5 comments about Globalization and Its Discontents.

1. In this book, he explains how the policies of international economic organizations led to the crises in various countries when their economies were globalized. Most of his contentions center on the idea that the transition from communist to market economy was not handled well by the advocates of the free market if the IMF. Most of this book is about IMF policies and how they failed developing countries.
   
   This book is very interesting. He brings up many interesting points.
   The only complaint is that the concepts are very complex and it is recommended that you take an economics course before reading this book. He uses terms that they introduce in an economics 101 course and does not explain the terms. While it is not that complex, if you are inexperienced in economics, some of the parts will be confusing.
   
   This book rarely mentions outsourcing of jobs by developed countries. It is mostly about policies regarding growth in developing countries.



2. Joseph Stiglitz thoroughly disects the brain dead institution called the IMF. Read this book and you will clearly see why African countries and other 3rd world countries are as poor as they are. it's not simply because of corruption and mismangement by their government as we all tend to believe. It's not even a conspiracy of any kind. It's just stupid policies by arrogant idiots forcing unproven "free market" policies on the countries.
   
   My one gripe about this book is that the author seems to abdicate some responsibilty of his former employer, the world bank. They've also been part of the problems is developing countries as well. Maybe not to the extent of the IMF but they are also culpable.



3. Anyone with an interest in global affairs would be aware of the East Asian crises and the Russian attempt at becoming a market economy. These are the two main examples used by Stiglitz to frame his arguments and the policies are well known. They are the same problems the anti-globalization movement protests against outside various international financial meetings so there are no new insights here of any great significance. Some of the less prominent countries like Ethiopia and Malaysia are covered though and these sections are interesting although still using the same themes - co-ercive IMF tactics, capital market liberaliztion or protectionism etc. Stiglitz also contradicts himself at times. In one section he argues for greater transparency and public debate (ie. politicization) of the IMF's policies, then in another criticises the U.S. government for enacting protectionist measures domestically (assuredly for political purposes).
   The problem with these 'insider' accounts is that they are by definition subjective. The only examples of the inner workings of these institutions put forward are self-serving anecdotes of when Stiglitz himself opposed, or tried to oppose, IMF policies. There is also very little talk, and even less criticism, of the World Bank which is where he was the chief economist. Would recommend a book by, say, a respected professional journalist who can be a more objective, more dispassionate, and much more coherent.



4. "Globalization and Its Discontents" is an impressive critique of the Washington Consensus and international economic institutions. Even more so because the author is not only an eminent economist, but also an insider on the issues that are being discussed. Some of the things it covers are the historical context, the East Asian financial crisis, and Russia's transition from central planning to a market economy. Stiglitz demonstrates how a combination of unwillingness to consult, market fundamentalist ideology and financial interests led to terrible outcomes. Everyone who has taken an introductory macroeconomics course will be surprised to find out that the IMF pushed contractionary policies during downturns. The Russian experience underscores the importance of cautious and contextual policies that create the institutions necessary for a market economy. Besides retrospective insights, Stiglitz provides a list of alternative policies that could yield a much better result in the future.
   
   It may be less revolutionary now than it was in 2002: many mainstream economists such as Dani Rodrik have come out against the Washington Consensus since and the influence of the IMF seems to have decreased prompting economist Dean Baker to say that "No one needs the IMF anymore" ("The IMF: A Sandbox to Play In", April 10, 2007, Truthout). It may also have its share of flaws, most notably a somewhat naive sounding belief that getting closer to the free trade ideal (which includes cutting subsidies to agriculture so that the poor countries could better compete) will help developing countries a great deal. Many developing countries are in fact net importers of food and cutting agricultural subsidies in rich nations might actually increase prices that they pay for food. Nevertheless, "Globalization and Its Discontents" is an accessible and very interesting book that provides lessons about the need for open dialogue and contextual approaches to development. Not to forget that with the impact that this book has had it is also already a piece of history.



5. It should have been subtitled: "Or how the IMF screwed everything up, despite Joe's best efforts."
   
   It's a tiring tirade.

5 comments about Petrostate: Putin, Power, and the New Russia.

1. As a student of Russian energy markets, I can confidently say that this book is rife with factual errors. Simple things like calling Iran one of the top gas exporters in the world (Iran doesn't export gas at all, it imports it, though Iran does have some of the largest gas reserves in the world); claiming that liquefied natural gas (LNG) often needs long-term contracts of "two years" to sell (usually needs contracts of 10-20 years); contending that OPEC regulated the oil market through production quotas from its founding in 1960 (the production quota system wasn't formally instituted until 1986-1987); etc. The conclusions that Goldman draws from his analysis are largely correct because he knows Russia well, but a lot of the (incorrect) detail he includes demonstrates an interested observer's - not an expert's - understanding of energy markets. If you are an interested observer, go ahead and buy this book. If you are a researcher, you should certainly corroborate the facts in this book.
   
