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Reviews (2)

Apparently this book rocks.
When an engineering student completely unfamiliar with economics can use this book to prepare a comprehensive collection of lectures for a large group of Ph.D.-level students in Beijing during the transcontinental flight, it is obvious that this book is extremely capable of teaching. Read the news article:

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2004/02/19/nchina19.xml&sSheet=/news/2004/02/19/ixnewstop.html

However, that makes you question the complexity of the profession and the necessity of the professors teaching it, because if someone can effectively become an expert one a plane trip, it can't be that complicated. That, or Mr. Valdez is a genius who knows how to take something enormously complex and transform it into something incredibly simple.

Truly introductory
Although the book by Valdez is truly introductory it does give a good overview of financial markets. It is a pity that Black and Scholes' model or binomial trees are mentioned as too difficult. Different option strategies are mentioned but not explained. One or two graphs would have made it a lot clearer, but as the writer indicates on several occasions, that is outside the scope of this book. For a more thorough understanding of financial markets this book is a good introduction but not enough to really get a good idea. ... Read more

Book Description

The definitive guide to why different financial markets exist and how they operate

Financial markets play a hugely important role in the modern economy and globalization of them markets continues apace. Electronic trading has led to exponential year-by-year growth in trading on the money and foreign exchange markets. And billions of dollars-worth of derivatives in all kinds of new and fancy—and often almost incomprehensible—forms are created and sold daily. Stock markets have bubbled and burst, proving that their performance can never be taken for granted and giving the bond market a fillip. This book provides a brilliantly clear guide to this complex world that even those who work in it often find hard to understand. With chapters on the markets that deal in money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, it looks at why these markets exist, how they work and who trades in them, and it gives a run-down of the factors that affect prices and rates. ... Read more

Book Description

Despite the great importance of multinational firms in international economics, theoretical and empirical research on these firms has generally been conducted separately from that on international trade. In this book, James Markusen provides a comprehensive integration of the two fields. Drawing on twenty years of research, he focuses on the interaction of scale economies, trade costs, factor endowments, and imperfect competition. He analyzes decisions about whether to build or acquire a foreign plant separately from decisions about where to raise the financing.

Markusen begins with the simplest possible partial equilibrium models and works systematically toward a full-fledged general equilibrium model with both horizontal and vertical foreign direct investment. He offers empirical tests of hypotheses derived from the theoretical models. The notation is unified throughout, distinctions between models are explained with thoroughly explained derivations, and numerous graphs support the analysis. ... Read more

Book Description

Integration is the most significant European historical development in the past fifty years, eclipsing in importance even the collapse of the USSR.This movement toward economic and political union has not only helped revive, transform and rejuvenate a battered civilization; it is opening the way to a promising future.Yet, until now, no satisfactory explanation is to be found in any single book as to why integration is significant, how it originated and has developed, how it has changed and continues to change Europe, and where it is headed.John Gillingham is a professor of history at the University of Missouri, St. Louis.His fields of research include European economic and cultural history as well as the history of international organizations. His book Coal, Steel and the Rebirth of Europe, 1945-1955(Cambridge, 1991) was awarded the prestigious George Lewis Beer Prize by the American Historical Association. In addition to two edited volumes and approximately fifty published articles, Gillingham is the author of Industry and Politics in the Third Reich (Columbia, 1985) and Belgian Business in the Nazi New Order (Ghent, 1977). Gillingham has been the recipient of fellowships from the National Endowment for the Humanities, the Woodrow Wilson Center, and elsewhere. ... Read more

Reviews (6)

I haven't even read the book
But my review will still change the rating.BWA HA HA.

Mainly for Thatcherites
We need a one-volume history of European Integration, but not this five hundred page panegyric to...Margaret Thatcher?In Gillingham's funhouse, Thatcher is the key figure in European Integration, receiving more attention than any of the individuals who actually tried to integrate Europe, most of whom are dismissed, often in very personal terms.European integration indeed disappears from the book sometimes for sixty pages at a time while the author reviews political developments of right-wing governments in...New Zealand?A very distorted understanding of European integration.

An interesting view of European Integration
Unlike the last reviewer who had to review this work three times to air his/her views on this work, I will only need one.The author is extremely precise in his wording, and very knowledgeable with the subject matter presented.The book is a pleasure to read, and a great addition to the library of anyone with an avid interest in Europe.

Too many factual errors
European Integration is one of my favorites topics. I do not share the author's euro skepticism but I enjoyed his discussion about different theories of integration. However, I cannot recommend a book with so many factual errors about modern history of my native Spain. I do not know who told Mr. Gillingham that Prime Minister Felipe González was know as Pepe (it is González and not Gonzáles by the way), that the socialist inspired trade union is the Unión de Centro Democrático (as opposed to the Union General de Trabajadores) that the deputy PM name was Juan Guerra (as opposed to Alfonso Guerra) or that the Bank of Spain intervened BANESTA (as opposed to BANESTO). I recommend a full revision if this book is ever to be translated into Spanish and/or sold in Spain. I can only hope that he got the facts of the rest of the countries right.

