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| Editor: | Michael M. Weinstein |
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| Publisher: | A CFR Book. Columbia University Press |
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Release Date: April 2005
304 pages
ISBN 0231134584
$64.50
From the streets of Seattle to corporate boardrooms to new factories in third-world nations, globalization is subject to very different and often explosively divergent interpretations. Where some see globalization as driving poor countries further into poverty, others see it as the path to economic salvation and democratic rule. Edited by former Council Senior Fellow and former Maurice R. Greenberg Geoeconomics Center Director Michael Weinstein, and with original contributions from ten eminent economists, Globalization: What's New? cuts through the confusion and rhetoric to offer straightforward, incisive analyses of globalization and its future.
Coming from some of globalization’s most prominent supporters (David Dollar), its most vocal critics (Joseph Stiglitz), and those in between, this collection presents diverse and original perspectives on globalization’s immense reach and digs to the core of many debates. The contributors analyze recent trends in trade, immigration, and capital flows; why some poor countries have grown while others have stagnated during the past two decades; future opportunities for low-wage workers; globalization’s impact on jobs and wages in poor countries and in the United States; the surprising environmental benefits of globalization; the degree to which foreign aid helps developing countries; the failures of international institutions in governing the global economy and supporting democracy; and how foreign loans and investments can wreak havoc on a nation’s economy.
CONTRIBUTORS:
George J. Borjas, Harvard University
Charles W. Calomiris, Columbia University
David Dollar, The World Bank
William Easterly, New York University
Jeffrey Frankel, Harvard University
Douglas Irwin, Dartmouth College
Dani Rodrik, Harvard University
Jeffrey Sachs, Columbia University
Joseph E. Stiglitz, Columbia University
Michael Weinstein, Robin Hood Foundation
“Finally, finally, a most respected group of economists has come together to separate fact from fiction about globalization and to provide us with an intelligent policy discussion. For a decade, writings on globalization were faddish and foolish, making the most extravagant claims without any grounding in history or knowledge of economics. The Weinstein edited book should be the most important of its kind on this most important of subjects.”
—Leslie H.Gelb, President Emeritus, Council on Foreign Relations
“Globalization has become an enduring subject. Here is a superb collection of essays, with a sparkling introduction, bringing thoughtful and accessible economic analysis to what ought to be a wide readership. The economists all bring evidence, intelligence, and some healthy policy ‘attitude.’ Their points of view never drown out their sound thinking. In the end, what’s good about globalization mostly gets the nod in this collection, along with full disclosure of how its economic blessings could be enhanced and better shared.”
—Nancy Birdsall, President, Center for Global Development
Read the Foreign Affairs review by Richard N. Cooper.
CONTRIBUTORS
George J. Borjas is the Robert W. Scrivner professor of Economics and Social Policy at the John F. Kennedy School of Government, Harvard University. He is also a research associate at the National Bureau of Economic Research. Professor Borjas received his PhD in economics from Columbia University in 1975.
Professor Borjas has written extensively on labor market issues. He is the author of several books, including Wage Policy in the Federal Bureaucracy (American Enterprise Institute, 1980), Friends or Strangers: The Impact of Immigrants on the U.S. Economy (Basic Books, 1990), Labor Economics (McGraw-Hill, 1996; 2nd Edition, 2000), and Heaven’s Door: Immigration Policy and the American Economy (Princeton University Press, 1999). He has published over one hundred articles in books and scholarly journals, including the American Economic Review, the Journal of Political Economy, and the Quarterly Journal of Economics.
Charles W. Calomiris is the Henry Kaufman professor of Financial Institutions in the Division of Finance and Economics at the Columbia University Graduate School of Business. He is also a professor of International and Public Affairs at Columbia’s School of International and Public Affairs, the Arthur Burns fellow in International Economics at the American Enterprise Institute, and a research associate of the National Bureau of Economics. He is also a member of the U.S. Shadow Financial Regulatory Committee.
Professor Calomiris serves or has served on numerous journals’ editorial boards, and as a consultant to various governments and government agencies. Since 1995, he has codirected the Project on Financial Deregulation at the American Enterprise Institute. In 1999-2000, he served on the International Financial Institutions Advisory Commission, a Congressional Commission established to draft recommendations for the reform of the IMF, World Bank, regional development banks, and BIS. He is also chairman of the board of Greater Atlantic Financial Corporation. He is the author of numerous books, articles, and book chapters, including Emerging Financial Markets (with David Beim), published by McGraw-Hill in 2001, U.S. Bank Deregulation in Historical Perspective, published by Cambridge University Press in 2000, and A Globalist Manifesto for Public Policy, published by the Institute for International Economics in 2001. His work is primarily in the areas of financial institutions, corporate finance, monetary economics, and financial history. Professor Calomiris received his BA in economics from Yale and his PhD in economics from Stanford.
