The Third Globalization: Can Wealthy Nations Stay Rich in the Twenty-First Century?
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Dan Breznitz and John Zysman. Oxford University Press is a department of the University of Oxford.
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The Third Globalization
Edited by Dan Breznitz and John Zysman timely study of global economic issues looks at the BRIC nations as a whole as well as at specific economic sectors uses comparative perspective to paint fuller picture of the political implications of current world economy. Edited by Dan Breznitz and John Zysman. After-Development Dynamics Anthony P. Witt and Gordon Redding.
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Dan Breznitz and John Zysman Abstract Given the powerfully negative and ongoing impact of the Great Recession on western economies, the question of whether historically wealthy nations—the United States, Western European countries, Japan—can stay wealthy has become an overriding concern for virtually every interested observer. More Given the powerfully negative and ongoing impact of the Great Recession on western economies, the question of whether historically wealthy nations—the United States, Western European countries, Japan—can stay wealthy has become an overriding concern for virtually every interested observer.
Bibliographic Information Print publication date: ICT is of critical importance because it transforms the organization and competitive basis of entire industries. For example, auto-makers in China and elsewhere have benefited hugely from the ability to scatter the various stages of design, development and production of cars widely according to where comparative advantage is greatest.
The second section delves into how governments in rich states are responding to the third globalization. As might be expected in a book by political economists, these responses vary according to nationally-specific institutions and policy legacies and not all nations are adapting well.
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France, according to Jonah Levy, is drifting aimlessly as its policymakers are unable to pursue the old model of state-led development yet appear unwilling to take on the vested interests that impede market-led reconstruction. The US, still in hock to neo-liberal ideas and dominated by the demands of its financial services industry according to Mark Blyth and William Lazonick, will do better than France because of its superior innovation model, but most of the rewards of this will continue to go to a narrow fragment of society.
How the Nordic Nations Stay Rich: Can their middle classes remain comfortable as more and more good and technically jobs disappear to other parts of the world? This brings with it a host of new challenges: The Domestic Abroad Latha Varadarajan. In total, the book directly challenges a number of core policy and academic assumptions about the dynamics of contemporary advanced economies by looking at the problem from three different angles: To accept cookies, click continue.
Only the Nordic countries seem set to prosper, as their social cohesion has allowed a consensual re-equipping of old industrial models along more competitive lines. For example, Apple straddles several business sectors software, hardware and music delivery , so its political preferences stem from the particular business model it has chosen, not from its place in the economy.
The Third Globalization: Can Wealthy Nations Stay Rich in the Twenty-First Century?
But this means that policymakers no longer receive clear signals from business about how to run a competitive economy and they are caught between defending strategically important, but vulnerable industries from overseas competition and remaking the regulatory environment to allow new sectors to flourish. Edited volumes can sometimes be a random collection of essays thrown together around a vague theme; however the editors of the The Third Globalization have selected and drilled their contributors well. The book includes a lengthy conclusion analyzing the options available to policymakers to kick-start growth.
They argue that governments should bite the bullet and act purposively to foster an innovation culture based on: Only the state has the political resources to achieve this, but it is still unclear whether states are always up to the job. Nevertheless, if The Third Globalization has any impact in chipping away at the dogma that markets always know best then it will have done a fine job.
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