Too many factual errors
European integration is one of my favourite topics. I do not share the author's euro skepticism but I enjoyed his overal discussion about theories of inegration. However, I cannot recommend a book with so many factual errors about modern history of my native Spain. I do not know who told Mr Gillingham that Prime Minister Felipe Gonzalez was known as Pepe (by the way it is Gonzalez and not Gonzales), that the socialist oriented trade Union is the Union de Centro Democratico (as opposed to Union General de Trabajadores), that the Deputy PM was Juan Guerra (as opposed to Alfonso Guerra) or that the Bank os Spain intervened BANESTA (as opposed to BANESTO). I recommend a full revission if this book is ever to be translated into Spanish and/or sold in Spain. I can only hope he got the facts for the rest of the countries right. ... Read more

Reviews (5)

To Free Global Capitalism or Too Free?
The main benefit of this book is to provide an overview of international economic forms of cooperation in the 20th century. That overview is, however, flawed by simplifications that often distort rather than illuminate that historical view. The argument about what must be done next is incomplete and unsatisfying. This book is written for the reader who has some college-level training in economics, and is interested in the interaction between national politics and international economics.

The basic argument is that free markets create excesses which can only be eliminated by international intervention. Such interventions were frequent and reasonably effective during the period just prior to World War I and in the free world after World War II. Professor Gilpin argues that parochial American leadership since the end of the cold war has undermined the international political system for stabilizing the international economy. He calls for stronger American leadership in forging a better coalition with the European Union countries and Japan.

The central thesis of the book is sound in one area: Unrestrained capital flows can create distortions in a world in which everything else (businesses, people, and trade flows) are not nearly so unrestrained. The problem here is that these rapid capital flows out of a country primarily occur because of years of earlier abuses (as I describe in The Irresitible Growth Enterprise) such as speculative spending on infrastructure and investments that are not needed (as happened in several Southeast Asian countries prior to their currency crises in 1998).

Virtually every problem that Professor Gilpin warns against and wants to solve with international authority is really created by poor national economic policies. We would probably create sounder world economic growth if we focused on encouraging all nations to pursue sound lending, appropriate national borrowing, and constructive trade policies (our attention is usually focused on the last). Where governments are weak or corrupt, abuses will always develop and linger. My counterargument would be that strong democracies will almost always pursue reasonably sound economic policies. Solve that problem of governmental form and effectiveness of political process at the national level, and the world economy will be sound. If this counterargument is right, then we may need a second generation of informational efforts in favor of effective democracy, in the same way that one was needed during the cold war through Radio Free Europe and Voice of America.

At another level, much of what is described here as weaknesses and problems can be attributed to weak currencies. Again, informational efforts and research could help countries with weak currencies appreciate how to strenthen those currencies. Certainly, pegging to stronger currencies is proving to be effective in many cases. Pegging to a basket of stronger currencies might work even better. There could even be a role for pegging to sound economic policies to change expectations, as some South American countries have done.

Many of the worldwide risks today relate to the U.S. trade imbalance. In the same way that greater public awareness and an economic boom led to eliminating the U.S. budget deficits, the trade imbalance can be solved. Again, this is a national issue, not an international one. The weak savings rate in the U.S. can also be solved by changing the tax laws, again at a national level.

Basically, the argument I am making is that the markets are having problems because national politics are impinging too much on free markets. In that regard, the free market of ideas that is democracy can then adjust the national politics to achieve more healthy, free market results. The U.S. should lead the way by improving the savings rate and reducing the trade deficit. That would take many of the strains off of the world economy, and create the basis for another ten years of economic boom in the United States. Can our U.S. politicians get together and work on this after the November election? I certainly hope so.

Another area where Professor Gilpin is misfocused is in his concern about the growth of trading blocs like the EU and NAFTA. Actually, these blocs are creating freer markets within them and are an unavoidable precursor to creating the same level of freedom internationally with all countries. If there were three trading blocs in the world, they would simply merge into one at some point. That would be progress.

Complexity science tells us that having many countries pursuing their own ideas of economic prosperity will work better than having an internationally coordinated system. And the more intelligent, responsive, and focused those countries are, the better the whole system will work.

After you have finished reading this book, can you think of other places where we rely on precedent too much in our thinking rather than potential? If you find any of this happening in your own thinking, how can you learn to seek out better solutions rather than simply aping past solutions?

