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Why Globalization Works (Yale Nota Bene) Paperback – 4 Feb 2005

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Product details

  • Paperback: 416 pages
  • Publisher: Yale University Press; 2nd New edition edition (4 Feb. 2005)
  • Language: English
  • ISBN-10: 0300107773
  • ISBN-13: 978-0300107777
  • Product Dimensions: 3.2 x 12.7 x 20.3 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (21 customer reviews)
  • Amazon Bestsellers Rank: 23,623 in Books (See Top 100 in Books)

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Review

"A necessary and compelling read for all who want to understand the logic of unfolding events." -- Robert Skidelsky, New Statesman

"A wealth of material on every page." -- Wall Street Journal

"Accessible and clearly argued ... A wealth of material on every page." -- Bruce Bartlett, Wall Street Journal

"Meticulous, well-structured, and persuasive." -- Martin Vander Weyer, Spectator

"No one has summarised more coherently the recent, voluminous research ... Elegantly and persuasively, Wolf marshals the facts." -- Niall Ferguson, Sunday Telegraph

"Splendid ... The definitive treatment of the subject, and an absorbing read." -- Economist

'Why Globalization Works is an excellent defence of globalization' -- The Complete Review

'Wolf does more than answer complaints, he goes to the heart of the ideological anti-globalization' -- The Times Litereay Supplement

'Wolf offers a powerful defence of the global market economy' -- The Sunday Telegraph

About the Author

Martin Wolf is associate editor and chief economics commentator at the Financial Times in London. Formerly senior economist at the World Bank's division for international trade, he has worked in Kenya, Zambia, and India. He has been visiting professor at Oxford, Nottingham, and Rotterdam Universities and fellow of the World Economic Forum in Davos, Switzerland.

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5 of 5 people found the following review helpful By A. O. P. Akemu on 29 Oct. 2009
Format: Paperback Verified Purchase
The word, globalisation (I prefer the British standard spelling), generates fear, anxiety, anger and righteous indignation in equal measures. But what does globalisation mean? How does it work and why is it the single hot-button issue that galvanises protesters at the global events like the G20 summits? These are some of the questions that I had in mind when I bought Martin Wolf's Why Globalization Works. To my delight, the book answered my questions and challenged the popular stereotypes that characterise the anti-globalisation debate

The author, Martin Wolf, is associate editor and chief economics commentator at the Financial Times. He defines globalisation as the increased economic integration of the major world economies. It corresponds to a reduction of barriers to trade (tariff and non-tariff barriers) among the major economies, which, in turn, has resulted in vastly increased trade volumes in the last two decades. He argues that globalisation, so defined, is nothing new; indeed, the global economy was even more integrated before World War I than it is today; in addition, to falling barriers to trade, there were fewer barriers to the movement of people (migration). This led to sustained migration from Europe to the United States, from the United Kingdom to Australia and New Zealand, and from East Asia to the Caribbeans.

Like a brilliant general, Martin Wolf marshals the facts to support the case that increased economic integration in the last two decades has led to a significant reduction of poverty, most notably in China and India. So far so good. But what about the criticisms levelled against globalisation by articulate critics like Noreena Hertz and Naomi Klein?
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15 of 16 people found the following review helpful By Andrew R W Smithers on 13 Sept. 2004
Format: Hardcover
This remarkable book should be read by all those who are interested in the future of the world and how the blessings enjoyed by rich nations could and should become general.
Martin Wolf explains how such progress depends on the spread of liberal capitalism and how this necessarily involves further globalization. He refutes with care and remarkable politeness the ill-considered arguments of his opponents.
The book's outstanding quality derives from the author's passionate goodwill for humanity and the controlled patience which he has brought to the rebuttal of arguments which are often exceedingly weak or even downright silly.
Being on the side of the angels is not enough to produce a great work but, as the author has the additional qualities of an incisive mind and elegant style, the result is a book which will increasingly be recognised as a classic.
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5 of 5 people found the following review helpful By Amazon Customer on 27 July 2005
Format: Paperback
Detailed, intelligent and thorough. Unlike other reviewers i felt that quite a bit of knowledge is assumed by Wolf. Wolf also likes to produces pages of numerical evidence in a row which i found exhausting to sift through. I would recommend Johan Norberg's "In Defence of Global Capitalism" as an easier read if you can get a hold of it, though Wolf's covers more ground. Wolf's 3 or 4 word put-downs are almost worth the price of the book themselves.
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2 of 2 people found the following review helpful By F Henwood TOP 1000 REVIEWER on 10 Mar. 2012
Format: Paperback
Martin Wolf has written a comprehensive yet remarkably succinct account of the benefits of globalisation. The book starts out with a startling observation, which is blindingly obvious when you think about it:

`Who imagines the welfare of Americans would be improved if their economy was fragmented among its fifty states, each with prohibitive barriers to movement of goods, services, capital and people from the others? Who supposes that Americans would be better off ... [if] Microsoft could only operate in one of these states?' Indeed, `some states would become prisons, with desperately unhappy populations living inside.'(p.3)

Therefore this fragmentation at a global level cannot be a good thing. Localism and self-sufficiency in today's world simply means impoverishment. So what's the alternative? More globalisation - that's what. Wolf is out not just to confute the critics of globalisation but to argue for its benefits, especially for the poorest.

Along the way, we are treated to a veritable butchery of myths. Globalisation means multinationals sending rich countries' jobs overseas? Hardly - most investment of rich countries goes to other rich countries. The United States does of course shed capital overseas but this is more than compensated by inward investment from other countries, meaning that there is no net loss of jobs. In 2001, the stock of inward investment into the US was $1,321 Billion, virtually identical to stock of outward investment $1,381 Billion. As for exploiting workers in poor countries, this has poor foundation in fact. Multinationals pay more than the going rate in the local economy and import skills and capital that have an upward pressure on living standards and wages.
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10 of 11 people found the following review helpful By DP on 30 Mar. 2005
Format: Paperback
This book provides a powerful argument for governments to encourage rather than hinder the development of a liberal globalized economy. Martin Wolf's thesis is presented intelligently and clearly, and should be comprehensible to non-economists. There is none of the jargon and convoluted discourse, loved by both social scientists and economists, which prevents the reader from truely understanding what the author is saying and hence hiding any illogicality in the arguments.
My main fear was that there would be little in the way of new material for someone who has been an avid reader of Wolf's articles in the FT and who has read other authors on the subject. However, there is such a wealth of interesting detail and originality in the analysis that this book is a must read for everyone.
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