   Overall, the book is filled with detail, most of it correct but some not. I certainly learned something from reading it, things that had slipped under the radar, but I am not convinced that one should trust Marshall Goldman's grasp of energy markets.



2. Goldman's book, Petrostate was somewhat interesting and shed some light on the complexity of business and energy in Russia. His research and references were undeniable but at times (not to his fault) difficult to follow because of the many "smoke and mirrors" corporate structures of many Russian companies and individuals based there. The government is layered with backscratching which he points out brilliantly throughout.
   
   Overall, the book gave me a better understanding of business in Russia and the size and scope of their global position in energy. Good read.



3. The book opens with the sentence "Russia once again an energy superpower and that is exactly what the book is about.
   
   Russia was the most important non-American producer at the start of the 20th century, it was a very important producer during the Cold War years and it lost it completely in the break up of the Soviet Union.
   
   After the desatrous privatisation under Jeltzin the industry was in tatters. Goldman describes clearly and with good analytical depth how under Putin the country slowly got its grip on its most important natural resource back. Needless to say that the methods used were heavy handed and certainly in a general sense morally and legally questionable. This is not new and the saga continues as we read in the news paper every day ( see e.g. the deleopments around the BP-TNK joint venture).
   
   Goldman also analyzes the role the energy industry plays in the overall aim of Russia to be an important power once again. In particular Europeans should watch this with intensity as they are more and omore dependent on Russia for their energy, in particular gas.
   
   In all, a good, readable and enjoyable analysis. The 5th star is missing for the technical flaws pointed out correctly bey another reviewer. Not hurting the conclusions but a bit sloppy indeed.



4. "Petrostate" provides good insights into Russia's comeback after its late 1990s nadir, as well as an understanding of its economic-political strategies.
   
   Russia regained its place as the world's largest oil producer in 2007; energy generates about 30% of Russia's GDP and 60% of its exports. Russia is a major energy provider to Europe and the U.S. The U.S. buys $10 billion of Russian petroleum, LUKoil bought nearly 3,000 U.S. filling stations from Getty Oil and Mobil. Gazprom also provides LNG to the U.S., via a swap arrangement with Algeria. It also provides natural gas to 405 of Germany's homes and many of its factories, as well as much of the rest of Europe. Russia's Gazprom pipelines also play a major role in delivering gas from the "stans."
   
   There is a fair amount of evidence that CIA chief Casey (Reagan administration) worked with Saudi Arabia (mad at Russia for invading Afghanistan) to break Russia's economy via increased S.A. production - however, the data do not provide a clean fit supporting this theory. Low energy prices in 1998 led to Russia defaulting on its debt, as well as many bank failures within the country. Prices quickly recovered in 1999, and along with a 40% increase in production between 2000-2004 transformed Russia into a major holder of foreign currencies. Russia has avoided the "Dutch Disease" because it didn't have much manufacturing, other than defense industries, to start with.
   
   Mass privatization did not begin until mid-1992 under Yeltsin. Oligarch-controlled banks loaned the state money in exchange for stock certificates; most of the state's economic problems were due to companies and individuals failing to pay taxes - only about 3 in 70 did, and even those usually paid much less than owed. It was agreed that if the banks were not repaid, the stock would be sold. This occurred in mostly rigged auctions that, eg. excluded foreigners, and usually at far less than the stock was worth. Thus, auctioning Yukos brought $309 million, vs a market value soon afterwards of $15 billion. Similar actions occurred in the mining industry. Other assets were given away in return for eg. TV stations providing support for Yeltsin.
   
   Capital requirements to establish private commercial banks were only $75,000 in 1989, after inflation; required $750,000 in 1987. "Oligarchs" could achieve this via sales of consumer goods immediately after the ban on their sales was lifted; other sources included trading commodities, taking advantage of government positions to sell hard-to-get commodities (eg. lumber). Legal chicanery and thuggery allowed further aggregations - government insiders during the late 1990s used their positions to exchange rapidly inflating rubles for IMF and Goldman Sachs loans denominated in dollars. (LTCM went bankrupt during this period. Another "trick" was suddenly changing stockholder meeting locations without notifying stockholders not part of management.)
   
   Many banks failed, however, during the commodities downturn, and millions lost their savings - including Gorbachev. Putin stepped in and replaced Russia's graduated tax (maximum 30%) with a 13% flat tax, set goals of increasing GDP 7%/year (double in ten years), and increased military spending 27% in 2005 and another 22% in 2006.
   