Good start for a basic understanding
This is a higly readable and extensive survey of the major IPE issues facing Americans and the rest of the world today. It successfully analyzes and challenges the economists' arguments about the primacy of economics, or even economic theory, over politics or political science. This is an excellent book for someone just beginning to educate themselves about the nature and state of the international economy. It's significantly broad, but also does an excellent job of explaining complex phenomena. However, I have a few caveats. First, it moves too quickly and soflty over the larger issues, specifically, whether globalization has been helpful or harmful to the world polity. I agree with a previous review that it overestimates the threat of EU protectionism. In fact, he overestimates the threat of protectionism entirely. The greatest threat to, or promise against, globalization is the rise of social protest movements across the globe, being channeled in new ways not seen before. Therefore, I would urge most people to read this book, but then pick up either a contrarian book, like Grieder's One World: Ready or Not, or Globalization by Sasskia Sassen. Avoid Friedman's The Lexus and the Olive Tree at all costs.

reasonable overview for graduate students
Prof. Gilpin has an excellent reputation in the field of IPE, International Political Economy, and I bought this book on that recommendation.

It gives a good overview of major developments in the globalization and globalization debate in the 90s, with political economy analysis and lots of references to economic analysis. I would recommend it for graduate students, but I must say i was a bit disappointed, not much new or inspirational there. I could read the book very quickly without ever really having to stop and think. Here i think it is only fair to reveal my own background, which is in international economic relations and history of EU integration. Some of his points on the nature and development of the European Union and the economics are frankly quite contestable, especially on the openness or closedness of the EU. The debate on 'Fortress Europe' is really out of date by now ever since it became clear that the Single European Act of 1987 and the '1992' project were not about closing the EU economy, quite the contrary. Do I detect an US bias here?

Yes, as prof. Gilpin points out, economists indeed disagree on many key issues. But you will find that strife also within IPE and political science and in any other social science discipline. So? It reflects the complexity of the issues rather than weakness of the discipline, i'd argue (but then, I would would I, as an economist...) A number of problems in globalization and the international financial system are presented as (relatively) new, but I'd argue that more often than not these problems were always there in history. Also, the point that regionalization threatens globalization is too strong as put there, and not necessarily correct and so clear-cut at all: many regional economic agreements were made in the course of the Uruguay Round trade negotiations at GATT/WTO out of frustration with the slow pace of negotiations and as a 'back-up' plan in case of UR failure. Hardly a threat to globalization which, in any case, throughout history never really progressed smoothly at all.

All that said, the book does do a solid job of pointing out some of the main issues and discussions and it will do well as a topical reference book.

Global Capitalism = American Corporate Imperialism
America began opening it's markets to the world in the 1970's. Since then, as the economy has grown steadily, most Americans have seen stagnant wages and the country has seen an increase in all types of inequality. The idea that the problems can be fixed presupposes a will to fix them. There is none. A palliative to this claptrap would be Chambers Johnson's book Blowback.

Don't fear Globalization, just fix it.
In The Challenge of Global Capitalism Robert Gilpin asserts: "The Achilles heel of the post-Cold War world order is the poor public understanding of economic liberalism, of the functioning of the market system, and of how capitalism creates wealth." That heel was showing in Seattle during the WTO meetings last November and again April 16-17 in Washington when in-your-face, "Globalize-This!" protestors tried to block IMF and World Bank meetings. The protestors would serve themselves and their causes well by reading Gilpin's book, which explains how the global economy has developed over the last half-century to reach the current stage of globalization, defined by Gilpin as "the increasing linkage of national economies through trade, financial flows, and foreign direct investment by multinational firms." Globalization holds great potential for good and presents serious challenges. The principal challenge, according to Gilpin, is to find ways to fortify the international financial system against future threats to global economic stability like those caused by the East Asian economic crisis and resulting global economic turmoil of the late 1990s. Although economists and Western governments are not in agreement on all the specific measures to adopt to prevent international financial crises in the age of globalization, most do expect the IMF to play a necessary, constructive role in behalf of international financial stability.

Gilpin educates about globalization, but not as an apologist. Rather, he is quick to point out globalization's faults and to call for corrective measures. Gilpin insists "the fears arising from globalization must be addressed and must not be rejected out of hand." In the United States this means "solutions must be devised for the problems of growing income inequality, the plight of low-skilled workers, and job insecurity. Reforms should include strengthened safety nets, greatly expanded job training, and a new social contract between capital and labor." ... Read more

Book Description

Book Description

The culmination of a five-year project by the International Forum on Globalization (IFG), this book presents an inspiring plan for moving toward more sustainable, humanistic models of economic prosperity with an emphasis on citizen democracies, local self-sufficiency, and ecological health. Areas of discussion include the ten core requirements for democratic societies as well as alternative systems of energy, agriculture, and manufacturing. Written by a premier group of 18 thinkers from around the world and edited by best-selling authors John Cavanagh and Jerry Mander, this revised and expanded edition represents the official consensus of the living democracy movement. Delving into the most compelling alternatives to globalization thus far, it features a chart on the effects of globalization and three entirely new chapters on the global balance of power, the media, and what ordinary people can do about globalization. ... Read more

Book Description

Free trade can help 500 million people escape poverty and inject $200 billion annually into the economies of developing countries, according to a new study from the Institute for International Economics. Trade Policy and Global Poverty by William R. Cline provides a comprehensive analysis of the potential for trade liberalization to spur growth and reduce poverty in developing countries. It quantifies the impact on global poverty of industrial-country liberalization, as well as liberalization by the developing countries.Cline finds that the stakes of the poor in trade policy are large. Global free trade would convey long-term economic benefits of about $200 billion annually to developing countries. Half or more of these gains would come from the removal of industrial-country protection against developing-country exports. By removing their trade barriers, industrial countries could convey economic benefits to developing countries worth about twice the amount of their annual development assistance. By helping developing countries grow through trade, moreover, industrial countries could lower costs to consumers for imports and realize other increased economic efficiencies.

