Developed Nations and the Economic Impact of Globalization

La 4e de couverture indique : "This book discusses the economic and geopolitical effects of globalization from historical and institutional perspectives. While it has had unintended consequences, such as displacing developed countries' dominance of production markets, the overall benefits of globalization far outweigh the costs. Moak argues that leading developed nations should not fear globalization but, instead, make concerted efforts to promote it in order to keep the cost-benefit balance weighing in favor of economic enhancement and geopolitical stability. Having incurred huge private and public debts as well as a weak monetary policy posture, many developed nations have been unable to recovery from the 2008 financial crisis. Moreover, geopolitical tensions are rising due to the power rivalry between the United States, China, and Russia over a host issues, including trade imbalances and geopolitics. This book aims to provide stakeholders with the relevant and necessary information to hold an objective debate on globalization. Ultimately, this book is about globalization-- what it is, how it impacts the global economy and polity, and why it is needed now more than any other time in human history." Preface 6 Acknowledgements 8 Contents 10 Chapter 1 A Summary Analysis of the Globalization’s Dynamism 12 Growing Western Protectionism 19 Will There Be a Stop to or Slowdown of Globalization? 20 The Promoters of Globalization 21 Globalization: The United States and China 22 Could Domestic Politics and Pursuit of National Interests Derail Globalization? 23 Summary 25 Chapter 2 Globalization: Drivers and Effects 30 Comparative Advantage: Revisited 31 Simplified Version of the Theory of Comparative Advantage 32 Drivers of Globalization 34 Effects of Globalization 41 An Assessment of the Benefits Claims 46 Losses or Costs of Globalization 46 Brexit 49 The Trump Effect 50 Rising Populism and Protectionism in Europe 53 The Unexpected Consequences of Globalization: China’s Economic Rise and Its Global Impact 53 Chapter 3 History of Globalization: European Colonization and Bretton Woods 59 The Chinese Factor 59 European Colonization 61 The Road to Bretton Woods 67 Bretton Woods Conference, 1944 73 Bretton Woods in the Post War World II Era—Need a Rethink? 75 The Nixon Shock 76 Bretton Woods—Need a Rethink? 77 Summary 78 Chapter 4 Bretton Woods International Trade and Financial Organizations 84 The International Monetary Fund 84 IMF Governance Architecture 85 Effects of IMF Loan Conditionality and Governance 86 Case Study One: The Argentina Case 86 Case Study Two: The Thai Case 88 Questions on IMF Washington Consensus Loan Conditionality 89 Will the IMF Reform to Better Serve Developing Nations? 90 Inclusion of the Yuan into the Special Drawing Rights Basket 91 IMF Share Structure and Voting Rights 92 The World Bank Group 93 Criticisms of the World Bank Group 97 The Marshall Plan 97 Criticism of the Marshall Plan 99 Market Distortion 100 Upheld Western Imperialism or Global Dominance 100 The Asian Development Bank 101 Summary 101 Chapter 5 GATT, Rounds of Negotiations, and the World Trade Organization 105 The General Agreement on Tariff and Trade 106 A Brief History of Rounds of Negotiations Under the GATT Framework 106 Kennedy Rounds of Negotiations: (1962–1967) 106 A Comment on the Kennedy Rounds of Negotiations 108 The Tokyo Rounds of Negotiations: 1973–1979 109 Summary Analysis of Nontariff Barriers 111 The Uruguay Rounds of Negotiations: 1986–1994 111 The World Trade Organization: 1995 113 The Four Agreements of the World Trade Organization 115 The Doha Development Rounds or Doha Development Agenda: 2001 119 Summary 125 Chapter 6 Selected Bilateral and Regional Trade and Investment Agreements 129 Opting for Bilateral Trade Agreements 129 The European Union 130 Road to the Formation of the European Union 130 Effects of a Single Currency 136 Summary Analysis of the European Union 139 Canada–United States Automotive Products Agreement (Auto Pact): 1965–2001 140 The Canada–US Free Trade Agreement: 1989 142 The North America Free Trade Agreement: 1994 143 The Trans-Pacific Partnership 146 The Regional Comprehensive Economic Partnership 148 Summary Analysis of Bilateral and Regional Trade Agreements 150 Chapter 7 The Group of Seven and Group of Twenty 155 The Group of Seven 155 The Invitation to Russia: Turning G7 into G8 156 The G7G8 Functions 160 The Group of Twenty 164 G7 and G20 2016 Summits 167 The Relevance of G7 167 The Relevance of G20 168 Summary 170 Chapter 8 The 2008 Global Financial Crisis: Effects on the Global Economy 175 How Did the Financial Crisis Happen? 