Fans pick 100 books like The Globalization Paradox

Zingales is a brilliant academic economist, but this book leads the reader with both head and heart. Zingales is concerned that the US is on a path to similarities with his native Italy, where markets and politics are both corrupted by cronyism and nepotism. The book’s appeal is that Zingales's compelling argument cannot be put in a left or right box. He lays out evidence to suggest that more open competition will address both the inequality concerns of liberals, as well as the free market priorities of conservatives. Today, Zingales seems to suggest, we have the worst of both worlds.

This is one of the best books I have read that helps to understand the reasons behind the fascinating and unpredictable rise of Western liberal civilization.

Humans lived in abysmal conditions for tens of thousands of years, poor, wretched, exposed to violence, war, illness, and untimely death for most of our evolutionary history. The emergence of Western liberal civilization is truly an amazing break with our miserable past. How did this happen?

The authors argue that there is a very precarious path to be followed between totalitarian and imposed order, and chaotic individualism, and Western civilization happened to find almost by chance that delicate balance as a result of a combination of historical, ideological, and other circumstances. 

I have long believed that development economists rely too heavily on reductive formal models that ignore on-the-ground realities and are backed by scant empirical evidence. This book makes a compelling case for observation—particularly in the form of randomized controlled trials that approximate scientific experiments “in the field.”

I admire its rigorous use of the scientific method to critique theoretical approaches that draw much of their legitimacy and influence from technical sophistication and abstraction.

Hata, a Korean, adopted by a Japanese couple, serves the Japanese Army as a medic in World War II. His job is to care for enslaved Koreans who serve as “comfort women” to Japanese soldiers. His experiences are the material of nightmares. Years later he leads a deceptively quiet life in a small town in New Jersey with his Korean adoptive daughter. It is deceptively quiet because his unresolved war experiences, presented in flashbacks, haunt him. I admired the abrupt manner in which Chang-Rae Lee interrupted Hata’s uneventful life with horrific memories.

The author’s method felt like the triggering of those who have suffered trauma and continue to relive events as PTSD. This approach of interweaving past with present inspired my depiction of a young German woman living a quiet life on a primitive Icelandic farm, milking the cows and raking the hay, while being repeatedly interrupted by memories of… show more.

What holds the future of globalization in store?

I learned a lot from Baldwin’s insightful book, which posits a fast and dramatic rise of digital service trade between high- and low-wage countries.

Such services could range from well-known digital back-office services, such as airline ticketing in India, to more speculative “global robotics”, dubbed “globotics”, such as cross-border controlling of robots via virtual reality devices.

Baldwin points to new opportunities emerging to developing economies that hitherto were unable to gain from the globalization of manufacturing value chains. But he also warns of potentially dramatic social consequences in high-wage countries.

Whether you agree or disagree with his diagnosis, this is essential reading to be prepared for the next wave of globalization and its potential social disruptions.

I enjoyed this book because it provides a demanding, essential, and controversial reading.

Nobel laureate Joseph Stiglitz and his long-time co-author Bruce Greenwald make three crucial points: First, learning is the key to innovation and thus to economic and societal progress; second, many of our institutions, especially the strong protection of intellectual property rights often inhibit learning and innovation; and third, openness to trade is not always the best way to promote learning.

Instead, the authors advocate “an infant-economy protection” of the entire manufacturing sector in developing economies.

Whether or not you follow the authors in their conclusions, this book is an intellectual treat for anyone who enjoys a challenging read.

Populists are dividers. They campaign on the basis of representing the pure mass of people over a reviled elite. For left-wing populists (such as those who have sometimes prevailed in Latin America), the elite are affluent landowners. For right-wing populists (the kind who have emerged in recent decades), the elite are intellectuals, immigrants, and internationalists.

Barry Eichengreen's book provides a historical and economic analysis of populism. Eichengreen traces the rise of populist movements from the 19th century to the present, identifying economic insecurity, inequality, and globalization as key drivers. He discusses how populist leaders exploit economic grievances and mistrust of elites to build broad-based support, often advocating protectionist and anti-immigrant policies.

Through case studies of populist leaders, such as Donald Trump in the United States and Marine Le Pen in France, Eichengreen illustrates the potential dangers of populism to economic stability and democratic governance while also suggesting policy measures to… show more.

Financial Times columnist Martin Sandbu laments “the end of belonging”, a decades-long but unwritten social contract in postwar Western-style social market democracies that promised boomers and their parents broadly shared prosperity.

Being a boomer myself, I know all too well what he is talking about. However, he argues that globalization is often used as a scapegoat, and posits that national policies to offset the negative side effects of (global) markets are feasible even in a globalized world.

He proposes a range of policies from wealth taxes to minimum wages, active labor market policies, and macroeconomic stimuli to create a high-pressure economy, but emphasizes that it is crucial to put together a comprehensive package of all suggested policies to make (global) markets work for everyone.

This book presents one of the most thoughtful and—to me—convincing accounts of the relationship between globalization and economic growth.

The author rejects the simple dichotomies offered up by “pro-globalizers” and “anti-globalizers,” arguing that successful development tends to require experimentation, pragmatism, and the adaptation of policy tools to local contexts.

This empirically grounded perspective not only explains a great deal of variation in the fortunes of developing countries but also complements and extends key principles of economics. 

Quite simply the best survey of 20th-century international political economy out there. I assign it to my students and turn to it whenever I need a brief refresher on things.

How exactly did the classic gold standard collapse? Why again did Latin American countries turn autarkic after World War II? What was the role of foreign direct investment under Bretton Woods? Why did labor suffer in the 1970s, and why did finance boom in the 1980s?

Frieden has the answers, and he presents them in a supple narrative and with a commendably sharp sense of politics.