The study further estimates that free trade could reduce the number of people in global poverty (earning less than $2 per day) by about 500 million over 15 years. This would cut the world poverty level by an additional 25 percent. Agricultural liberalization alone contributes about half of these gains. Cline judges that the developing countries were right to risk collapse of the Doha Round at the Cancún ministerial meeting in September 2003 by insisting on much deeper liberalization of agriculture than the industrial countries were then willing to offer.

The study calls for a two-track strategy. The first track is deep multilateral liberalization involving phased but complete elimination of protection by industrial countries and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule. The second track is immediate free entry for imports from "high risk" low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries. ... Read more

Book Description

This book challenges the widely accepted notion that globalization encourages economic convergence--and, by extension, cultural homogenization--across national borders. A systematic comparison of organizational change in Argentina, South Korea, and Spain since 1950 finds that global competition forces countries to exploit their distinctive strengths, resulting in unique development trajectories.

Analyzing the social, political, and economic conditions underpinning the rise of various organizational forms, Guillén shows that business groups, small enterprises, and foreign multinationals play different economic roles depending on a country's path to development. Business groups thrive when there is foreign-trade and investment protectionism and are best suited to undertake large-scale, capital-intensive activities such as automobile assembly and construction. Their growth and diversification come at the expense of smaller firms and foreign multinationals. In contrast, small and medium enterprises are best fitted to compete in knowledge-intensive activities such as component manufacturing and branded consumer goods. They prosper in the absence of restrictions on export-oriented multinationals.

The book ends on an optimistic note by presenting evidence that it is possible--though not easy--for countries to break through the glass ceiling separating poor from rich. It concludes that globalization encourages economic diversity and that democracy is the form of government best suited to deal with globalization's contingencies. Against those who contend that the transition to markets must come before the transition to ballots, Guillén argues that democratization can and should precede economic modernization. This is applied economic sociology at its best--broad, topical, full of interesting political implications, and critical of the conventional wisdom. ... Read more

Book Description

The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future.

After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks. ... Read more

Book Description

Using econometric analysis, the author examines factors that determine patterns of aid giving including aggregate aid flows, aid from multilateral organisations and aid from bilateral donors such as Germany, Japan, the US and Arabia. ... Read more

Book Description

Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront.

A succession of crises -- Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001 -- prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector -- emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after ten years of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises. ... Read more

Reviews (2)

Best International Business Textbook
I use this textbook and its previous edition to teach International Business to senior level students in cyberspace. I consider this the most readable text on the subject. This edition has been slimmed down from the previous edition, and it is an improvement to an excellent text. My students agree that this text is great.

Anyone who needs a comprehensive book on this field should purchase this text, it is worth every penny!

Order of the supplementary publications
I am at present using textbook "International Business", by John D. Daniels, Lee H. Radebaugh. Eighth Edition. I would be very grateful if you could Fax me as soon as possible the necessary forms to order one copy each of the supplementary publications: -Instructor's Resource Manual. -Study Guide. -Test Bank

Your sincerely,

Saeed A Al Musbeh ( Personal Manager ) ... Read more

Book Description

This is the first of two anthologies on international political economy drawn from articles published in the journal International Organization. The book is organized into four sections: Contending Theoretical Perspectives, International Regimes, Multilateralism and International Leadership, and International Economy and Domestic Politics.

Contributors: Philip G. Cerny, Peter F. Cowhey, Joanne Gowa, Joseph M. Grieco, Stephan Haggard, Robert O. Keohane, Lisa L. Martin, Ronald B. Mitchell, Andrew Moravcsik, Robert D. Putnam, John G. Ruggie, Beth A. Simmons, Arthur A. Stein, Alexander E. Wendt. ... Read more

Book Description

Foundations of International Economics is an up-to-date collection of work from leading post-Keynesian scholars on international economics and trade. It covers all the major areas in international economics, with the Post-Keynesian approach giving a welcome fresh perspective.