175 Leveraging 176 The Repeal of Glass Steagall, 1999 178 Financial Derivative 179 Effects of the 2008 Financial Crisis 185 Remedial Policies 187 Summary 193 Chapter 9 The Washington Consensus Versus The Beijing Consensus 196 The Washington Consensus 197 Rationale and History 197 Washington Consensus Policy Recommendations 198 Criticism of the Washington Consensus 200 Summary Analysis of the Washington Consensus 201 The Beijing Consensus 202 Rationale Behind China’s Remarkable Economic Achievements 203 Selected Post-Deng Period Reforms 209 Summary Analysis of the Beijing Consensus 211 Chapter 10 BRICS and China Initiated Global Trade Initiatives and Financial Institutions: Alternatives to the US-Dominated IMF and WBG and ADB 217 The Silk Road Economic Belt and Twenty-First Century Maritime Silk Road (One Belt, One Road) 217 Drivers of OBOR 219 The Silk Road Fund 221 The Asian Infrastructure Investment Fund 221 Why Did China Establish the AIIB? 222 AIIB Governance Architecture and ShareVoting Rights Structure 223 AIIB Loans 223 BRICS New Development Bank 224 BRICS Currency Reserve Fund 225 Summary Analysis of ChinaBRICS Trade and Financial Initiatives 225 Chapter 11 The Future of Globalization: Should It Be Promoted or Ended? 230 The Impact of Globalization on the Developed Economies 235 Immigration 239 The Influence and Effects of Domestic Politics and Vested Interest Groups in the Developed Countries 240 Impact of Domestic Politics and Ideology 241 Major Power Rivalry: Real, Imagined, or Fabricated? 242 A Case Study: Australia 246 Globalization: The Only Choice Going Forward, but the Road Would Be Bumpy 247 Chapter 12 A Final Word on Globalization 252 Are China and Russia, Respectively, an Aggressor in the South and East China Seas and the Ukraine? 252 Did China Manipulate Its Currency and Carry Out Unfair Trade Practices? 253 Is There a Big Power Rivalry? 254 Problems and Prospects of Globalization 255 Bibliography 257 Index 259 "This book discusses the economic and geopolitical effects of globalization from historical and institutional perspectives. While it has had unintended consequences, such as displacing developed countries' dominance of production markets, the overall benefits of globalization far outweigh the costs. Moak argues that leading developed nations should not fear globalization but, instead, make concerted efforts to promote it in order to keep the cost-benefit balance weighing in favor of economic enhancement and geopolitical stability. Having incurred huge private and public debts as well as a weak monetary policy posture, many developed nations have been unable to recovery from the 2008 financial crisis. Moreover, geopolitical tensions are rising due to the power rivalry between the United States, China, and Russia over a host issues, including trade imbalances and geopolitics. This book aims to provide stakeholders with the relevant and necessary information to hold an objective debate on globalization. Ultimately, this book is about globalization-- what it is, how it impacts the global economy and polity, and why it is needed now more than any other time in human history."-- Provided by publisher Front Matter....Pages i-xii A Summary Analysis of the Globalization’s Dynamism....Pages 1-18 Globalization: Drivers and Effects....Pages 19-47 History of Globalization: European Colonization and Bretton Woods....Pages 49-73 Bretton Woods International Trade and Financial Organizations....Pages 75-95 GATT, Rounds of Negotiations, and the World Trade Organization....Pages 97-120 Selected Bilateral and Regional Trade and Investment Agreements....Pages 121-146 The Group of Seven and Group of Twenty....Pages 147-166 The 2008 Global Financial Crisis: Effects on the Global Economy....Pages 167-187 The Washington Consensus Versus The Beijing Consensus....Pages 189-209 BRICS and China Initiated Global Trade Initiatives and Financial Institutions: Alternatives to the US-Dominated IMF and WBG and ADB....Pages 211-223 The Future of Globalization: Should It Be Promoted or Ended?....Pages 225-246 A Final Word on Globalization....Pages 247-251 Back Matter....Pages 253-259