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The War for Wealth: The True Story of Globalization and Why the Flat World is Broken Hardcover – 1 May 2008

4.0 out of 5 stars 2 customer reviews

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Product details

  • Hardcover: 304 pages
  • Publisher: McGraw-Hill Professional (1 May 2008)
  • Language: English
  • ISBN-10: 0071545964
  • ISBN-13: 978-0071545969
  • Product Dimensions: 16 x 2.3 x 23.4 cm
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 1,783,768 in Books (See Top 100 in Books)
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Product Description

Review

'For IT decision-makers pondering what the long-term effects of offshoring might be, this book will provide food for thought.'
-- Information Age, July 2008

......about the shifting place of the U.S. amid the relentless rise of China and India...cogent and well worth reading
-- Bloomberg News, May 22, 2008

From the Inside Flap

Globalization. The Flat World. Outsourcing. Free Trade.

Each of these phrases is a flashpoint in one of the most heated debates of our lifetime: Is globalization a force for good, or is it a policy that is sure to destroy the economic foundation of the United States and Europe while exporting our wealth and prosperity overseas?

In The War for Wealth, leading intellectual and agenda-setting journalist Gabor Steingart examines how globalization has affected the state of the world's economy and returns with a bleak outlook for the West: our prosperity and wealth are disappearing faster than ever, and with it our political power and our long-held democratic ideals. But all is not lost; we can still stem the flow of capital and jobs and once again restore the West to its respected position of global leader in economics and politics.

In this eye-opening and dramatic account, Steingart lays out the three potential scenarios the world faces - a "shock scenario" in which there is a global economic crash, an "Asia-over-all scenario" where the rising economies of Asia completely overtake the West, or the "American renaissance scenario" in which U.S. politicians unite with each other and with Europe, forming a pragmatic third way to bring the West back from the brink of destruction.

Compelling, controversial, and thought-provoking, The War for Wealth alerts readers to the crucial state of the Western economy-and shows how leaders can return the West to its position of power in the global arena.

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Format: Hardcover
The West is distracted, says Gabor Steingart. We, and America in particular, are focused on the wrong things. "World history isn't being written in Afghanistan, Baghdad, or Tehran," he writes, "but in Shanghai. The fateful word confronting our generation is not terror, but globalization... The war for wealth, the bitter struggle for a share of affluence, and the related struggle over political and cultural dominance in the world, are the real conflicts of our day."

The War for Wealth goes on to explore this statement through a history of globalization, starting with the British empire and charting its decline through the World Wars. American power replaced European power, but is now being undermined itself by the rapidly growing economies of India and China.

Steingart has some difficult truths for the US economy and the state of our world trade system, but he has some solutions too. These include re-thinking free trade, and a closer alliance between the US and Europe. His analysis is good, but ultimately not quite broad enough. Steingart focuses on the emerging economies of China and India, and neglects the developing world. Even Russia barely gets a mention, surely an oversight, if events in Georgia are anything to go by. For the limited scope of Steingart's study, I'd give this three stars rather than four, but it remains a useful exploration of our globalizing world all the same.
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Format: Hardcover
I remember growing up in the 80s all the hype around Japan. Even in movies, people would say "in 10 years time, we'll all be speaking Japanese". We now know that that didn't happen. Several burst bubbles later, we're now facing a much different world with the emergence of a powerful China on the scene. Some would also include the other BRIC countries in that analysis but for all their internal problems I don't see them as being in the same league.

Now the book discusses the shift of power from the west to the east in a very eloquent manner that I will not be able to replicate in this review. What I really appreciated about this book was that it did so with a critical view, as opposed to chiming in with the rest of the mass media and inflate China story even further.