Representing cutting-edge research, chapters feature studies of payment schemes, exchange rate determination, open economy macroeconomics, developing country issues, capital flows, balance of payments constraints, liquidity preference, Fordism and the role of technology in trade. beyond the specifics of each contribution, this collection as a whole suggests the usefulness of the Post-Keynesian paradigm in addressing complex issues of global interdependence. Contributors: Philip Arestis, Robert Blecker, Paul Davidson, Sheila Dow, Bruce Elmslie, Ilene Grabel, John McCombie, Eleni Paliginis, A. P. Thirlwall, L. Randall Wray. ... Read more

Book Description

This classic work chronicles how New York, London, and Tokyo became command centers for the global economy and in the process underwent a series of massive and parallel changes. What distinguishes Sassen's theoretical framework is the emphasis on the formation of cross-border dynamics through which these cities and the growing number of other global cities begin to form strategic transnational networks. All the core data in this new edition have been updated, while the preface and epilogue discuss the relevant trends in globalization since the book originally came out in 1991. ... Read more

Reviews (4)

A solid reference work
Sassen aims to - unpack the concept of "the city" (p. xviii) - as a unit of analysis in sociology and economics from a global perspective. The scope of this endeavor is quite staggering and she has to bring an number of different fields under the same conceptual umbrella in order to capture the elusive character of 'the city'. Her method is the painstaking analysis of a huge amount of data from a vast array of sources. This might seem unnecessary to some people who are more interested in bold visions of the future á la Manuel Castells or Antonio Negri. The thing about Castells or Negri though is that you need a leap of faith to interpret the world according to their views. Sassen is more boring to read but one can always rely on her providing the data leading up to her conclusions. This is crucial to anyone wanting to take a stab at the interdisciplinary phenomenon of the global city and use availible data for comparison. The thorough research foundation of the book makes it easy to link the issues to areas that otherwise would be quite far apart such as urban planning and service management. Personally I think the most important message is that place and location matters maybe even more nowadays than it used to when production and consumption was explicitly bound by the physical limitations of our world.

In all I think that this book is a must read for anyone even remotely interested i urban matters. It's a bit tough to get through though and the visual presentation of the data could have been better, hence rendering the book a four rather than a five star grade.

A must read in the globalization debate
In writing this review, I had to begin with one critical question: why on earth would I review a book already in print for almost four years? What better time than now, when anti-war advocates are seen in many eyes as un-American, to write about a book in which the author discusses the dangers of nationalism and xenophobia in the context of an ever-globalizing economy? In ten essays the doctor of sociology attempts to "expand the analytic terrain within which we need to understand the global economy in order to render visible what is now evicted" from our current picture of the global economy. She writes in such mouthfuls often, yet her textbook style of writing is a welcome break from the sensationalist and anecdotal approach most often utilized in accounts from the anti-globalization perspective.
If, in the last ten years, you have followed the globalization debate even just a little, then nothing I write here can spoil the book's ending for you. The ending is inconsequential, however, for it is this native Dutch woman's approach to the globalization topic that matters most. The book is not a story, and thus does not follow a traditional plot line, but it never tries to disguise itself as anything other than a categorical critique of international policy. Nor is the book a moral plea to human rights, an approach that seems an easy trap into which fall most writers with parallel paradigms to Sassen's. She takes an obvious stand against globalization of the economy, but instead of simply stating that globalization is bad, Sassen pulls the reader through 218 pages of hard earned facts and qualified theories about the dangers of globalization. Rather than dwell in idealisms, the University of Chicago professor acknowledges the simple observation that globalization is occurring, and rather than asking for an uncompromising end to globalization, she takes a card from the neoliberals' hand and offers concrete solutions to the globalization problem. While that seems like a rather unexciting prospect in itself, one has to remember that many opponents of globalization get sucked into the blame game mindset and offer few (if any) plausible-- or well backed-up-solutions (see the Global Exchange website if you do not believe me).
The remarkable quality of the book is its language. It is written under the assumptions of a human-rights advocate but with the deliberate, yet convincing style of an economist. Its academic quality will turn off a lot of people, but this book was never intended to be bedtime reading material. The normal arguments of the two sides of the issue often give the appearance of two runners in completely different races. Sassen, however, meets her opponents head on, and by using their lexicon and dry grammatical structures, she writes one of the most important books about globalization to this day. Indeed, if there is one real weak point to the book, it is her penchance for writing too dully for even academic writing. She falls occasionally into the trap of spending too much time telling the reader what she is going to say before she actually says it- but only occasionally, and her writing style is disciplined for the most part.
Globalization is inherently a complex issue. Sassen does the reader a great service by avoiding getting stuck on minor or irrelevant points about the issue. Perhaps she pulled a page from Wordsworth, for her attack on globalization is well organized to the point at which she seems to have recalled "in tranquility" the issues rather than descending into scare-mongering tactics. She gives the argument for which the globalization proponents have been asking, and she completely avoids forays into minor points that matter only to those whose heart strings it tugs.
As boring as the subject could be for anyone not passionate about globalization, Sassen grounds well the work by looking at globalization in several contexts. Though she seems at times to be dwelling on topics minor in comparison to the greater umbrella issue, she manages to examine all the major issues of globalization. After first explaining her paradigm in the introduction, Sassen looks at globalization through the window of immigration in the first three chapters. The chapters begin and end with statements about immigration, but the arguments within the envelope structure are based around the general issue of globalization. Splitting up the issue under the subheadings of immigration, feminism, and what she calls "space" helps to deliver her arguments in bite-sized portions without making her seem as if she is avoiding any issue. Indeed, she covers every main argument made by opponents of globalization, and she editorializes it further with her recommendations on immigration policy and her focus on feminism. At the risk of repeating myself, however, she brings up all her points carefully and avoids dropping her extensive knowledge on the reader like lead weights. One would hope that she would write in such an organized fashion, but in the globalization arguments, such structure is rare, unfortunately.
As to the original question: why review such an old book, the answer is becoming readily apparent. Though Sassen has written several books on globalization, including The Global City, a book written in 1991 but updated in 2001, this book encompasses all the major issues of globalization in one fell swoop, and it serves as an authoritative text on those issues. There may be more contemporary versions of Sassens arguments, but none serve as better tools in the argument against globalization, one of the most important fulcrum issues in the post September 11th world. As we continue to wage war against nations our president deems as "terrorist," the issue of globalization continues to be, perhaps, the most important dialogue for our nation. Whether we care to admit it or not, terrorism does not appear from thin air, and we must now ask the question of ourselves: what could America have possibly done to anger people enough to kill themselves in an attack on our nation? Sassen takes an honest look at how American and international policy is affecting marginalized countries and our own, and we would all do well to pay attention to what she is saying.

