels a devastating critique against the anti-globalists and the diverse interests that oppose the global integration of markets. He presents strong evidence that the power of international corporations has been exaggerated, and concludes that the issue isn’t too much globalization, but rather too little. This clear-eyed, well-researched defense of globalization should become a mainstay in any library of economic rationalism. getAbstract recommends it most highly.

Summary

The Dis-United States of America

Imagine a United States of un-united states. What if the country's economy were fragmented among 50 regional fiefdoms, each with barriers blocking the free flow of goods and services? Say that Microsoft could not open an Omaha office without oppressive tariffs. Imagine Florida farmers paying tariffs to export grapefruit to Georgia or customs agents searching cars going from the sovereign dominion of New York into the sovereign republic of New Jersey.

What would happen in this "house divided?" Without interstate investment and fluid capital markets, people would experience reduced standards of living and rampant unemployment. The not-so-United States would sink overnight into global economic mediocrity. Those wishing to bring the U.S. economic juggernaut to its knees would realize their fondest dreams.

Tragically, much of the world faces exactly this plight today. More globalization, not reduced globalization, is needed to raise the world's standard of living. Global economic integration offers many opportunities, but to fulfill them liberals and democratic conservatives must unite to protect the liberal global economy against...

About the Author

Martin Wolf is associate editor and chief commentator on economics for Financial Times. Wolf was educated at Oxford University. He is a visiting professor at Oxford’s Nuffield College and a special professor at the University of Nottingham. He has won numerous journalism awards, and was senior economist at the World Bank in the 1970s.

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