The Puzzle of Twenty-First-Century Globalization: An International Economics Primer

The Puzzle of Twenty-First-Century Globalization explores the opportunities and challenges of our international economic system. Patrice Franko and Stephen Stamos clearly trace how the ways we produce, finance, and trade goods and services are profoundly shaped by technologies of communication, transportation, and trade. Globalization encourages hyper-specialization—lavishly rewarding those with the skill sets to serve the global marketplace and punishing those poorly positioned to compete. Globalized systems have created great prosperity—along with instability, vulnerability, and backlash. Few genuinely understand the complex underpinnings of our international economic system—and these specialists tend to operate in isolated silos of finance, trade, and production. But without appreciating how systems come together, we cannot explain political reactions against the costs of globalization such as the Brexit vote or the rise of Donald Trump. We don’t value the changing geo-economic importance of the developing world nor the deep threat to ecosystems. This book is the first to emphasize the interrelated economic aspects of globalization from an interdisciplinary perspective. By placing an introduction to trade, finance, and multinational production in the same text that discusses the changing role of developing countries and the challenges to the environment, the authors provide the novice with the basics to understand the global economy while also challenging advanced students to appreciate global connectivity. Closing the knowledge gap in international economics, the authors present the historical context, interdisciplinary grounding, and competing political perspectivesneededto encourage sound critical thinking around contemporary globalization. They provide the essential global economic tools to equip all readers to make decisions that may foster a fairer, more sustainable global system.

Table of Contents:
Preface Chapter 1 Twenty-First-Century Globalization Chapter 2 Globalization: Historical Perspectives Chapter 3 A New Dynamic of Global Trade Chapter 4 International Finance: Global Financial Flows and Crises Chapter 5 Emerging Market and Developing Economies Chapter 6 Globalized Production and Labor Markets Chapter 7 Sustainability Chapter 8 Conclusion: We Are Bound Together Glossary Bibliography Index

About the Author :
Patrice Franko is Grossman Professor of Economics at Colby College. She is also the author of The Puzzle of Latin American Economic Development.Stephen C. Stamos Jr. is professor emeritus at Bucknell University.

Review :
Franko and Stamos offer an accessible overview of how we have gotten to the current global economy, how it operates, who the players are, as well as who gains and who loses. A timely primer indeed for those who seek to understand this fundamentally important dimension of how the economy works and its impacts on communities and citizens. This innovative and ambitious book analyses ideas usually taught in separate courses on trade, international finance, economic development, and multinational production, and embeds them in an integrated theory of the processes and outcomes of economic globalization. It also develops policy recommendations for governments who seek an economically sustainable and equitable globalization process. The book presents its ideas in language that is easily understood by most college students. I highly recommend it. Franko and Stamos have written an outstanding introduction to the economics of globalization, one that combines a lucid presentation of the key facts and theories with an unusual sensitivity to the interconnectedness of modern economic life. Students are sure to come away from the book with a better understanding of their world as well as an increased appreciation of its challenges and possibilities. Perhaps more than at any time in the past fifty years, understanding globalization is essential for citizens and policy makers alike. This clear and thorough text offers a unique, timely, and extremely useful treatment of the promise and perils of globalization. The combination of theory and evidence will certainly continue to illuminate these critical issues for years to come.