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Making Globalization Work summary
What do we have to do to mitigate the dangers of globalization?
Brief summary
In 'Making Globalization Work', Joseph E. Stiglitz argues that trade and globalization can be beneficial for all if managed properly, providing policy recommendations for economic growth, poverty reduction, and fair distribution of resources around the world.
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Making Globalization Work
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Globalization has been harmful to countries in the developing world.
You may be happy when the price of tea in your local supermarket goes down, but have you thought about what it means for the people who produce the tea in India? Or the shipping company that transports it?
Globalization has revolutionized commerce by allowing us to get products from all over the world. But has it had a positive impact overall?
In the early 1990s, when globalization really started taking off, many assumed it would improve life worldwide. It was thought that globalization would increase the global standard of living and result in unprecedented prosperity.
The promise did come true for some countries. Hong Kong, South Korea, Singapore and Taiwan benefited greatly, in what became known as the East Asian miracle.
Increased productivity, greater access to international markets and technological advances allowed the East Asian-miracle countries to strengthen their economies by exporting more goods. They've experienced an average growth rate of 5.9 percent over the past 30 years.
Things haven't gone as well in all parts of the world, however. And even in countries that have become wealthier, the wealth usually isn't equally distributed.
According to a 2004 report by the World Commission on the Social Dimensions of Globalization, 59 percent of the world's population live in countries where economic inequality is increasing. The list includes the US, the richest country in the world.
This inequality has led many to believe that globalization is leading us in the wrong direction. If we want globalization to be beneficial for everyone, we need to change the way it functions.
Globalization can be made to work if we get the politics right. There are seven main areas where changes in public policy could transform globalization into something more positive. We'll look at each of them in the following blinks.
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What is Making Globalization Work about?
Making Globalization Work (2007) explores the problems and potentials of globalization. So far, globalization has been beneficial to wealthy countries but harmful to developing countries. We need to reform our international systems if we want to make globalization beneficial to everyone.
Making Globalization Work Review
Making Globalization Work (2007) by Joseph E. Stiglitz is a thought-provoking book that sheds light on the complexities of globalization and offers insights on how to make it more equitable and beneficial for all. Here's why this book is worth reading:
- Provides a fresh perspective on globalization, highlighting its potential pitfalls and suggesting actionable solutions.
- Offers a rigorous analysis of economic policies and their impact on societies, making it a valuable resource for policymakers and economists.
- Draws on Stiglitz's expertise and experience as a Nobel laureate economist and former chief economist of the World Bank, lending credibility and depth to the arguments presented.
Best quote from Making Globalization Work
Another world is possible.
—Joseph E. Stiglitz
Who should read Making Globalization Work?
- Anyone interested in politics or economics
- Environmentalists and those anxious about climate change
- People interested in international business
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Making Globalization Work FAQs
What is the main message of Making Globalization Work?
The main message of Making Globalization Work is that globalization can be a positive force if it is managed correctly.
How long does it take to read Making Globalization Work?
The reading time for Making Globalization Work varies depending on the reader, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Making Globalization Work a good book? Is it worth reading?
Making Globalization Work is a valuable read for anyone interested in understanding how globalization can be harnessed for the benefit of all. It provides insightful perspectives and practical solutions.
Who is the author of Making Globalization Work?
The author of Making Globalization Work is Joseph E. Stiglitz.
What to read after Making Globalization Work?
If you're wondering what to read next after Making Globalization Work, here are some recommendations we suggest:
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- Mastery by George Leonard
- Born For This by Chris Guillebeau
- The Idea Is the Easy Part by Brian Dovey
- Make Your Mark by Jocelyn K. Glei
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