How does globalization affect capitalism? Experts approach the many facets of this question as they assess our increasingly international economy.
Hutton (The State We’re In, not reviewed), Giddens (Director/London School of Economics), and 11 other leading economic, social, and political analysts come together here to discuss the impact of globalization. Optimists and pessimists alike, some call for worldwide caution and awareness, while others demand reform of international organizations like the General Agreement on Tariffs and Trade (GATT) and the International Monetary Fund (IMF) and hope to see the US take a lead role in policy-making and enforcement. Focusing on the 1997 crises in Asian markets, Paul Volcker addresses the growing frequency and impact of financial crises in the wake of globalization. He and George Soros agree that this increased volatility demands greater vigilance in financial markets. Other essayists consider how the global marketplace affects natural resources and social capital. Vandana Shiva calls global free trade “environmental apartheid” and deplores the ecological and social injuries sustained by the Third World as international industry dumps its environmental costs (also known as hazardous wastes) into “underpolluted” countries. Arlie Hochschild discusses the “globalization of mothering” by examining what she calls “global care chains.” In her principal example, a mother of five migrates from the Philippines to be a nanny to a two-year-old in Beverly Hills. In exchange for displacing her care, she earns $400 a week—of which her own domestic worker in the Philippines receives $40. In the personal sphere, other voices consider new philosophies of individualism and self-identity.
An ambitious and balanced collection that preaches both courage and caution in the face of unprecedented change.