   Putin's 1997 dissertation proposed creating effective companies in natural resources and using them to advance Russia's national interests after commandeering them. He also wanted to open manufacturing to foreign investment (help modernize), but retain operating control - again to focus on national interests. ("National interest" was equated with low prices within Russia, and suspending deliveries to foreign countries that don't support Russian policy.)
   
   Putin seized the assets of media moguls that criticized him, then replaced oil leaders involved in "asset-stripping," and maneuvering to sell large portions of their companies to American firms, reach long-term agreements to sell oil to China, and failing to pay taxes. (Oil leaders were also deemed guilty of black market activities, an economic crime in Russia. Further, there was strong evidence some were involved in several murders of both public leaders and private competitors.)
   
   Russia's re-nationalizing industry (typically 50% + 1) has given it leverage greater than with nuclear weapons (they were only useful as threats). Reagan tried to block construction of a new gas pipeline from Russia into Europe, and backed it up by banning use of G.E. pumps and other pumps using American parts. Britain, however, ignored Reagan and supplied the equipment. (Cheney has subsequently made similar efforts elsewhere against Russia, and failed as well.)
   
   Russia has the world's largest reserves of natural gas. Ukraine was receiving gas at about 1/3 the world market price, was warned that if wanted closer relationships with the West it should pay Western prices, and then was cut off when it refused to do so and instead diverted Germany's supplies. Similar haggling has occurred involving Georgia and Hungary - the latter regarding its possible agreement to host a competing gas line.
   
   Russia now is claiming ownership of the North Pole sea bottom as an extension of Russia - experts believe it is rich in energy resources.



5. This book is an important read for anyone with an interest in foreign policy and the role that energy is playing in it.
   
   I have read the book and listened to Marshall Goldman speak, and read the other reviews, and am writing this because I think the other reviewers may be missing an important point. It is not so much about the details of the book, and I am sure there are some factual errors. The story is about Putin and about Energy, and how Putin has turned Russia from a bankrupt nation to an energy and economic. powerhouse. Goldman's main message is that we should understand how Russia is successfully using energy as a tool of foreign policy. For example, much of Europe, particularly Germany and Eastern Europe, is becoming dependent on Russia for natural gas, a principle source of their energy supply. Russia is building Nord Stream, a pipeline under the Baltic to deliver natural gas directly to Germany. Russia has a pipeline under the Black Sea to deliver natural gas through Turkey up to Hungary. Russia recently reduced the supply of oil to the Czech Republic, a clear suggestion that Russia is unhappy with U.S - Czech Missile Defense Agreement. Russia is attempting, with some success, to create a pipeline monopoly for delivering natural gas to Europe. Goldman shows how Gazprom is squeezing the supporters of the non-Russian NABUCCO Pipeline from Azerbaijan through Georgia to Turkey and thence to Europe, and how Russia, through Gazprom, particularly is creating partnerships with other gas producers, such as Algeria, to be their distribution arm, closing out possible competitors. Goldman describes the concept of having Russian company officers being simultaneously key members of the government, therefore assuring that the companies are supporting government objectives and policies. Gazprom is a particularly good example.
   
   Of course, all of this Russian power comes from a simple fact: the price of oil and natural gas has jumped since 1998, when Russia was almost bankrupt. Putin is the beneficiary even if not the cause of this phenomenon.
   
   One might get dramatic and say that Russia has invaded Europe, with natural gas pipelines rather than tanks. Perhaps we should take note.

1 comments about International Economics.

1. Pugel is a very smart man, but like most "genius" professors, he lacks the ability to actually translate his genius to text.
   
   
   there are not enough graphs/figures to explain points in the book and there are just too many complicated things that are hard to comprehend without visual explanations....

5 comments about The Lexus and the Olive Tree: Understanding Globalization.

1. Mr. Friedman is very effective in defending the globalization. It did not paint the picture all peachy and cream about globalization. I remember hearing a term, "those who suffered from globalization always know who they are, those who benefited from Globalization does not always know who they are." A lot of the example in the books are quite relevant. The title of the book is a bit off I think, it is a bit puzzling to me. Globalization is inevitable according to Mr. Friedman, I think it is very hard to resist also. Especially when all the information is flowing freely on the net, it is going to get harder for any countries trying to hold on to the old non-competitive way of living.



2. This book provides a very good understanding of globilisation by integrating various issues and concepts with critical, illustrative and at times poignant examples. This helps appreciate what globilisation means currently and the historical summary helps explain how we got to where we are today. Consequently we are better able to forecast trends and determine meaningful business and social strategies that will enhance our lifestyles. It is an easy, informative and enjoyable read.



