The Final Solution
May 14th, 2004, 05:56 PM
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Editorial Reviews
From Publishers Weekly
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.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
-Daniel W. Drezner, New York Times Book Review
"Bhagwati's charming cosmopolitanism will allay fears of critics convinced that economists are incapable of appreciating non-economic values."
Book Description
The riot-torn meeting of the World Trade Organization in Seattle in 1999 was only the most dramatic sign of the intensely passionate debate now raging over globalization, which critics blame for everything from child labor to environmental degradation, cultural homogenization, and a host of other ills afflicting poorer nations. Now Jagdish Bhagwati, the internationally renowned economist known equally for the clarity of his arguments and the sharpness of his pen, 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 economics, Bhagwati explains why the 'gotcha' examples of the critics are often not as they seem, and that in fact globalization often alleviates many of the problems for which it has been blamed. For instance, when globalization leads to greater general prosperity in an underdeveloped nation, it quickly reduces child labor and increases literacy (when parents have sufficient income, they send their children to school, not work). The author describes how globalization helps the cause of women around the world and he shows how economic growth, when coupled with the appropriate environmental safeguards, does not necessarily increase pollution. And to counter the charge that globalization leads to cultural hegemony, to a bland 'McWorld,' Bhagwati points to the example of Salman Rushdie, a writer who blends Bombay slang and impeccable English in novels touched by magic realism borrowed from South American writers. Globalization leads not to cultural white bread but to a spicy hybrid of cultures. 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. Anyone who wants to understand what's at stake in the globalization wars must read In Defense of Globalization.
Editorial Reviews
From Publishers Weekly
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.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
-Daniel W. Drezner, New York Times Book Review
"Bhagwati's charming cosmopolitanism will allay fears of critics convinced that economists are incapable of appreciating non-economic values."
Book Description
The riot-torn meeting of the World Trade Organization in Seattle in 1999 was only the most dramatic sign of the intensely passionate debate now raging over globalization, which critics blame for everything from child labor to environmental degradation, cultural homogenization, and a host of other ills afflicting poorer nations. Now Jagdish Bhagwati, the internationally renowned economist known equally for the clarity of his arguments and the sharpness of his pen, 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 economics, Bhagwati explains why the 'gotcha' examples of the critics are often not as they seem, and that in fact globalization often alleviates many of the problems for which it has been blamed. For instance, when globalization leads to greater general prosperity in an underdeveloped nation, it quickly reduces child labor and increases literacy (when parents have sufficient income, they send their children to school, not work). The author describes how globalization helps the cause of women around the world and he shows how economic growth, when coupled with the appropriate environmental safeguards, does not necessarily increase pollution. And to counter the charge that globalization leads to cultural hegemony, to a bland 'McWorld,' Bhagwati points to the example of Salman Rushdie, a writer who blends Bombay slang and impeccable English in novels touched by magic realism borrowed from South American writers. Globalization leads not to cultural white bread but to a spicy hybrid of cultures. 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. Anyone who wants to understand what's at stake in the globalization wars must read In Defense of Globalization.