David Dollar is the research manager for the macroeconomics and growth team of the World Bank. He coauthored (with Lant Pritchett) the World Bank report, “Assessing Aid”. His contributions to the aid-effectiveness research covered the impact of aid on growth and poverty, how aid could be reallocated to have a larger effect on poverty reduction and the impact of structural adjustment lending and conditionality on policy reform.
His current work focuses on the impact of different institutions and policies on inequality and poverty. In particular, he is investigating the impact of globalization—openness to trade and capital flows—on growth, inequality, and poverty. Before joining the research department Dollar spent six years working in Vietnam (1989-95) and headed up the Bank’s policy dialogue with that country during a period of intense reform and structural adjustment. He continues to do research on the impact of economic reform and growth on welfare in Vietnam. Prior to joining the World Bank, Dollar taught economics at UCLA and as a visitor at the Chinese Academy of Social Sciences in Beijing. He has a PhD in economics from NYU and a BA in Chinese Studies from Dartmouth College. Recent publications: Growth Is Good for the Poor, with Aart Kraay, and Can the World Cut Poverty in Half? with Paul Collier.
William Easterly is professor of Economics at New York University, joint with Africana Studies, and is codirector of the Development Research Institute of the Economics department. He is also senior fellow at the Center for Global Development and the Institute for International Economics. He previously worked for sixteen years as a research economist at the World Bank. He is author of the book The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics (2001), as well as of numerous academic articles. He has lived and traveled in many places around the world on all continents except Antarctica. His research specializations include economic growth, foreign aid, ethnic conflict, political economy, and macroeconomic policies.
Jeffrey Frankel is Harpel professor of Capital Formation and Growth at Harvard University’s Kennedy School of Government, a member of the Business Cycle Dating Committee of the National Bureau of Economic Research, and a former member of the President’s Council of Economic Advisers (1997-99).
Professor Frankel is a specialist in international economics and macroeconomics. His long-term research interests include the globalization of financial markets, the workings of the foreign exchange market, targets and indicators for monetary policy, the term structure of interest rates, monetary determinants of agricultural prices, international macroeconomic policy coordination, regional trading blocs, financial issues in Japan and the Pacific, crises in emerging markets, European Monetary Union, and economics policy regarding the global environment. Subjects of ongoing research include: exchange rate regimes for emerging market countries and the interaction of geography, trade, growth, and non-economic goals such as pollution. His books include Regional Trading Blocs (Institute for International Economics, 1997), World Trade and Payments, with Richard Caves and Ronald Jones (Ninth edition, Addison Wesley Longman, 2002), and American Economic Policy in the 1990s (MIT Press, 2002). Academic articles (coauthored) include “Does Trade Cause Growth?” American Economic Review, 1999, and “An Estimate of the Effect of Common Currencies on Trade and Income,”Quarterly Journal of Economics, 2002.
Douglas Irwin is professor of Economics at Dartmouth College and a research associate of the National Bureau of Economic Research. He is author of Free Trade Under Fire (Princeton University Press, 2002), Against the Tide: An Intellectual History of Free Trade (Princeton University Press, 1996), Managed Trade: The Case Against Import Targets (AEI Press, 1994), and many articles on trade policy in books and professional journals. He is a recent recipient of a fellowship from the John Simon Guggenheim Foundation to write a history of U.S. trade policy. He was previously on the faculty of the University of Chicago’s Graduate School of Business and has been a visiting professor of Economics at the Massachusetts Institute of Technology. He has also served on the staff of the President’s Council of Economic Advisors (1986-87) and as an economist in the International Finance Division of the Federal Reserve Board in Washington.
Dani Rodrik is professor of international political economy at the John F. Kennedy School of Government, Harvard University. He has published widely in the areas of international economics, economic development, and political economy. What constitutes good economic policy and why some governments are better than others in adopting it are the central questions on which his research focuses. He is affiliated with the National Bureau of Economic Research, Centre for Economic Policy Research (London), Center for Global Development, Institute for International Economics, and Council on Foreign Relations. He has been the recipient of research grants from the Carnegie Corporation, Ford Foundation, and Rockefeller Foundation. Among other honors, he was presented the Leontief Award for Advancing the Frontiers of Economic Thought in 2002.
Professor Rodrik has published widely on issues related to trade policy, political economy, and economic reform in developing economies. He is the author of “Democracies Pay Higher Wages,” Quarterly Journal of Economics, August 1999, “Why Do More Open Economies Have Bigger Governments?” Journal of Political Economy, October 1998, “Distributive Politics and Economic Growth” (with A. Alesina), Quarterly Journal of Economics, 1994, and “Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty” (with R. Fernandez), American Economic Review, 1991, among other publications. His 1997 book Has Globalization Gone Too Far? was called “one of the most important economics books of the decade” in BusinessWeek. His most recent book is In Search of Prosperity: Analytic Narratives on Economic Growth (Princeton University Press, 2003). He is also the author of The New Global Economy and Developing Countries: Making Openness Work (Overseas Development Council, Washington DC, 1999).