3. If you have a short attention span, then this book is not for you. I thought being a newspaper person would have made Friedman concise and to the point, but Friedman spends so much time talking about things that are not directly related to the point that I gave up on this book. I may have cheated myself (I thought the same of Ayn Rand but did make it through Atlas Shrugged which is one of my favorites.) but I don't have the time for his wanderings.



4. This is the first book I've read on the hot topic of globalization and I think it's fair to say I was disappointed, especially considering how popular this book is. What is most odd about this book is that it does not feel like it was written by a journalist at all: it rarely relies on facts or scenarios that actually happened. Much of the book contains dialogues (mostly among world leaders) that Friedman invented for literary effect. He also goes overboard on inventing his own terminology for the subject. But what is most annoying while reading the book is that while you would expect a book on globalization to be nuanced and subtle, Friedman comes off as arrogant and heavy-handed in his treatment of the subject. It occurred to me many times while reading the book that being a globetrotting journalist did not qualify Friedman to be the quasi-theorist that he thinks he is. Revealing, this book has aged very poorly, very quickly. Most of the companies he praises (Enron and Compaq for instance) have either gone completely defunct or been bought out by other companies. As if to further underscore his shallow understanding of the subject, his Golden Arches Theory was disproven soon after the publication of his book. Friedman is not without his insights but I imagine there must be much better books out there on the subject.



5. Had some good ideas but pretty heavy reading. Not for the short attention span person.

5 comments about The Elephant and the Dragon: The Rise of India and China and What It Means for All of Us.

1. Robyn Meredith does an excellent job of analyzing the rise of China and India as world economic powers and the effect this is having - and will continue to have - on America. She puts this rise in the historical perspective of silk and spices a few centuries ago with the "American" 20th century of technical innovation. The work is very readable, making a lot of what we hear discussed on the news about free trade and job losses more understandable. The final chapter reassures us that the American "can-do" spirit - along with a renewed emphasis on education, basic research, and innovation - can be rekindled to pull America out of its doldrums. Hopefully my own work on how to make education a national - and parental - priority will add to this excellent analysis.



2. A Starbucks at the Great Wall? Stephen Spielberg hired to help with the opening ceremony of the 2008 Olympics in China when a million performers welcome the world? Did India really move from 300,000 cell phones in 1996 to 150 million by 2007, and are they now purchasing seven million "mobiles" a month? Yes, yes, and yes. Welcome to the "tectonic economics" of China and India that have "caused the entire earth's economic and political landscape to shift before our eyes." In this book written for a general readership, Robyn Meredith blends history, economic analysis, numerous anecdotes, and a blizzard of statistics to explain how this happened and what it means.
   
   After twenty-seven ruinous years under Mao that killed 40 million people and decimated not only the economy but science, art, education, and religion, in 1978 Deng Xiaoping took over in China. No, there would not be political freedoms, but yes, there would be radical economic reforms. The results have been startling. Take infrastructure. In 1989 China had a minuscule 168 miles of freeways; by 2010 it will have 40,000 miles. Or exports. By 2004 China was the largest exporter in the world, exporting "in a single day more than it sold abroad during the entire year of 1978." Picture China as the brawny manufacturing giant.
   
   Think of India as the brains of the information and service industries-- call answering, computer programming, research and development, data entry, biotech, etc. They have far more workers who are far better educated and who will work for far less at a higher skill level than almost any country. And there's a long and very competitive line in India for these jobs: "When EDS began hiring for its call center in the Mindspace complex, 6,000 people applied for just 110 jobs with a starting salary of $250 a month, or $3,000 a year, for college graduates." No wonder the United States will lose about 3.3 million jobs to "off-shoring" by the year 2010.
   
   But not all that glitters is gold, Meredith points out. While these rising economic tides have lifted hundreds of millions out of poverty, in India, for example, 81% of the population still lives on $2 a day or less. 93% don't graduate from high school. And is it really such a great thing that a billion Chinese consumers are "a tabula rasa for western advertisers?" The economic earthquakes have also caused severe cultural dislocations of gender roles, mass migrations of illiterate peasants to the cities in search of higher-paying jobs, income stratification that is increasing the gap between rich and poor, intellectual property theft, horrendous environmental degradation, and unsustainable consumption of natural resources like iron ore and oil. But this is a one way street and there's no turning back, not for India, not for China, and not for the shell-shocked United States. Stay tuned, and in the mean time you might want to upgrade your job skills.



3. I very much enjoyed the opening chapters as Meredith spewed out statistics and opinions and history of how China and India have come to be in their current economic situations. This was very well written and extremely easy to read as well as quite engaging. Reading these two chapters is worth the trip to the library for this book as they provide a fascinating expose of why socialistic ideals, while bred from trying to do well, provide the opposite in practice. Capitalism and democracy when put in place with the least amount of lawmaker interference will bring out the best in people and the land on which they are living.
   
