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Globaphobia: Confronting Fears About Open Trade

by Gary Burtless

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Book Description
For much of the post-World War II period, the increasing globalization of the U.S. economy was welcomed by policymakers and by the American people. We gained the benefits of cheaper and, in some cases, better foreign-made products, while U.S. firms gained wider access to foreign markets. The increasing economic interlinkages with the rest of the world helped promote capitalism and democracy around the globe. Indeed, we helped "win" the Cold War by trading and investing with the rest of the world, in the process demonstrating to all concerned the virtues of trade and markets. In recent years, however, a growing chorus of complaints has been lodged against globalization--which is blamed for costing American workers their jobs and lowering their wages. The authors of this book speak directly and simply to these concerns, demonstrating with easy prose and illustrations why the "globaphobes" are wrong. Globalization has not cost the United States jobs. Nor has it played any more than a small part in the disappointing trends in wages of many American workers. The challenge for all Americans is to embrace globalization and all of the benefits it brings, while adopting targeted policies to ease the very real pain of those few Americans whom globalization may harm. Globaphobia outlines a novel, yet sensible program for advancing this objective.

Card catalog description
Recently a growing chorus of complaint has been raised against globalization. It is widely blamed for destroying U.S. jobs and reducing American wages. The authors of this book speak directly to these concerns. They demonstrate with straightforward prose and simple illustrations why the globaphobes are wrong. Globalization has not reduced the availability of jobs. Nor has it reduced the average wage. It has played only a small part in the deteriorating situation of America's least skilled workers. A challenge for Americans is to understand globalization and the benefits it brings. Equally important is the challenge of improving public policies aimed at reducing the very real pain of those Americans hurt by closer world economic integration. Globaphobia outlines a humane and practical program for advancing this goal.

From the Publisher
Gary Burtless is a senior fellow in Economic Studies at the Brookings Institution. Robert Z. Lawrence is professor of international trade and investment at Harvard University's John F. Kennedy School of Government. Robert E. Litan is director of the Economic Studies program at the Brookings Institution. Color graphs Policy Institute



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