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"...one of the most comprehensive histories of modern capitalism yet written." The New York Times Book Review "Those who forget the past are condemned to repeat it. That is the lesson of this well-timed account of the recent history of capitalism from the first Golden Age of globalisation in the late 19th century to the present, uncertain juncture." Financial Times "Frieden has a wonderful way of weaving together politics and economics, past and present in an accessible narrative that is... even-handed and objective." Washington Post"
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Globalisation is a choice, not a fact. It is the result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalisation during the early years of the twentieth century, its swift collapse in the crises of 1914-1945, the divisions of the Cold War world and the turn again towards global integration at the end of the century. His history is full of character and event, as entertaining as it is enlightening.
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As the spring of 1896 came to the American Great Plains, farmers faced the planting season with dread. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index
As the spring of 1896 came to the American Great Plains, farmers faced the planting season with dread. Read the first page
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Most Helpful Customer Reviews
3 of 5 people found the following review helpful
Format:Hardcover
This is a good read, outlining the very important message that globalization is just the extension of local economics, which benefit society as a whole, but that it is a choice not an inevitability.
I would view it as a supplement to, rather than a replacement for, the seminal work of O'Rourke & Williamson on the 19th Century Atlantic economy to discover the extent to which the process of international integration has affected the world we live in. The 16th and the long 19th Centuries are good examples of this and the post-WWII environment is just one example.
Read on!
I would view it as a supplement to, rather than a replacement for, the seminal work of O'Rourke & Williamson on the 19th Century Atlantic economy to discover the extent to which the process of international integration has affected the world we live in. The 16th and the long 19th Centuries are good examples of this and the post-WWII environment is just one example.
Read on!
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
14 reviews
46 of 51 people found the following review helpful
Globalization 2.0
12 July 2006
Format:Hardcover
Jeffrey Frieden, a Harvard professor specializing in international trade and finance, has written a masterly and comprehensive history of capitalism from 1870 to the present. His history of globalization reminds us that it is not a recent develpment and that its current success is not guaranteed.
The first era of globalization (1870 to 1914) had many of the same characteristics as today's. There was an unprecedented cross-border movement of goods, capital, and labor. (Labor more so in the first era.) During these years huge amounts of capital moved overseas to America, Canada, and Argentina mainly due to the reduced costs of communication and transportation. The technologies driving this globalization were the telegraph and railroads. It was also facilitated by the fact that most currencies were convertible to gold. The investment in the Americas was also followed by a huge immigrant population. In these years, America, Canada, and Argentina had much larger immmigrant populations at the turn of the 20th century than today.
The main thing that distinguishes the present globalization from the first is what happened in between. After the Great Depression and World War II remedies were put into place to mitigate the damaging effects of these economic and social catastrophes. Social benefits such as unions, minimum wage, healthcare and pensions were established as safety nets. In the era between the two globalizations when economies were mostly national the safety nets were part of the social contract between capital and labor.
In 1980, when our current era of globalization begins, capital began to move overseas again in order to find countries with lower labor and social costs. This time, however, labor did not follow. The industrialized countries now have large middle classes with social benefits promised who are not certain about how they are going to be paid. This is causing many in the industrialized world to have second thoughts about our current phase of globalization.
Frieden has a guarded optimism about global capitalism and thinks it is still the best system for distributing wealth. Yet, his last chapter "Global Capitalism Troubled" points to some more clouds on the horizon. There seems to be a growing gap between those who control capital and those who work for a living. People understand that globalization is inevitable but they want a new set of rules to address the growing inequalities.
Frieden is a cheerleader for a more equitable capitalism that can deliver both social benefits and robust economic growth.
The first era of globalization (1870 to 1914) had many of the same characteristics as today's. There was an unprecedented cross-border movement of goods, capital, and labor. (Labor more so in the first era.) During these years huge amounts of capital moved overseas to America, Canada, and Argentina mainly due to the reduced costs of communication and transportation. The technologies driving this globalization were the telegraph and railroads. It was also facilitated by the fact that most currencies were convertible to gold. The investment in the Americas was also followed by a huge immigrant population. In these years, America, Canada, and Argentina had much larger immmigrant populations at the turn of the 20th century than today.
The main thing that distinguishes the present globalization from the first is what happened in between. After the Great Depression and World War II remedies were put into place to mitigate the damaging effects of these economic and social catastrophes. Social benefits such as unions, minimum wage, healthcare and pensions were established as safety nets. In the era between the two globalizations when economies were mostly national the safety nets were part of the social contract between capital and labor.
In 1980, when our current era of globalization begins, capital began to move overseas again in order to find countries with lower labor and social costs. This time, however, labor did not follow. The industrialized countries now have large middle classes with social benefits promised who are not certain about how they are going to be paid. This is causing many in the industrialized world to have second thoughts about our current phase of globalization.
Frieden has a guarded optimism about global capitalism and thinks it is still the best system for distributing wealth. Yet, his last chapter "Global Capitalism Troubled" points to some more clouds on the horizon. There seems to be a growing gap between those who control capital and those who work for a living. People understand that globalization is inevitable but they want a new set of rules to address the growing inequalities.
Frieden is a cheerleader for a more equitable capitalism that can deliver both social benefits and robust economic growth.
31 of 36 people found the following review helpful
Almost tempted to give it a miss
23 April 2007
Format:Paperback
I was almost tempted to give the book a miss after seeing the high ratings that were given by reviewers that seemed to be anti-globalizationists (what an awkward term!)
However, I came across the book at my library and gave it a chance, and I was not disappointed. It is a book that does a creditable job of summing up the ups and downs of the world economy over the past hundred years and more. And it also does a fairly good job of raising some issues and problems with the world economic system, and how the system had evolved to meet those issues and problems. On the whole, I think it's a balanced book, pointing out the critical need for free and integrated markets to raising millions in the world out of poverty, as well as some of the problems facing them.
The only reason why I gave the book a four rather than a five is that it is not an easy read, and it is best read with some thought and analysis on the reader's part. Not necessarily a bad thing, but not something for everyone.
By the way, do ignore those reviews that pretend to tell you what the author was saying in his book. I'm not sure that he's actually saying what they say he is saying.
Read the book for yourself. It's worth the time and effort.
However, I came across the book at my library and gave it a chance, and I was not disappointed. It is a book that does a creditable job of summing up the ups and downs of the world economy over the past hundred years and more. And it also does a fairly good job of raising some issues and problems with the world economic system, and how the system had evolved to meet those issues and problems. On the whole, I think it's a balanced book, pointing out the critical need for free and integrated markets to raising millions in the world out of poverty, as well as some of the problems facing them.
The only reason why I gave the book a four rather than a five is that it is not an easy read, and it is best read with some thought and analysis on the reader's part. Not necessarily a bad thing, but not something for everyone.
By the way, do ignore those reviews that pretend to tell you what the author was saying in his book. I'm not sure that he's actually saying what they say he is saying.
Read the book for yourself. It's worth the time and effort.
20 of 26 people found the following review helpful
Very Pleasing to Read (Even for a Proletariat like Me)
25 Jun 2006
Format:Hardcover
I read this book for a graduate-level economics course. It's not an "Econ for Dummys" book, but it really enightens the reader about the history of economics in the 20th Century. It's smart and straight-forward. The author does not interject his personal perspectives, which is nice. He just puts it out there. A definite must-read for those entering the field of economics/history.
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