   However, in the chapters explaining the outsourcing of service jobs to India and factory jobs to China, I began to look at the footnotes. Many footnotes reference the same work over and over and over again. This isn't necessarily bad, but the viewpoint from the author is somewhat simplified and with only a limited number of sources, there isn't the in depth look at the statistics or the line of reasoning. For instance, on page 85, the author mentions that economists are locked in arguments about how vast the changes will be due to "offshoring". However, Meredith only quotes one source and therefore one side of the argument and the source is one that has been quoted previously in the same debate. This is common throughout the book.
   
   The chapter on "disassembly lines" was very good as a beginning look at Supply Chain economics. But again, it didn't go far enough with comparisons on how long things take to manufacture from start to finish as compared to before China and after China. Maybe I'm too tough on comparisons, but in telling this type of information, I like to see more of both sides of the equation.
   
   The last chapter is interesting and brings up some discussion points, but some of it is pretty far out there. Going on and on about how China affects our housing pricing due to their holding of dollars is quite a stretch. After all, they were still holding dollars as interest rates went up and then down. There are many external factors that are closer to the United States and have a more immediate impact. And again, she is rambling in opinion without any reference points. Complaining that China is over-polluting and should be using Ethanol while pointing out that China has a water/irrigation problem and is gobbling up farmland for manufacturing just doesn't make any sense - going to Ethanol will only make the food supply more scarce.
   
   I could go on chapter by chapter, but you get my point. There isn't enough of the thoughtful interplay that I would expect in this type of book. Where are both sides of the story? Where is the depth? In Chapter Three about China financing its growth of infrastructure, Meredith begins to scratch the surface about the banking problems that might arise from the demands of the Chinese government to hand out loans to whomever they (the government) see fit. This would have been a wonderful place to explore the differences of how various governments finance infrastructure and to do a compare and contrast with China, India and maybe the U.S. or Great Britain.
   
   I guess I'm looking for the next step. This book is a very good start of this topic, but it doesn't go far enough for me. I wanted more of the details. Maybe that isn't what the author was attempting. I did notice that much of the reference material was on-line website information or magazine articles. Some were direct interviews and that always leaves me wondering. Meredith is a good magazine article writer and wrote this book in a similar manner. The subject material is such a current interest; I hope that someone writes something with more substance. If it's out there, I'd appreciate a comment with some other readings that have more depth.



4. Well, Robyn lays it all out here. Kids say in school. This is good reading and very pertinent information for people in the work force today. Things have changed in the last seven years. Stay informed, this is a good informative book.
   Damon



5. Excellent book!! If you are interested in the upcoming and important economies of the world this is a must read. This is a very readable and entertaining book.

5 comments about China Road: A Journey into the Future of a Rising Power.

1. For me, this book raised the perennial writers' struggle between showing vs. telling. I wish Gifford would have done less of the latter. When he presents characters and situations, the book can be downright powerful. But then he waters it down with what I think is way too much of him giving his own opinion about China, at which time the material slides into shallowness or possibly (I wonder) personal bias. I'd give this book 10 stars if Gifford would have let it really be about China, as opposed to his having forced China to share the stage with himself.



2. When I saw that the author worked for PBS, I thought propaganda, red flag, don't buy, etc. Well I bought it anyway, and was glad I did. Gifford does a great job painting contemporary China on a printed page. Gifford, obviously identifies with the Chinese, but he hasn't gone completely native. His ability to speak Chinese opens doors and allows him to relate the thoughts of ordinary Chinese and minorities living in 'China' to the reader. Here is my perspective: I loved Paul Theroux's RIDING THE RED ROOSTER. Theroux rode the trains, while Gifford travels by road. Theroux wrote about some of the obnoxious habits of the Chinese, like spitting and seeing all Caucasians as big nosed White devils. Gifford has not wrote that yet (I'm 2/3 through the book). Also, Gibbon's gives more in terms of historical background to bring the reader up to speed. So like Theroux, but different; but destined to be a classic. A great book which brings the reader up to speed relative to contemporary China. Strongly recommended.



3. I was initially intrigued with the China "road trip" concept that is the backbone ofthe book. The narrative about the trip was fantastic. You are drawn into the sights and sounds of places far removed from Shanghai and Beijing and his interactions with real Chinese people from throughout the country and very insightful.
   
   Mr. Gifford does a great job of explaining why things might be the way they are in China based on historical and cultural reasons. If you don't know much about key pieces of Chinese history not only does he provide background information, but links it to understanding China today.
   
   I was completely naive as to some of China's practices regarding their one child policy and found this very disturbing. This and the corruption that runs rampant throughout the country is very troubling in terms of quality of life for Chinese people. You come to empathize with their situation and perhaps gain a better understanding as to why they are as determined as they are for economic growth.
   