The Global City -Saskia Sassen
If you can understand this book you are obviously incapable of living in the real world. Sassen's dense, turgid writing style simply aims to bewilder the reader into unquestioningly accepting her doomsday view of socitey. Most depressing reading.

The Global City: New York, London, Tokyo
This book is a profound empirical assessment of the changes that have taken place in the world economy since the sixties and the emerging role of core cities therein. One of the more significant changes in the world economy has been, according to the author, that manufacturing activities have been spatially dispersed while at the same time production-related services such as finance, accounting, and management have been spatially centralized. It is this 'combination of spatial dispersion and global integration [that] has created a new strategic role' [p. 3] for such cities as New York, London, and Tokyo. They have become global cities, i.e., 'postindustrial production sites' for a variety of command functions that integrate the global economy in the post Bretton-Woods era. An immense volume of data is presented to substantiate the hypothesis that these three cities, diverse as their historical, cultural, political and economic settings are, have undergone similar transformations: their economic base has shifted from manufacturing to services, in particular to producer services (chs. 5,7); agglomeration economies in favour of these global cities induced the urban hierarchy to become more top-heavy in the U.S., Great Britain, and Japan, respectively (ch. 6); and their urban social structure is characterized by increasing income and employment polarization since there is complementary expansion of jobs at the top-level and in the informal economy (chs. 8,9). Quantitative indicators, almost by definition, do not suffice to vindicate such far-reaching conclusions. Some of them rely on a questionable notion of what is normal, e.g., the indicators of these cities' 'disproportionate share' in worldwide capitalization of equities, due to their stockmarkets, or the 'overrepresentation' of the financial industries' assets and income in these cities [pp. 171-179]. But what is normal about the value of equities and banks' assets being proportional to city size? Other indicators do not necessarily support the hypothesis forwarded. The conclusion that 'the salient difference' between the three global cities and other major cities 'is the extent of concentration of the producer services and finance' [p. 326] is undermined by the observation 'that the producer services as a whole have grown rapidly over the last decade and that they have grown more rapidly in the countries as a whole than in these cities' [p. 138]. The evidence thus suggests that the 'salient difference' may be a temporary phenomenon and can hardly serve to characterize global cities in general. However, these are minor objections against some empirical arguments in favour of the Global City hypothesis. The author, Professor of Urban Planning at Columbia University, provides much more qualitative and quantitative evidence to substantiate her case. It is the outcome of work for years, in collaboration with an impressive number of other reserachers and institutions. And apart from the attempt to empirical verification, there is also a theoretical framework which supports the Global City hypothesis. The study contributes to an emerging literature on' the social geography of advanced economies' [p. 251] in the classical tradition of political economy. It deviates from orthodox classical or Marxist theory in that the iron law of falling profits is modified by the notion of capitalist 'regimes' or 'models of growth' which are able to restore profit-generating opportunities on a global scale. Fordism has been the last fully articulated regime, charcterized by 'capital intensity, standardization of production, and suburbanization-led growth' [p. 331]. The present work on global cities thus amounts to search for the new 'form of economic growth' and its sustainability [p. 12], based on speculative finance, shift to a service economy, and inner city growth. Even if one does not share this theoretical background and the preoccupation with questions of how durable a particular phase of capitalism is, SASSEN's book proofs tiffs perspective to be a useful device to focus a study of rather complex issues. Moreover, there is abundance of material which should be of interest to the more orthodox-minded economist. Just to mention two examples: the paradox of financial market deregulation being motivated by the need of governments to finance ever larger deficits [pp. 88, 118]; or descriptions of processes in global labor markets [p. 31 ] and urban economics [p. 126] which extend COASE's logic of the firm, though not mentioned, to new fields of study. This is clearly an outstanding book, an authoritative study of the subject and yet stimulating reading for further theoretical and empirical research on major cities and the world economy. ... Read more

