Globalization in The Books Store

Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization.

Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both.

The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.

"Globalization" has become a popular buzzword for explaining today's world. The expression achieved terminological stardom in the 1990s and was soon embraced by the general public and integrated into numerous languages.

But is this much-discussed phenomenon really an invention of modern times? In this work, Jürgen Osterhammel and Niels P. Petersson make the case that globalization is not so new, after all. Arguing that the world did not turn "global" overnight, the book traces the emergence of globalization over the past seven or eight centuries. In fact, the authors write, the phenomenon can be traced back to early modern large-scale trading, for example, the silk trade between China and the Mediterranean region, the shipping routes between the Arabian Peninsula and India, and the more frequently traveled caravan routes of the Near East and North Africa--all conduits for people, goods, coins, artwork, and ideas.

Osterhammel and Petersson argue that the period from 1750 to 1880--an era characterized by the development of free trade and the long-distance impact of the industrial revolution--represented an important phase in the globalization phenomenon. Moreover, they demonstrate how globalization in the mid-twentieth century opened up the prospect of global destruction though nuclear war and ecological catastrophe. In the end, the authors write, today's globalization is part of a long-running transformation and has not ushered in a "global age" radically different from anything that came before.

This book will appeal to historians, economists, and anyone in the social sciences who is interested in the historical emergence of globalization.

Contrary to an optimistic vision of a world "flattened" by the virtues of globalization, the sustainability and positive outcomes of economic and political homogenization are far from guaranteed. For better and for worse, globalization has become the most powerful force shaping the world's geopolitical landscape, whether it has meant integration or fragmentation, peace or war. The future partly depends on how new economic giants such as China, India, and others make use of their power. It also depends on how well Western democracies can preserve their tenuous hold on leadership, cohesion, and the pursuit of the common good.

Offering the most comprehensive analysis of world politics to date, Laurent Cohen-Tanugi takes on globalization's cheerleaders and detractors, who, in their narrow focus, have failed to recognize the full extent to which globalization has become a geopolitical phenomenon. Offering an interpretative framework for thought and action, Cohen-Tanugi suggests how we should approach our new "multipolar" world-a world that is anything but the balanced and harmonious system many welcomed as a desirable alternative to the "American Empire."

Cohen-Tanugi's point is not that the major trends of economic globalization, technological revolution, regional integration, and democratic progress are no longer at work. His argument is that economic globalization exists in a complex dialectic with the traditional geopolitics it has, ironically, helped to revive. This tension has created an ambivalent world that requires democracies to operate in two realms: the realm of economic integration and multilateralism-or peaceful, astrategic, "postmodern" internationalism-and the more traditional, even regressive realm of confrontation between national and regional strategies of power fought against a background of terrorism, civil wars, and nuclear proliferation.