   Five stars for both a great journey and an informative look at where China is today, why it is the way it is, and some interesting perspectives on what the future may hold. Read it!!



4. A must read during these times when China is in the news every day. The best balanced view of what is going on there.



5. The author has painted a sympathetic picture of China, more realistic of the existent problems facing billions of Chinese people, instead of sticking to the useless ideological issues like social system, etc. The book tells readers the best things that the government has done regarding human rights is to make sure billions of people are free from cold and starvation. People do not need empty talks about freedom and democracy when their stomaches are empty and they do not have enough clothes against cold weather.
   
   Great book!

5 comments about The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade.

1. The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade
   
   This is not just a fun book which you might infer from the title. It is also informative, scholarly with a light touch, and humane - - treating an apparently trivial subject with breadth and depth in exploring the larger consequences of international trade and the tensions between poor and rich countries. Highly recommended.



2. Worst of both worlds - claims to be anecdotal to get around having to have too much actual information (other than the more boring parts of the history of the American textile industry, but trades in interesting anecdotes for general suppositions and a couple sucess stories.
   The last section is very cool and interesting and saves this book from the bin. If you get it, skip to the end.



3. Allow me to provide a more descriptive title for this volume: What I did last summer + a history of cotton growing in America + a history of cotton mills around the world + a brief history of Shanghai + a brief history of child labor + a brief history of labor activism + a brief history of workplace safety regulations + a not-at-all-brief history of US textile protectionism + a characterization of the international market for used clothes. Interesting? Often.
   
   In the course of all these histories - occasionally interspersed with a reminder that we are following Rivoli's t-shirt around the world - we jump from England to Japan to Texas to West Africa; we leap back and forth (and back and forth) from century to century. By the middle of the book, I had gotten dizzy and wished it had been a long magazine article.
   
   But in fact, the second half is the most interesting. Rivoli gives a detailed history of textile protectionism in the United States, giving a peek into the dizzying, constantly morphing tariff and quota systems as well as the huge bureaucracy the system supports. And finally, she gives an illuminating description of what happens to the t-shirts after they get donated to the Salvation Army and how they make it to market stalls in East Africa.
   
   Rivoli is an economist and so recognizes that her inherent leaning is toward free trade, but she argues for the value of both sides of the textile battle, both the free traders and the student demonstrators.
   
   The first half of the book feels too long (even though it isn't that long), and Rivoli's strength is in illuminating description rather than careful analysis. But if you get bored, just skip ahead to the next chapter: There's plenty to choose from!
   
   [I listened to the unabridged audiobook narrated by Eliza Foss, published by Recorded Books. The reading is fine, but Foss's voice is too syrupy sweet and storybookish for 8 CDs (think the voice-over narration from Desperate Housewives).]



4. This is easy to read and understand, written in an engaging and conversational style, with some important insights into the mysteries of crop subsidies, textile quotas and the fate of donated clothing. It's a great illustration and analysis of globalization in action.



5. Upon first glance, it might appear that this book details economic aspects of a
   single industry, namely that of T-shirts. You'd be mistaken. It instead offers
   an insightful look into several different aspects of T-shirt production,
   including agriculture, factory working conditions, free trade (and
   lack thereof), and concluding with the world-wide used T-shirt market. Each of
   these sections could merit a book topic in its own right, but Ms. Rivoli has
   wonderfully combined them into a single book ripe for reading.
   
   Learn about the history of cotton production, including the rise of American
   production and why it's still on top. (Hint: the American government has more
   than a small role, but farm subsidies aren't the major reason.) Learn about the
   back-room political dealings that ensure that some of your clothes come from
   Bangladesh and Mexico instead of China, even though China could provide them for
   less (and why it might be a good idea to keep things that way). Learn about what
   happens to a used T-shirt once it's donated to the Salvation Army, and how it
   might end up being sold in a Kenyan's clothing stall instead of your local
   thrift store.
   
   There is not a dull moment to be found in the book, and in fact seems to get
   more interesting as the book wears on. If there is any fault with the book, it
   is that the book was published in 2005 which means that the revised textile
   trade agreements from 2006 have been left out. A revised edition would be
   appreciated. Luckily, that's the only fault I have with the book. Highly
   recommended.

No comments about International Economics: Theory and Policy plus MyEconLab plus eText 1-semester Student Access Kit (8th Edition).

5 comments about Dangerous Business: The Risks of Globalization for America.

1. Pat Choate, economist and former vice presidential running-mate of Ross Perot, masterfully exposes America's role in the global economy in his newest book, Dangerous Business: The Risks of Globalization for America. The ugly and deleterious side of globalization is documented through Choate's writing. Choate vividly details the nation's involvement in organizations such as NAFTA and the WTO and how involvement in these two organizations propelled the United States into globalism.
   
