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globalization: n. the irrational fear that someone in China will take your job ReviewThis book provides a thought-provoking summary and analysis of the economics of globalization. It is a quick read and the authors don't intend to provide substantial depth, but it is refreshing as one of the few texts willing to argue that globalization is not only not new, but not worth all the angst it has generated.The authors' thesis: much of the fear associated with globalization is misplaced, because there is much more local control over economic success than either pro or anti-globalizers are willing to acknowledge. Or as they title one of their chapters: "Countries Control Their Fates." They support this thesis with an analysis of the factors they believe underlie the economic success of China, India and other successful developing countries. They emphasize sustained increases in productivity growth brought about by continuous improvement in efficiency--akin to what the Japanese term kaizen (though they don't call it that). They reject the projections by economist Alan Blinder and others that offshoring may threaten tens of millions of US jobs.
Subsequent chapters analyze trends in employment, wages, and a theory of the firm that concludes that local dominance, supported by a keen knowledge of local consumers and markets, is the way to profit. They correctly note that business formulas often do not translate from one culture to another (remember WalMart's failures abroad) and that an irony of globalization is that markets generally become even more competitive as they become global, reducing profits to firms stuck in commodity businesses. Their analysis of employment data are compelling.
The most valuable chapter in the text is Chapter 6, which analyzes the challenges that befall the country that happens to issue the global reserve currency, now the US dollar. This is the best short explanation anywhere of the process by which this country initially benefits but is likely to eventually face the challenge of chronic current account deficits. Their suggested solution is worth considering.
I'm glad I read the book, but it is minimally successful at dispelling anxiety about the rise of China as a manufacturing power. Their explanation of the country's success is too simplistic, and will do nothing to dissuade anti-globalizers who believe-with justification-that low wages, lack of regulation, cheap capital and poor working conditions fueled the country's boom years, enticing manufacturers away from high wage countries in the process. (See Huang's Capitalism with Chinese Characteristics for a provocative analysis of China's economic transformation). But their arguments that competition in services is less likely than Blinder and others believe are more persuasive.
And a major omission of the text is its failure to even mention energy. Sustained increases in the price of oil eventually will blunt trade in goods.
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