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Why Globalization Works by Martin Wolf

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  1. Introduction
  2. History of globalization
  3. The lack of economic integration in the United States
  4. The decline of employment in manufacturing
  5. Conclusion

Martin Wolf, a British economist and prominent journalist at the Financial Times, is an ardent defender of globalization, i.e. of global economic integration through free trade. His book aims to demonstrate that globalization makes the world better off and that the problem is not that there is too much globalization but far too little. Why Globalization Works is a response to people and organizations opposed to globalization and a thorough refutation of their main objections. Yet, Martin Wolf is a realist and does not try to convince the reader that we live in ?the best of all possible worlds?. As an economist at the World Bank from 1971-81, he experienced the failure of international organizations to reduce poverty. Wolf also concedes that market driven globalization is far from perfect in practice. He argues that ? like democracy - globalization is nevertheless the best practical alternative by far despite its many downsides. Defender of economic liberalism but not of laissez-faire, he points out the necessary role of governments and the necessary reforms of international organizations to enable better and deeper global economic integration. Unlike Martin Wolf's book, this review essay is focused on globalization with a US perspective and a historical approach. This paper aims to select and explain Martin Wolf's arguments relevant for the United States. What does Why Globalization Works tell us about the historical and current impacts of globalization on the United States? What the United States should do regarding globalization?

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