   The participation in NAFTA and the WTO has changed the economic policies both domestically and abroad. Corporations now find it profitable to move their manufacturing and service sectors to other nations that offer lower wages and sub-par environmental standards. The negative consequences of outsourcing are destroying America's ability to remain sovereign and secure by accruing an insurmountable trade deficit and the general shrinking of the middle class.
   
   Choate not only documents America's role in globalization with accuracy and precision, but he offers solutions to correct these errors and achieve a future of prosperity and independence. Dangerous Business will create awareness among the readers while offering an honest and insightful look into America's role in the global economy.



2. Dangerous Business is an excellent resource for anyone with an interest in globalization, trade or economics. Mr. Choate succeeds where other notable academics have failed by presenting a readable, informative work that examines the often overlooked problems created by globalization. This is a great read.



3. A good book, though most business people will disagree, but most working people will cheer. Over the last 30 plus years things have gotten so bad that our biggest exports, are jobs. And our leaders say this is good for America. You think? We have trade deficits with just about every trading partner, if they can be so described. But no one in power thinks we need to do anything to change things.
   
   Trade, something of value, in exchange for something of equal value. What do we manufacturer in this nation anymore worth trading? This in turn has contributed to the credit crisis, over burdening credit card dept, (another story) our cities and states cannot meet their obligations in part because revenues are down.
   
   Then there is that nasty word "Globalization," where this nation has become the dumping ground for it seems any and all goods other nations produce. Where we now look the other way because goods are cheap, because they are produced by prisoners, or worse children. No enviromental precautions, no minimum wage, cheap labor, more defined as "SLAVE" labor. Then there is that nasty thing we do called deficit spending, where we spend more than we take in. Living on credit so to speak.
   
   The next President to take office had better have the balls to set this monster straight, or this economic quicksand America now faces will overshadow the great depression of the 1930s. We are pulling up every third world nation, at the expense of American jobs. The jobs an advisor of John McCain says we as Americans are not truly entitled to. Jobs that built this Nation after the depression, and aided in the winning of WW II.
   
   Suggestions are made by the author as to how we can begin to dig ourselves out of this mess, but it will take a great deal of heart. Heart enough to renegoiate our one way trade deals. Pay our way out of dept, and not try to borrow our way out.
   
   This is basic good economics, something like being left with a surplus, instead of dept. This is a major reason we can no longer properly supply our military, too much of what is now needed is produced by other Nations, and how bad is that? Well imangine if before World War 2 this were the case, think we would have won? The Pentagon has little choice but to look to overseas producers, because most of our heavy industry has been exported.
   
   This all relates to our educational system where most high school grad cannot read a simple rule. Not nearly enough revenues to properly educate our children, and a Communist Nation holds a great deal of our dept, as well as Middle Eastern Nations. I thought we were anti Communist. Where do we go from here?
   
   Well too many of us do not vote, and of those who do believe it when they the politicians say globalization is good for America. I hope we read this book, and start to pull our heads out of the sand.



4. By way of full disclosure, the chances of my giving Pat Choate's new book, Dangerous Business a bad review are not very high.
   
   We have been friends and business associates for more years than either of us care to count and our views on the competence of those in our government who masquerade as international trade negotiators are strikingly similar.
   
   That said, Pat's ability to take a subject which is a non narcotic substitute for sleeping aidslike international tradeand make it interesting is rare and a gift which any college student who has a term paper due should appreciate.
   
   In his last book, Hot Property, Pat explained how people in countries like China steal ideas.
   
   This book concentrates on how they directly take our money.
   
   And it is important to note that Pat is not a China-phobe.
   
   In fact, the first thing he points out is that China, Inc. is not some backward, third world country.
   
   Its industries are now owned mostly by the government but controlled by very smart, very efficient and very experienced people who would hold similar jobs in private industry were they here in the United States.
   Worse, they are much better negotiators than anybody we have representing our country. Partially by intellect and partially by national trade doctrine.
   
   In fact, in many cases, with a little help from our own stupidity, they can fake us out of our jockstraps--usually made in China these days and sold at Wal-Mart.
   
   Pat points out that the situation we find ourselves in today is the result of the U.S. policy of free trade as opposed to fair trade which is being espoused by a non-partisan group of multi-national companies which look forward no further than their next quarter's earnings.
   
   The resulting disruption of our economy is simply not accounted for in negotiating today's trade agreements because the results of globalization are instant profits for the multi-nationals at the expense of jobs and the U.S. economy.
   
