Field Guide To The Global Economy

This fully updated and expanded second edition of The Field Guide to the Global Economy presents the latest facts to help make sense of the rapidly changing international economy.

John Cavanagh is the director of the Institute for Policy Studies.

Foreword

vii

Barbara Ehrenreich

Introduction: Corporate Globalization

1

(3)

What Is Economic Globalization?

4

(22)

History

6

(6)

Global Flows Today

12

(1)

Trade in Goods and Services

12

(4)

International Financial Flows

16

(8)

Flows of People

24

(2)

What's New About the Global Economy?

26

(70)

Hi-tech Global Assembly Line

28

(2)

High Tide in the Global Labor Pool

30

(1)

China Challenge

31

(2)

Outsourcing of Service Jobs

33

(2)

Planet Wal-Mars

35

(2)

Open Doors to Foreign Direct Investment

37

(1)

Global Financial Casino

38

(1)

Biotech Crusades

39

(3)

Globalization Claims

Claim #1: Trade and Investment Liberalization = More Good Jobs

42

(3)

Claim #2: Foreign Outsourcing Is Good for American Workers

45

(1)

Claim #3: As Trade Spurs Economic Growth, Governments Invest More in the Environment

46

(3)

Claim #4: Trade and Investment Liberalization Are Good for the Poor

49

(3)

Claim #5: Free Trade Is the Consumers' Best Friend

52

(2)

Claim #6: Globalization Lifts All Boats

54

(3)

Claim #7: What's Good for General Motors Is Good for the Rest of Us

57

(2)

Claim #8: Sweatshops Are Good for Poorer Nations: the United States Developed That Way

59

(2)

Claim #9: Privatization Leads to Better Services

61

(3)

Claim #10: We Can Fight Terrorism with Free Trade

64

(4)

Who's Driving Globalization?

Private Actors

68

(8)

Top Corporations

Agro-monopolies

Big Pharma

Public Institutions

76

(20)

International Monetary Fund

World Bank

Trade: WTO, NAFTA, FTAA

Responses to Globalization

96

(23)

Leaders Recognize the Social Impacts of Globalization

98

(2)

Responding to Globalization in a Post-911 World

100

(2)

People Power

102

(6)

Worker Power

108

(2)

Shareholder Power

110

(1)

Consumer Power

111

(2)

Student Power

113

(1)

Local Power

114

(2)

Artist Power

116

(2)

Legal Power

118

(1)

Conclusion

119

(1)

Notes

120

(10)

Appendix I Ten Core Principles for Sustainable Societies

130

(2)

Appendix II Alternatives for the Americas: A Summary

132

(3)

Resources

135

(1)

Acknowledgments

136

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Field Guide To The Global Economy

Summary

Author Biography

Table of Contents

Supplemental Materials