Amazon.com

A collection of essays about international trade seems destined to be a snoozer, but Paul Krugman, an economics professor at the Massachusetts Institute of Technology, somehow manages to write about an arcane subject in a lively manner that is actually entertaining. Krugman contends that many who are famed as experts on world trade actually misunderstand the subject completely, and he provides a startling commentary on some notables, from Lester Thurow to Ross Perot. Yet Krugman comes not merely to destroy; a reader can gain from his essays some real insight into economics, not to mention which economic commentators know their stuff. ... Read more

Reviews (27)

International Economics made easier
This is an excellent book in the sense that it helps non economists see the truth about the effects of trade on the Economy. Normally, people tend to overestimate the effects of trade treaties such as NAFTA on the U.S. economy and Krugman helps you understand why this isn't true. Common knowledge normally doesn't coincide with economic truth and people are mislead by such things as trade wars between mayor superpowers or trade wars between develop and developing nations. Krugman has the ability of explaing such glamorous issues in layman's terms and that's why this book is great.

Economic doomsday prophets, hold on to your seats.
So you think that the Japanese and Koreans will eat us alive in the international trade arena, that in a few years all US jobs will move south of the border, or that we must protect our capital stock to prevent our prosperity to flow elsewhere in the world. Well, think again. With simple national accounts and basic trade theory, Krugman warns us against the doomsday prophets of international trade who fuel the paranoia of competitiveness in the open economy. It may not be fashionable in academic circles (specially around Lester Thurow and Robert Reich, against whom Krugman takes a particularly nasty swing), but the truisms of Ricardian economics still hold valid: Trade balances in the medium term, and we'll be just OK. Just think about comparative advantage, a concept pop internationalists have apparently forgotten about.

Krugman and Competition
Paul Krugman is an intellectual economist with a rebllious streak. In "Pop Internalionalism" Krugman denounces ideas by some of the most well known and respected economists of the 20th century. Krugman uses a plethora of statistics to prove his point.
Krugman tries to prove that there is no economic competition between nations, or if there is it is nominal. His theories are alway well thought out and expressed but it difficult to believe everything he says. He tries to write for the common man, and is writing is very well expressed, intelligent, yet readible by most. It is easy for one to find themeselves rereading paragraphs if he/she does not have a strong understanding of international trade and national business.
Some may say that he is ahead of his time, others may say that his theories are rediculous, but I'll just say he is worth reading.

Awesome book
This is a great book - applying sound economics to our real-world policy issues.

Krugman's successful attempt to expose the flawed argument of the likes of Lester Thurow is wonderful. People like Thurow are more interested in bashing certain countries (e.g., Japan, Europe) and/or apologizing for others (e.g., People's Republic of China), with no economic/academic consistency. Hard to believe Thurow passes as an "economist"...

Good, concise, but sometimes repetitive
I am no expert on economics, having only taken basic classes in college, but Paul Krugman SEEMS right in his book "Pop Internationalism." Krugman, the op-ed columnist for the New York Times and Slate magazine and also a professor at Princeton University, published this collection of essays, articles, and speeches back in 1996.

Perhaps the publishing date brings about the only weakness, as much of the talk seems less appropriate for today's economy. But the reviews of old topics like NAFTA and the Eastern economy is still good information, and presented clearly and concisely.
Krugman put this collection together to inform people of the latest trend of beliefs in international economics, a trend that is dead wrong in Krugman's eyes. And so we have his term of "pop internationalism."

The basic idea of pop internatiolism is that the U.S. does not depend on international trade as much as the "experts" portray. Very little of our GNP is actually in exports, and we are seemingly doing just fine as the world market becomes more "global." Krugman is so concise in this point that many of the essays actually repeat the point over and over. This is okay though (at least for me), because I understood it better reading it again.

The book is a quick read, and is divided into four secions: A Zero-Sum World, Economic Theory -- Good and Bad, The Emerging World, and Technology and Society.

As far as Krugman being correct in his economic thinking, get back to me after I read some of the "pop internaitionalism" literature from the likes of Reich and Thurow. ... Read more

Book Description

"Gripping, often frightening...should be read by anyone wanting to understand, from the inside, how the international financial system really works." --The Economist

Lauded by reviewers and scholars alike, Paul Blustein's The Chastening examines the role of the International Monetary Fund in the series of economic crises that rocked the globe in the last decade. Based on hundreds of interviews with officials at the IMF, the World Bank, the U.S. Treasury, the Federal Reserve, the White House, and many foreign governments, The Chastening offers a behind-the-scenes look at the Fund during an extraordinarily turbulent period in modern economic history and at a time when the IMF has become the object of intense political controversy.

