Book Review: This Essay Will Be A Detailed Analysis O 472992

Book Reviewthis Essay Will Be A Detailed Analysis Of A Book Which Dea

This essay will be a detailed analysis of a book, which deals with a salient topic in International Political Economy, and its relevance to today’s dialogue on global political and economic issues. This paper will be roughly 6-8 pages in length. You can ONLY pick the book that you will be using for the assignment from this list: 1. Kerry Chase - Trading Blocs: States, Firms, and Regions in the World Economy 2. Stephen Cohen - Multinational Corporations and Foreign Direct Investment: Avoiding Simplicity 3. Jagdish Bhagwati - In Defense of Globalization 4. Daron Acemoglu & James Robinson – Why Nations Fail 5. Ha-Joon Chang – Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism 6. Sakiko Fukuda-Parret al. - Critical and Feminist Perspectives on Financial and Economic Crises 7. Lourdes Beneria et al. – Gender, Development and Globalization: Economics as if All People Mattered 8. Paul Krugman – End This Depression Now 9. Jeremy R. Haft - Unmade in China: The Hidden Truth about China's Economic Miracle 10. Dambisa Moyo - Dead Aid: Why Aid is Not Working and How There is a Better Way for Africa

Instructions for the assignment: · The purpose of this critical book view is to analyze the author’s argument. Think of why I have assigned this book; or for the ones who have chosen their own book, what was your rationale in choosing that book? What is its relevance in the current discourse of IPE and its respective issue-area? What is the author’s argument? What have other authors said (from what you’ve read in other classes, and in this class) that either corroborates or negates their theoretical perspectives? · I do not want a mere summary of the book: I want a critical assessment of the material and would like to see your creativity in dissecting the work of these respected authors. Some books are a few years older than others. So, do their arguments still hold up in today’s global economy, with the ever-shifting power dynamic amongst states? If they don’t, why? You could posit your own counter-argument, if you disagree with what the author says. Make sure to provide empirical evidence to support your claims. · Essays should be 6-8 pages (double-spaced) in length, 12-point, and in a consistent citation style of your choosing (MLA, APA, Chicago, etc.). No plagiarism, as this is grounds for failing the entire course (which I have done before, without batting an eyelash). · You can use whatever additional sources you’d like to include, as evidentiary support to your argument; just cite properly.

Paper For Above instruction

Introduction

The intricate relationship between globalization and economic development remains a pivotal theme in International Political Economy (IPE). The selected book for this review is Jagdish Bhagwati's "In Defense of Globalization," a compelling argument that champions the benefits of open markets while addressing criticisms that have gained prominence in recent years. Bhagwati's central thesis posits that globalization, despite its flaws, is fundamentally a force for economic growth and poverty reduction. This essay critically analyzes Bhagwati's arguments, explores their relevance today, and assesses their applicability amidst the evolving global landscape.

Author’s Argument and Context

Jagdish Bhagwati contends that globalization has contributed significantly to economic development, especially for emerging economies. He asserts that trade liberalization, increased foreign direct investment (FDI), and open markets have led to technological advancement, income growth, and poverty alleviation. Bhagwati confronts popular critiques emphasizing inequality, environmental degradation, and cultural erosion, arguing that these issues are not inherent to globalization but stem from policy failures and uneven implementation. The author advocates for reforms to maximize the benefits of globalization while mitigating its adverse effects, emphasizing multilateral cooperation and fair trade practices.

Relevance to Current Discourse in IPE

Bhagwati’s defense of globalization remains pertinent amid discussions on trade wars, protectionism, and the COVID-19 pandemic's impact on global supply chains. The resurgence of nationalist sentiments and tariffs in major economies like the United States and China challenge the free-trade paradigm. However, Bhagwati’s emphasis on multilateralism and the potential for globalization to foster development aligns with efforts to reform global institutions such as the World Trade Organization (WTO). His arguments resonate in debates on how to balance economic integration with equitable growth, especially in low-income countries striving for development.

Critical Assessment and Counterpoints

While Bhagwati's optimism highlights the positive outcomes of globalization, recent empirical studies reveal mixed results, particularly regarding inequality. Piketty (2014) documents rising income disparity within nations, suggesting that globalization alone does not guarantee equitable benefits. Additionally, environmental concerns have escalated, with climate change linked to increased production and transportation. Critics like Chang (2002) argue that globalization often benefits multinational corporations at the expense of workers and the environment. Therefore, Bhagwati’s focus on reform and regulation is crucial to address these shortcomings effectively.

Applicability in Today’s Global Economy

The current global economic climate demonstrates that unregulated globalization can exacerbate vulnerabilities, as seen during the COVID-19 pandemic. Supply chain disruptions exposed over-reliance on specific regions, fueling calls for reshoring and diversification. Conversely, technological advancements and digital trade open new avenues for inclusive globalization. Bhagwati's advocacy for multilateral agreements and fair trade remains vital, yet must adapt to technological shifts and geopolitical tensions. His approach continues to hold relevance, albeit requiring nuanced implementation tailored to contemporary challenges.

Counter-arguments and Personal Perspective

I contend that while Bhagwati rightly emphasizes globalization's benefits, policy interventions are essential to prevent inequality and environmental harm. Protecting domestic industries and investing in sustainable development are necessary complements to open markets. Empirical evidence from the World Inequality Report (2018) underscores the importance of redistributive policies. Moreover, embracing technological innovation can facilitate more inclusive globalization, ensuring that the benefits reach marginalized populations. Hence, a critical, regulated approach to globalization is imperative for sustainable development.

Conclusion

Jagdish Bhagwati’s "In Defense of Globalization" provides a compelling case for maintaining an open global economy, emphasizing the potential for poverty reduction and technological progress. However, it is equally important to acknowledge and address the challenges of inequality, environmental degradation, and cultural impacts. The ongoing debates in IPE highlight the necessity for nuanced policies that harness globalization’s advantages while safeguarding social and ecological well-being. Bhagwati’s arguments remain influential, guiding policymakers toward a balanced, inclusive approach to global economic integration.

References

• Bhagwati, J. (2004). In Defense of Globalization. Oxford University Press.
• Piketty, T. (2014). Capital in the Twenty-First Century. Harvard University Press.
• Chang, H.-J. (2002). Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism. Bloomsbury Publishing.
• Friedman, T. L. (2005). The World is Flat: A Brief History of the Twenty-First Century. Farrar, Straus and Giroux.
• Rodrik, D. (2018). Straight Talk on Trade: Ideas for a Sane World Economy. Princeton University Press.
• Stiglitz, J. (2002). Globalization and Its Discontents. W.W. Norton & Company.
• Oxfam International. (2020). The Inequality Virus: A COVID-19 Catastrophe in Three Acts.
• World Trade Organization. (2021). Annual Report 2021.
• UNCTAD. (2018). World Investment Report 2018: Investment and Entrepreneurship, Catalyst for Development.
• Rodrik, D. (2019). Economics Rules: The Rights and Wrongs of The Darnings in Economics. Princeton University Press.