I think this book is a good starting point for readers who are asking themselves whether globalisation is really benefiting mankind or whether we are setting ourselves up (or our governments are setting us up) for some very hard times ahead. I ask myself every day, are China and India too big to fail? Did the western companies and governments really think that outsourcing manafacturing and giving away their intellectual property in the process was a good thing? This book touches upon some of these issues although I'd like to see more input from other authors on this subject. If these are issues that concern you then I recommend this book to you.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 4.6 out of 5 stars 21 reviews
5 of 5 people found the following review helpful
5.0 out of 5 stars a great book probably coming too late 18 Oct. 2008
By Dli - Published on Amazon.com
Format: Hardcover Verified Purchase
I feel almost personally grateful to Steingart because he has written something I have always wanted to say, but couldn't possibly have said so well.

The questions he asks on page 227, for example, have been troubling me for years. I beseech every American to pause and respond to these buring questions.

"Did you really believe that you could live, in the long term, on borrowed money?
"Who actually claimed that such a large nation doesn't need an industrial base?
"Where are the men and women who made us believe that a negative balance of trade is a sigh of strength?
"Why did no one on Wall Street sound the alarm bell when the U.S. dollar became eroded and lost intrinsic value for such a prolonged period of time?
"Is it possible that no one could have noticed a country that was once the world's biggest lender selling off its assets to others?
"How could the entrenchment of economic inequality in a democratic nation have been tolerated for so long?
"What happed to the upward mobility that was once this country's trademark?
"And, last but not least: why did democracy, which is supposed to react more quickly to malfunctions than other forms of government, fail so miserably?"

As someone who genuinely wishes America well, it pains me to see this great country de-industrialized and become the biggest debtor in human history, reduced to begging more loans from foreign powers such as the Chinese Communist regime.

My gut feeling is that it's too late to remedy the dire situation. I pray miracle happens. I wish to be proven wrong.

By the way, Deng Xiaoping was never premier of China, as Steingart told us. His official position, when he did hold one, was vice-premier, though he was the paramount leader of the Chinese Communist Party from the early 80s. Chinese politics was bizare.
1 of 1 people found the following review helpful
3.0 out of 5 stars Interesting but not earth shaking 4 July 2009
By Amazon Customer - Published on Amazon.com
Format: Hardcover Verified Purchase
Steingart offers a reasonable explanation for the relative increase in wage inequality in the US by resting his argument on Paul Samuelson's analysis of economic competition between countries (Samuelson, 2004, "Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization, Journal of Economic Perspectives). This well defended structural argument does not bode well for the lower waged third of the US labor force. Steingart offers three potential scenarios for the contended economic conflict between the US and China; a lose-lose scenario, lose-win scenario, and a win-win scenario that recommends the US join with Europe to economically compete with China.

Steingart finishes the book by offering a six-step plan of action that begins by calling for a general understanding of the true impact of outsourcing and globalization, then a leveling of the labor market playing field through regulation (WTO, et al.), the transfer of social costs (Social security, healthcare, UI, etc.) from companies into a new Value Add Tax, and finally an alliance with Europe (pretty far fetched in my opinion).

Steingart overlooks the impact of global capitalistic investments on the part of individual US citizens (as does Samuelson in his paper, but Samuelson at least acknowledges that he overlooks such dynamics). In my opinion, the capitalist, the investor may be the key to improving the future of the US economy. Free flow global investments made by US investors return value to the US through capital gains taxes and originate from a growing segment of the population (the upper one third that are profiting from the inequitable earnings distribution). Couple an increasing return to these investors with a VAT (as suggested by Steingart) to cover social costs and one might have a winning strategy.
3.0 out of 5 stars The value system of the west is at stake with a Chinese super power. 22 Jun. 2016
By MMChehab - Published on Amazon.com
Format: Hardcover Verified Purchase
dealing with a Chinese super power will prove to be a mammoth task for the west and the rest of the world. The value system they bring to the table is inconsistent with the value system of most of the world, both east and west, north and south.
5.0 out of 5 stars Though from 2008 extremly current 20 Jun. 2013
By Guenther Imber - Published on Amazon.com
Format: Kindle Edition Verified Purchase
Excellent analysis and all the author said has proven valid in the past 5 years.

Also the first solution to globalization I have read.
5.0 out of 5 stars Five Stars 5 Aug. 2014
By Kevin Lee - Published on Amazon.com
Format: Hardcover Verified Purchase
excellent book.
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