Product Description

In the passionate debate that currently rages over globalization, critics have been heard blaming it for a host of ills afflicting poorer nations, everything from child labor to environmental degradation and cultural homogenization. Now Jagdish Bhagwati, the internationally renowned economist, 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 and development economics, Bhagwati explains why the "gotcha" examples of the critics are often not as compelling as they seem. 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.
This edition features a new afterword by the author, in which he counters recent writings by prominent journalist Thomas Friedman and the Nobel Laureate economist Paul Samuelson and argues that current anxieties about the economic implications of globalization are just as unfounded as were the concerns about its social effects.

Product Details

• Amazon Sales Rank: #8176 in Books
• Published on: 2007-09-04
• Original language: English
• Number of items: 1
• Binding: Paperback
• 344 pages

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."

Review

"An outstandingly effective book.... Until further notice In Defense of Globalization becomes the standard general-interest reference, the intelligent layman's handbook, on global economic integration."--The Economist
"Once again, Columbia University economist Jagdish Bhagwati has weighed into the increasingly partisan and ideological debate over trade, offshore outsourcing and globalization. And once again, it is worth listening to.... what's most important about this book is its caution about globalization --namely, that it has to be managed, both in terms of how quickly it proceeds and what policies are put in place to reduce its unpleasant economic and social side effects."--Washington Post
"Bhagwati combines the hard-nosed perspective of a liberal on trade and investment with the soft-hearted sensitivities of a social democrat on poverty and human welfare. He thus has an admirable ability to address patiently and sympathetically globalization's well-meaning but wrong-headed critics.... A cogent, erudite, and, indeed, enjoyable discussion of economic globalization and its discontents."--Foreign Affairs
"One of the world's leading international trade theorists.... Bhagwati takes on many antiglobalist arguments, showing them to be overblown or groundless. The lot of women and children improves with the opening of markets, and the environment too, not to mention the chances for democracy.... Accessible and clearly argued. There is, one might say, a wealth of material on every page."--Bruce Bartlett, The Wall Street Journal
"An important contribution to an often incoherent debate. As we expect of Mr. Bhagwati, it is cogently argued and well written. It sets out a persuasive case in favor of globalization. And because of Mr. Bhagwati's impeccable credentials, there is a better chance his book will be given a fair hearing than might be the case with some other authors. Put simply, Mr. Bhagwati has 'street cred'."--Anne Krueger (Acting Director of the IMF), Financial Times
"Critics of globalization will find a few things to admire in Bhagwati's outlook. He limits his defense of globalization to trade, direct investment and migration. The book's short chapter on capital markets echoes many of the concerns of globalization's critics. Bhagwati forcefully denounces 'the Wall Street-Treasury Complex' that cajoled developing countries into eliminating capital controls. His charming cosmopolitanism will also allay the fears of critics convinced that economists are incapable of appreciating non-economic values. Literary references flow from the pages, from Lady Murasaki to King Lear to Woody Allen."--Daniel W. Drezner, New York Times Book Review
"In this elegant book, one of the world's preeminent economists distills his thinking about globalization for the lay reader.... 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.... 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."--Publishers Weekly
"Mr. Bhagwati slams through fact after fact, statistic after statistic, demolishing those who claim the poor are worse off because of globalization. He warns that many problems of poor countries are self-inflicted, such as trade barriers against one another. If Mr. Bhagwhati doesn't get a much deserved Nobel Prize for economics, he should get one for literature. His writing sparkles with anecdotes and delightful verbal pictures."--Mike Moore, New York Sun
"Does the international market economy worsen poverty in developing countries? Does it erode democracy? Hurt the cause of women? Trash the environment? Exacerbate the exploitation of child labor? Bhagwati's answers to all these questions make for a supremely worthy read."--Business 2.0 Magazine
"...an excellent and even-handed analytic description of globalization and its side-effects for economists and even non-economists."--Eastern Economic Journal

Customer Reviews

Comprehensive
I must say it took me a bit to get through the book - however here are a few pointers
1. This is a comprehensive overview of Globalization as we know and understand it.
2. The reasoning is coherent, and sometimes the facts are totally unexpected / surprising.
3. The book is chock-a-block with references - extremely well researched
4. This book is not for beginners - it is fact based, slightly dense at times but then again, much much easier to understand than a standard text book :)
5. It doesn't build up to a euphoric end - there is a steady pace of revelations, detailed cross referenced understanding of the concepts and all points are re-iterated at various stages, in different contexts. Think of it like wikipedia - almost :) You will see various facets of the same issue being discussed.
6. I would recommend reading 5-10 pages daily... i was not able to read it at one go - too much to digest :)

Overall, comprehensive text, good read - slightly dense for me, but I think I get it - this is really how much there is to globalization and Prof. Bhagwati explains it the best.

You can keep it and refer to it for a long time to come.

A very good book and an important one indeed
In rather readable style - I just love his sense of humour - Professor Bhagwati (JB) sets out his case in favour of globalisation.

Part One sets out the arguments of the anti-globalisation movement. It would appear that a whole load of other issues not connected to globalisation found a home in the anti-globalisation movement, anti-Americanism being one of them. JB also notes that students of economics tend to be in favour of globalisation and that those opposed to globalisation rarely know anything about economics. Perhaps that situation could be remedied by spreading more knowledge of economics amongst the "anti-globalisationists".

In Part Two, JB examines the effect of globalisation on a number of issues including poverty, child labour, women and their treatment of, democracy, culture, wages and labour standards, the environment and multi-national corporations. He finds that globalisation is not a threat but rather beneficial to any of these subjects and that multi-nationals are not thriving by playing economies against each other or exploiting countries by abusing their corporate might.

Part Three deals with legal and illegal movement of labour and the challenges arising from it and the perils arising from the move of international capital where he also looks at the 1998 Asian crisis. Whilst I agree with JB that the reason for the crisis was not an end of the economic miracle experienced in the 30-odd years before the crisis I think that these countries' economic mismanagement played a large part in it. But you are of course free to read JB's book and make up your own mind.

In Part Four, JB discusses ways in which globalisation could be managed in such a way that potential downsides in the course of economic development could be met in a better way than is available at present. You will notice that JB is terribly impressed with the efforts of the IMF and the World Bank in helping countries in need.

In his conclusions, JB mentions that his book was written against the background of the mass demonstrations accompanying the WTO meeting in Seattle in 1999.

Also in his conclusion, JB tells of an argument put forward by the anti-globalisation movement that globalisation kills jobs in the industrialised countries. This line of argument would suggest that investment and economic development to the non-industrialised world must be denied because these jobs must be retained in the industrialised countries in order to secure `our future'. Who is the selfish party here, I wonder.

Jagdish Bhagwati's book should be compulsory reading for everyone because he proves that the arguments put forward by the anti-globalisationists are simply not true, including the one about killing jobs outlined above. I look forward to these people demonstrating in favour of globalisation, soon, or at least after they have read JB's book.

In Defnse of Globilization
a well built construction of what is globalization and the reason to apply to it . Interesting. Engrosing and over all illustrative of a "global" phemomenon that reaches everybody and also determines the future of the world and humankind .In Defense of Globalization: With a New Afterword