He is coeditor of the Review of Economics and Statistics, and an associate editor of Journal of Economic Perspectives, Journal of Development Economics, and European Economic Review. He has given the Gaston Eyskens Lectures (October 2002), the Carlos F. Diaz Alejandro Lecture at the Latin American meeting of the Econometric Society (July 2001), the Alfred Marshall Lecture of the European Economic Association (August 1996), and the Raul Prebisch Lecture of UNCTAD (October 1997). His recent research is concerned with the consequences of international economic integration and the institutional underpinnings of economic development. Professor Rodrik holds a PhD in economics and an MPA from Princeton University, and an AB (summa cum laude) from Harvard College.
Jeffrey D. Sachs is the director of the Earth Institute, Quetelet professor of sustainable development, and professor of health policy and management at Columbia University, and a research associate of the National Bureau of Economic Research. He is also special adviser to United Nations Secretary-General Kofi Annan on a group of poverty alleviation initiatives called the Millennium Development Goals.
Professor Sachs serves as an economic adviser to governments in Latin America, Eastern Europe, the former Soviet Union, Asia, and Africa. He became internationally known in the 1980s for advising these governments on economic reforms.
He is cochairman of the advisory board of the Global Competitiveness Report, and has been a consultant to the IMF, the World Bank, the OECD, and the United Nations Development Programme. During 2000-2001, he was chairman of the Commission on Macroeconomics and Health of the World Health Organization, and from September 1999 to March 2000 he served as a member of the International Financial Institutions Advisory Commission established by the U.S. Congress. Sachs' research interests include the links of health and development, economic geography, globalization, transition to market economies in Eastern Europe and the former Soviet Union, international financial markets, international macroeconomic policy coordination, emerging markets, economic development and growth, global competitiveness, and macroeconomic policies in developing and developed countries. He is author or coauthor of more than two hundred scholarly articles, and has written or edited many books.
Sachs was born in Detroit, Michigan, in 1954. He received his BA, summa cum laude, from Harvard College in 1976, and his MA and PhD from Harvard University in 1978 and 1980, respectively. He joined the Harvard faculty as an assistant professor in 1980, and was promoted to associate professor in 1982 and full professor in 1983.
Joseph E. Stiglitz holds joint professorships at Columbia University’s Economics Department, School of International and Public Affairs, and its Business School. From 1997 to 2000, he served as the World Bank’s senior vice president for development economics and chief economist. From 1993 to 1997, Dr. Stiglitz served as a member and then as the chairman of the President’s Council of Economic Advisers and as a member of the President’s cabinet. He was first appointed Professor of Economics at Yale University in 1969 at the age of twenty-six. He held the Drummond Chair in Political Economy at All Souls College, Oxford, and has also taught at Princeton and Stanford Universities and been a senior fellow at the Brookings Institution.
Dr. Stiglitz earned his BA from Amherst College in 1964, his PhD from the Massachusetts Institute of Technology (MIT) in 1967, and was a Fulbright Scholar and Tapp Junior research fellow at Cambridge University.
As an academic, Dr. Stiglitz helped create a new branch of economics—the economics of information—which has been widely applied throughout the economics discipline. Dr. Stiglitz helped pioneer pivotal concepts such as theories of adverse selection and moral hazard, which have now become the standard tools of policy analysts as well as economic theorists. In 2001, Dr. Stiglitz was awarded the Nobel Prize for his work in this area.
Michael M. Weinstein is director of programs for the Robin Hood Foundation. He holds a PhD in economics from MIT and served as chairman of the department of economics at Haverford College during the 1980s. He provided economics analysis and commentaries for National Public Radio before joining the New York Times, where he served on the editorial board and as the Times’ economics columnist during the 1990s. In 2001, he became the first director of the Maurice R. Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations, also holding the Paul A. Volcker chair in international economics at the Council. Weinstein directs the Institutes for Journalists at The New York Times Company Foundation (which trains veteran journalists from around the country in complicated subjects about to hit the headlines) and is president and founder of W.A.D. Financial Counseling Inc., a nonprofit foundation which provides free financial counseling to poor families.
He is editor of Globalization: What’s New? (Columbia University Press, 2005), coauthor with Mort Halperin and Joseph Siegle of The Democracy Advantage: How Democracies Promote Prosperity and Peace (Routledge, 2004), author of Recovery and Redistribution Under the N.I.R.A. (Amsterdam, North-Holland, 1980), journal articles and about 1,500 columns, editorials, news analysis articles and magazine pieces for The New York Times about welfare, inequality, poverty, health care, energy, social security, tax, budget, trade, environment, regulation, antitrust, telecommunications, education, banking, and many other public policy issues.
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