While the IMF and its overseers at the Treasury and the Fed have sought to cultivate an image of economic masterminds coolly dispensing effective economic remedies, the reality is that as markets were sinking and defaults looming, the guardians of global financial stability were often floundering, improvising, and feuding among themselves. The Chastening casts serious doubt on the IMF's ability to combat of investor panics at a time when massive flows of money traverse borders and oceans.

A readable, compelling account of the deeply flawed workings of the international political system, The Chastening is vital reading for students and scholars of international diplomacy, government, and economic and public policy. ... Read more

Reviews (13)

Top Notch Economic Journalism
This is a superb journalistic account of the financial crises that rocked Asia, Russia, and Brazil in 1997-98. It has enough journalism to be an exciting read, and enough economics to inform readers about modern international finance. It's hard to put down -- which is something that can be said about very few books dealing with the IMF.

There are two schools of thought about the crises of the late 1990s. One school -- call it the Markets-Don't-Err school -- blames poor economic management in the stricken countries. In this view, investors lost confidence in emerging markets after government deficits put downward pressure on exchange rates and poor banking practices led to corporate overindebtedness. The second school -- call it the Markets-as-Herd school -- blames the dynamics of international capital itself. Investors, having recklessly plowed money into emerging markets in the early 1990s, got cold feet when Thailand's currency collapsed in 1997. They then stampeded to liquidate their positions in other emerging-market currencies, punishing countries willy-nilly regardless of their underlying economic fundamentals.

It's a measure of the book's success that members of both schools can find evidence to support their position. My only complaint -- not serious enough to give the book less than 5 stars -- is the patchy quality of the narrative. Malaysia is barely mentioned at all, for example. I suspect this is because sections of the book were recycled from Washington Post articles.

Engaging like a James Bond movie
Enter the world of high international finance. Mr. Blustein has managed to present an extremely readable (fun, dramatic, engaging) account of the tragic economic crises that are now called the "first of the XXI century".

Not only will you learn the economic details of the crises in Thailand, South Korea, Indonesia, Russia, Brazil and Long-Term Capital Management. You will also find yourself in the rooms where IMF staff negotiated with authorities. You will take a glimpse at the halls of the Treasury and the Fed, where Rubin, Greenspan and Co., proved their genius as policymakers. You will be humbled by the ferocity of international capital and about "how close we where".

Still the great lesson is that we need not oppose globalization to build a better future. Rather you will fell as having read the first steps of a new world which we are only beggining to understand. Hence the need to understand what happened to build a stronger international financial architecture with stronger institutions.

The Chastening by Paul Blustein
One of the best book ever written. Insightful, clever, informative, articulate, sometimes even humorious. Mr. Blustein fully grasp the human psychology as well as how the IMF functions. It is great book for people from all background, its easy to read and absorb. He explains all concept carefully and often using analogy to make them easy to understand. I learned more from this book than my summer research on IMF as well as all other books and articles written on IMF and their policies. One of the BEST book I ever read. A+++

Excellent Read on a Dry topic
Here's an amazingly well written book on an obtuse subject (the IMF and the economics of currencies) that tells a compelling story of the attempts to deal with the contagion crises in the late 90's. The book is very non-idelogical as it demonstrates the best efforts made by the IMF, World Bank, US Treasury & Fed, as well as the Central Banks of Europe and Japan to deal with the appearence of currency runs as they struck various developing nations.

While the book is not hawking a political slant, it is very honest about the fact that the IMF's solutions were at best partly successful. It addresses the very real concern that attempts to bail out countries in crises is really bailing Wall Street investors who took foolish risks with taxpayer money.

For a subject that has little coverage outside of technical studies this is a very good book.

Good read on a tragic epoch
I read this book after reading Dr. Stiglitz criticism on the IMF. Actually, Stiglitz quotes him. Contrary to Stiglitz', Mr. Blustein's book reads fast, makes some of the same criticism Stiglitz does but one does not feel he has an ax to grind. If you want to read a good book on the Asian financial crisis and Russia's default on its own ruble debt, this is the book for you. Very informative and entertaining. ... Read more

Book Description

With Cold War politics lost as the organizing principle behind international politics, development has become the most import policy goal of every international organization. There is an underside (and a human side) to development, and feminism has made inroads into the highly technical debates and frothy prophecies by examining what the future really holds for the people who will live it. This book highlights the ways in which feminist analysis has contributed to a richer understanding of international development and globalization. By combining theoretical, empirical and political perspectives and discusses cutting-edge debates around development, globalization, economic restructuring, and feminist economics, Gender, Development and Globalization presents the ultimate primer on global feminist economics. ... Read more