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In Globalization n: Greenwald and Kahn argue that we have not nearly so much to fear from globalization as we have been encouraged to believe. This, of course, is no small thing. References to globalization have become such a ubiquitous presence in our lives that these references meaningfully shape the context in which we attempt to respond to the world around us. Globalization is given both constant credit and relentless blame for much of what transpires in our economy in general and our manufacturing base in particular. The authors do not argue that there is not both glorious success and tragic failure associated with the vicissitudes of an ever changing economy; what they do argue is that if we hope to respond wisely to those changes, we had better make sure we understand them correctly - a highly unlikely outcome for those unable or unwilling to come to grips with the "hiding in plain site" arguments so skillfully unveiled in Globalization n:. Though there might not be universal agreement on every aspect of every one of these arguments, there is likely to be general consensus that, going forward, no conversation about globalization will be considered to be a serious conversation unless it grapples, and grapples well, with the ideas of Messrs. Greenwald and Kahn.
The book argues that the effects of globalization are exaggerated and that local trumps global. Even foreign manufactured products have to be marketed and distributed locally. Thus, service industries will offset the loss of manufacturing jobs in the US. However, we need a new reserve currency to replace the US dollar in order to reduce the US trade deficit which he says is driven by the use of the US dollar as a reserve currency by other nations. He suggests that the I'M F issue the new currency.
Professor Greenwald is know for his value investing focus at Columbia, in the tradition of Buffett and Columbia profs who really pioneered the concept. As usual, Bruce goes against the herd mentality to realistically discuss globalization. He doesn't argue that the loss of manufacturing jobs has been good for America but instead essentially says that globalization is often misunderstood and mischaracterized. This book has already been vindicated with the realities that some companies are bringing back certain jobs to the USA and China is experiencing significant wage inflation, hurting their competitiveness.
You don't have to agree with everything, but it works because it challenges our tendency to think conventionally.