   Put bluntly to U.S. citizens who lose their jobs to outsourcing: you had a good run and if you live through the pain, maybe you'll do well in the future but you'll have to live through the pain as we pursue global profits.
   
   China, on the other hand, follows a global policy of mercantilism.
   
   Their currency is strong, they run a positive trade balance and they only let foreign investment into China when it suits their interests.
   
   And even when they do allow foreign investment, it is allowed with an eye towards the future so that perhaps they won't need it after they absorb all the knowledge and expertise they can.
   
   The results of both our policies and their policies have been a number of paradigm shifts in the United States.
   
   One example is that many parts we use in our defense industries are now sourced overseas.
   
   We are, even now, being treated, as an example, to the spectacle of an aircraft tanker competition between Boeing and the people who make the Airbus in Europe and Airbus won the initial round.
   
   The future safety of such arrangements, Pat points out, is in doubt.
   
   What can be done?
   
   Well, that's the crux of the book and it can be summed up in two words.
   Better deals.
   
   It's a good read and makes you wonder what a Perot-Choate administration might have done to NAFTA and the WTO had they pulled off the miracle in 1996 and won the Presidency.



5. I couldn't put this book down and read the 205 pages in one sitting. Choate gives great instructions for our government. READ THIS BOOK!

5 comments about Confessions of an Economic Hit Man.

1. If you are interested in understanding how international politics and business go hand in hand through dirty deals, and read interesting real-life stories which proves the points and shows how history is made, then this is the book for you. Those who write that this book lacks credibility because it has few or "vague" facts are obviously just trying to smear it for personal political reasons. This book can easily be compared and ranked with other factual and interesting books like The best democracy money can buy, No Logo, Stupid White Men, Fast Food Nation, etc.



2. This is just a commentary on the reviews I'm seeing here. I'm really not sure why or how the one-star crowd finds this such a refutable narrative. If you know the very first thing about how the world bank, central banks in GENERAL and the quantum unit of central banking, being 'fractional reserve lending', then I cannot imagine how any of this seems debatable...! I mean - what exactly do you THINK the World Bank and IMF DO??



3. This book is everything I hoped for. Very informational and helpful in understanding how the U.S interferes with other countries and how they are able to do what they do. Even though this is an easy read you should be familiar with the IMF and World Bank to better understand the process.



4. I started reading this with some skepticism but it all seemed to add up to me - - believe it or not - up to you, but I think an interesting read and for me, it was credible..



5. Mr. Perkins has a great thesis and great angst about his role in the world. His thesis is simple - American engineering and oil companies go to third world countries and give hugely inflated estimates of growth potential. Using those inflated numbers, they induce the countries to get loans so they can hire the American companies to do the work. The country then is unable to repay the loan. The theory implicates American companies, the many politicians with ties to them and the World Bank, IMF and other financial institutions.
   
   Unfortunately, Mr. Perkins fails to come up with the proofs. His outline appears feasible, but he never gives any instances of the loan and default portion of the thesis. There is nary a number or statistic to back him up. He does not cite a single defaulted loan.
   
   Further, Mr. Perkins often draws parellels to the American Founders and our Revolution. His grasp of American history is sophomoric at best. He uses a cartoonish image of 1776 that one would expect from an elementary school student, not someone indicting corporations, international banks and presidential administrations.
   
   Mr. Perkins does have some sources and they are noted. Again, they occasionally show his sloppiness with the facts. In one instance, he states with firmness that the Reagan and Bush administrations had been proven to have dirtied their hands in this corporatocracy (his term) scheme. The text said this was proven by testimony. When one checks the note, the testimony was by John Dean in 1973 and 1974 - six and seven years before the Reagan and Bush administrations. Such errors in fact and use of bad history undermine the reader's confidence in the basic theory of the book.
   
   That all having been said, the book does show how America's corporations have gone into Third World countries focused only on their own bottom line. Their is no altruism in the corporate world. This pure greed is aided and abetted by connected politicians.
   
   Most interesting are his accounts of the American-Saudi relationship where the corporate scheme worked with oil money rather than World Bank funds. Although Perkins seemed to criticize the plan, it worked well for both sides. It was a true win-win. Somehow, the author tried to tie in the Saudis' support of terrorism with its modernization and westernization. The parallel did not work - especially since he had given Saudi Arabia's history of being founded by fundamentalist Islamists long before the corporations came in. Mr. Perkins then tried to draw another parallel to Iraq. Unfortunately, he could never explain why the system that worked so well for Saudi Arabia did not work for Iraq.
   
   There are some alarming aspects of this book and it really does read, in parts, like a novel. Alarm is what Mr. Perkins expects to raise with his "Confession". There is a lot to look at behind his accounts. Sadly, Mr. Perkins just did not deliver the goods to prove his points.