In Defense of Globalization: With a New Afterword / Edition 2

by Jagdish Bhagwati

Overview

In the passionate debate that currently rages over globalization, critics have been heard blaming it for a host of ills afflicting poorer nations, everything from child labor to environmental degradation and cultural homogenization. Now Jagdish Bhagwati, the internationally renowned economist, takes on the critics, revealing that globalization, when properly governed, is in fact the most powerful force for social good in the world today. Drawing on his unparalleled knowledge of international and development economics, Bhagwati explains why the "gotcha" examples of the critics are often not as compelling as they seem. With the wit and wisdom for which he is renowned, Bhagwati convincingly shows that globalization is part of the solution, not part of the problem.

This edition features a new afterword by the author, in which he counters recent writings by prominent journalist Thomas Friedman and the Nobel Laureate economist Paul Samuelson and argues that current anxieties about the economic implications of globalization are just as unfounded as were the concerns about its social effects.

Product Details

ISBN-13:	9780195330939
Publisher:	Oxford University Press
Publication date:	09/04/2007
Edition description:	Updated
Pages:	344
Product dimensions:	9.10(w) x 6.10(h) x 0.90(d)
Lexile:	1560L (what's this?)

About the Author

Jagdish Bhagwati is University Professor at Columbia University and Senior Fellow in International Economics at the Council on Foreign Relations. He writes frequently for The New York Times, The Wall Street Journal, and The Financial Times and is the author of Free Trade Today, The Wind of the Hundred Days: How Washington Mismanaged Globalization, and A Stream of Windows: Unsettling Reflections on Trade, Immigration, and Democracy. He lives in New York City.

Table of Contents

	Preface	ix
I	Coping with Anti-Globalization
1	Anti-Globalization: Why?	3
2	Globalization: Socially, Not Just Economically, Benign	28
3	Globalization Is Good but Not Good Enough	32
4	Non-Governmental Organizations	36
II	Globalization's Human Face: Trade and Corporations
5	Poverty: Enhanced or Diminished?	51
6	Child Labor: Increased or Reduced?	68
7	Women: Harmed or Helped?	73
8	Democracy at Bay?	92
9	Culture Imperiled or Enriched?	106
10	Wages and Labor Standards at Stake?	122
11	Environment in Peril?	135
12	Corporations: Predatory or Beneficial?	162
III	Other Dimensions of Globalization
13	The Perils of Gung-ho International Financial Capitalism	199
14	International Flows of Humanity	208
IV	Appropriate Governance: Making Globalization Work Better
15	Appropriate Governance: An Overview	221
16	Coping with Downsides	228
17	Accelerating the Achievement of Social Agendas	240
18	Managing Transitions: Optimal, Not Maximal, Speed	253
V	In Conclusion
19	And So, Let Us Begin Anew	265
	Glossary: Acronyms, Phrases and Concepts	267
	Notes	273
	Index	297

Editorial Reviews

"An outstandingly effective book.... Until further notice In Defense of Globalization becomes the standard general-interest reference, the intelligent layman's handbook, on global economic integration."—The Economist

"Once again, Columbia University economist Jagdish Bhagwati has weighed into the increasingly partisan and ideological debate over trade, offshore outsourcing and globalization. And once again, it is worth listening to.... what's most important about this book is its caution about globalization —namely, that it has to be managed, both in terms of how quickly it proceeds and what policies are put in place to reduce its unpleasant economic and social side effects."—Washington Post

"Bhagwati combines the hard-nosed perspective of a liberal on trade and investment with the soft-hearted sensitivities of a social democrat on poverty and human welfare. He thus has an admirable ability to address patiently and sympathetically globalization's well-meaning but wrong-headed critics.... A cogent, erudite, and, indeed, enjoyable discussion of economic globalization and its discontents."—Foreign Affairs

"One of the world's leading international trade theorists.... Bhagwati takes on many antiglobalist arguments, showing them to be overblown or groundless. The lot of women and children improves with the opening of markets, and the environment too, not to mention the chances for democracy.... Accessible and clearly argued. There is, one might say, a wealth of material on every page."—Bruce Bartlett, The Wall Street Journal

"An important contribution to an often incoherent debate. As we expect of Mr. Bhagwati, it is cogently argued and well written. It sets out a persuasive case in favor of globalization. And because of Mr. Bhagwati's impeccable credentials, there is a better chance his book will be given a fair hearing than might be the case with some other authors. Put simply, Mr. Bhagwati has 'street cred'."—Anne Krueger (Acting Director of the IMF), Financial Times

"Critics of globalization will find a few things to admire in Bhagwati's outlook. He limits his defense of globalization to trade, direct investment and migration. The book's short chapter on capital markets echoes many of the concerns of globalization's critics. Bhagwati forcefully denounces 'the Wall Street-Treasury Complex' that cajoled developing countries into eliminating capital controls. His charming cosmopolitanism will also allay the fears of critics convinced that economists are incapable of appreciating non-economic values. Literary references flow from the pages, from Lady Murasaki to King Lear to Woody Allen."—Daniel W. Drezner, New York Times Book Review

