What do you think?
Rate this book
The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich
Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization , eminent economist Frederic Mishkin argues the that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization.
Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both.
The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.
Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both.
The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.
- GenresEconomics
320 pages, Hardcover
First published August 21, 2006
4 people are currently reading
64 people want to read
About the author
Frederic S. Mishkin
85 books80 followersFrederic Stanley "Rick" Mishkin is an American economist and professor at the Columbia Business School. He was a member of the Board of Governors of the Federal Reserve System from 2006 to 2008.
Mishkin's research focuses on monetary policy and its impact on financial markets and the aggregate economy.
Mishkin's research focuses on monetary policy and its impact on financial markets and the aggregate economy.
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 2 of 2 reviews
November 17, 2017
It's bad enough to see this sort of worldview laid out in op-eds, speeches and so forth, having to actually endure a whole book of this nonsense was excruciating. Five pages in I had so many bullet points of factual errors that I realized if I was to escape from this reading experience as a sane person I had to just accept whatever he threw at me and move on.
In this book, Frederic Mishkin endorses the neoliberal growth model, with a particular focus on "financial globalization", while going to great lengths to explain why it's never really worked out in practice (though in his opinion it has been a success in Singapore, Hong Kong and Chile). Leaving production completely out of the equation, he makes the case that developing countries need to open up their financial markets and get the right institutions so that foreign investors can locate the right businesses and invest without fear of their "property rights" being infringed upon.
Mishkin actually does spend some time adressing a number of financial crises which you would think would refute his whole argument, but no... Mishkin sees financial vultures get rich by engaging in speculative attacks, and laments: "well that's too bad but that's just how the markets work in this best of all possible economic systems" (not an actual quote). I could literally see the famous @dril-tweet flash before my eyes: "drunk driving may kill a lot of people, but it also helps a lot of people get to work on time, so, it;s impossible to say if its bad or not,"
Mishkin attempts to present his policy proposals as something which emanates from his concern for poor people. I don't really know or care whether it's sincere or not. What the policies will ensure, however, is that as poor nations develop, they will still be subservient to the financial underpinnings of white supremacy and warfare on workers. Like any good neoliberal, Mishkin abhors the notion of self-determination and the idea of there being any democratic control over financial institutions. Money is too important for elected representatives to meddle with.
Mishkin believes poor countries are poor because they have the wrong institutions, and are governed by special interests (which the U.S. most definitely isn't...). He believes INCENTIVES IS KEY, which is just code for privatizing everything and removing social safety nets. If the countries don't fall in line with the proposals of the Washington institutions, they should be denied any assistance. He even goes as far as saying: "[The IMF] will be more successful if it does not give in to short-run humanitarian concerns and let emerging market countries avoid necessary reforms". Strange how it's always working people who have to face the consequences...
He's right about one thing, though, which is that rich countries should open up their markets to developing countries' exports – and I would add, allow them to implement protectionist policies for select industries, just like any Western country did.
So friends, use your time wisely. Do not read this.
In this book, Frederic Mishkin endorses the neoliberal growth model, with a particular focus on "financial globalization", while going to great lengths to explain why it's never really worked out in practice (though in his opinion it has been a success in Singapore, Hong Kong and Chile). Leaving production completely out of the equation, he makes the case that developing countries need to open up their financial markets and get the right institutions so that foreign investors can locate the right businesses and invest without fear of their "property rights" being infringed upon.
Mishkin actually does spend some time adressing a number of financial crises which you would think would refute his whole argument, but no... Mishkin sees financial vultures get rich by engaging in speculative attacks, and laments: "well that's too bad but that's just how the markets work in this best of all possible economic systems" (not an actual quote). I could literally see the famous @dril-tweet flash before my eyes: "drunk driving may kill a lot of people, but it also helps a lot of people get to work on time, so, it;s impossible to say if its bad or not,"
Mishkin attempts to present his policy proposals as something which emanates from his concern for poor people. I don't really know or care whether it's sincere or not. What the policies will ensure, however, is that as poor nations develop, they will still be subservient to the financial underpinnings of white supremacy and warfare on workers. Like any good neoliberal, Mishkin abhors the notion of self-determination and the idea of there being any democratic control over financial institutions. Money is too important for elected representatives to meddle with.
Mishkin believes poor countries are poor because they have the wrong institutions, and are governed by special interests (which the U.S. most definitely isn't...). He believes INCENTIVES IS KEY, which is just code for privatizing everything and removing social safety nets. If the countries don't fall in line with the proposals of the Washington institutions, they should be denied any assistance. He even goes as far as saying: "[The IMF] will be more successful if it does not give in to short-run humanitarian concerns and let emerging market countries avoid necessary reforms". Strange how it's always working people who have to face the consequences...
He's right about one thing, though, which is that rich countries should open up their markets to developing countries' exports – and I would add, allow them to implement protectionist policies for select industries, just like any Western country did.
So friends, use your time wisely. Do not read this.
January 25, 2009
Clearly smart and all, but at no point am I ever going to be in charge of a Third World country's economy.
Displaying 1 - 2 of 2 reviews