"In this elegant book, one of the world's preeminent economists distills his thinking about globalization for the lay reader.... Armed with a wit uncharacteristic of most writing on economics and drawing on references from history, philosophy and literature as well as some 'state of the art econometric analysis,' he sets out to prove that the antiglobalization movement has exaggerated claims that globalization has done little good for poor countries.... This is a substantial study that is as about as enjoyable and reassuring a work of economics as may be possible to write in this uncertain age."—Publishers Weekly

"Mr. Bhagwati slams through fact after fact, statistic after statistic, demolishing those who claim the poor are worse off because of globalization. He warns that many problems of poor countries are self-inflicted, such as trade barriers against one another. If Mr. Bhagwhati doesn't get a much deserved Nobel Prize for economics, he should get one for literature. His writing sparkles with anecdotes and delightful verbal pictures."—Mike Moore, New York Sun

"Does the international market economy worsen poverty in developing countries? Does it erode democracy? Hurt the cause of women? Trash the environment? Exacerbate the exploitation of child labor? Bhagwati's answers to all these questions make for a supremely worthy read."—Business 2.0 Magazine

"...an excellent and even-handed analytic description of globalization and its side-effects for economists and even non-economists."—Eastern Economic Journal

From the Publisher

There is a need for someone to step into the breach and defend globalization using the language of the average Joe, as opposed to the calculus of a Nobel Prize-winning Joe. If anyone can rise to this challenge, it should be Jagdish Bhagwati. An esteemed international economist, Bhagwati is a university professor at Columbia and a senior fellow at the Council on Foreign Relations. He has advised the World Trade Organization and the United Nations. Born in India, educated in Britain and now an American citizen, he can claim to understand all points of view. He has won multiple prizes for excellence in economic writing. And when it comes to the merits of international trade and investment, Bhagwati's belief in the absolute rightness of his position rivals the most ardent of protesters: ''If reducing poverty by using economic analysis to accelerate growth and therewith pull people up into gainful employment and dignified sustenance is not a compelling moral imperative, what is?'' — Daniel W. Drezner

The New York Times

In this elegant book, one of the world's preeminent economists distills his thinking about globalization for the lay reader. Bhagwati, a former adviser to the U.N. on globalization, sets out to show that "this process has a human face, but we need to make that face more agreeable." Armed with a wit uncharacteristic of most writing on economics and drawing on references from history, philosophy and literature as well as some "state of the art econometric analysis," he sets out to prove that the antiglobalization movement has exaggerated claims that globalization has done little good for poor countries. For example, supported by statistics from the Asian Development Bank, he argues, astonishingly, that in China the "aggressively outward economic policies" that characterize globalization reduced poverty from 28% of the population in 1978 to 9% in 1998. Nevertheless, Bhagwati does not advocate total laissez-faire economics and recommends that continued globalization should be "managed," prescribing policies he believes will "reinforce and ensure" its benign effects, such as taxing skilled workers who leave poor countries for jobs abroad, using nongovernmental organizations as corporate watchdogs, slowing financial liberalization and loosening intellectual property safeguards. This book might be seen as a companion piece to 2002's bestselling Globalization and Its Discontents by Joseph Stiglitz, Bhagwati's colleague at Columbia University; it should reach as broad an audience, if not broader. Don't be deceived by its relative brevity: this is a substantial study that is as about as enjoyable-and reassuring-a work of economics as may be possible to write in this uncertain age. (Mar.) Copyright 2004 Reed Business Information.

Publishers Weekly

Globalization is a buzzword that has no precise definition. It takes on many meanings, drawing both fervent support and fervent opposition. Indeed, the term is so imprecise that it is possible to be simultaneously for and against globalization.

"In Defense of Globalization" focuses on its economic dimension, defined by Bhagwati as "diverse forms of international integration such as foreign trade, multinational direct foreign investment, movements of 'short-term' portfolio funds, technological diffusion, and cross-border migration." His main thesis is that economic globalization is an unambiguously good thing, with a few downsides that thought and effort can mitigate. His secondary thesis is that globalization does not need to be given a "human face"; it already has one. A thoughtful and objective evaluation, Bhagwati believes, will make this clear, and that is what he sets out to do.

Foreign Affairs

In this thought-provoking work, Bhagwati (economics, Columbia Univ.) defends globalization against its many critics. He divides his analysis into the following: Part 1 describes the antiglobalization movement and its concerns; Part 2 analyzes the social implications of globalization; Part 3 concerns various facets of economic globalization, including short-term capital flows and the movement of people across borders; and Part 4 analyzes the changes, both domestic and international, that are necessary to make globalization more beneficial. Countering the current popular rhetoric that globalization needs a human face, which he calls a dangerous clich , Bhagwati argues that globalization already "has a human face, but we can make that face yet more agreeable." He offers a history of globalization and explains why some people oppose it, including anticorporate and anti-American attitudes. Bhagwati convincingly refutes misconceptions about globalization and offers sound recommendations for governing it properly. Including extensive bibliographic footnotes for further research, this is a highly engaging work that belongs in all academic libraries.-Lucy Heckman, St. John's Univ. Lib., Jamaica, NY Copyright 2004 Reed Business Information.

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