{"product_id":"the-next-great-globalization-9780691136417","title":"The Next Great Globalization","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eArgues that financial globalization is essential for poor nations to become rich. This book 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.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter.\"--Nigel Grimwade, Times Higher Education Supplement \"Frederic Mishkin ... argues in an important new book, foreign capital can bring big gains at the microeconomic level: more competition, new technology and modern managerial know-how. Inflows of foreign direct investment into the financial system itself are particularly valuable to an emerging country.\"--Financial Times \"Frederic S. Mishkin ... argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies.\"--Paul Blustein, Washington Post \"The next great globalization, according to Frederic Mishkin's new book ... will be financial in character: the flow of foreign money into stocks, bonds and banking in emerging economies... Mr. Mishkin makes a clear and compact case for cosmopolitan capital; and his footnotes ... weigh and tally a wealth of economic research.\"--The Economist \"In this economic equivalent of tough love, Mishkin seldom uses a qualifying phrase. The premise is crystal clear: choose the path of globalization that leads to economic development, higher income levels, and general prosperity, or choose the path of globalization that leads to stagnation, stasis, and lower living standards... Advocates of free trade will nod their heads in agreement, and opponents will find plenty of food for thought.\"--Choice \"The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome.\"--Diane Coyle, International Affairs \"Offers a plan for reform of developing nations' banking systems... Valuable--and achievable--recommendations for change... The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization.\"--BusinessWeek \"This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions.\"--Eva Marikova Leeds, Eastern Economic Journal \"This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues.\"--Miranda Xafa, World Economics \"This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound... [I]t is ... worthwhile to have the traditional virtues of financial globalization set out simply and clearly.\"--Deepak Lal, International History Review \"This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions.\"--Jose R. Sanchez-Fung, Economic Change and Restructuring\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003ePreface ix     Chapter One: The Next Great Globalization: A Force for Good? 1      Part One: Is Financial Globalization Beneficial?     Chapter Two: How Poor Countries Can Get Rich: Strengthening Property Rights and the Financial System 19  Chapter Three: Financial Development, Economic Growth, and Poverty 36  Chapter Four: When Globalization Goes Wrong: The Dynamics of Financial Crises 49      Part Two: Financial Crises in Emerging Market Economies     Chapter Five: Mexico, 1994-1995 71  Chapter Six: South Korea, 1997-1998 85  Chapter Seven: Argentina, 2001-2002 106      Part Three: How Can Disadvantaged Nations Make Financial Globalization Work for Them?     Chapter Eight: Ending Financial Repression: The Role of Globalization 129  Chapter Nine: Preventing Financial Crises 137  Chapter Ten: Recovering from Financial Crises 164      Part Four: How Can the International Community Promote Successful Globalization?     Chapter Eleven: What Should the International Monetary Fund Do? 175  Chapter Twelve: What Can the Advanced Countries Do? 200      Part Five: Where Do We Go from Here?     Chapter Thirteen: Getting Financial Globalization Right 211  Notes 221  References 277  Acknowledgments 305  Index 307","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49403760214359,"sku":"9780691136417","price":31.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691136417.jpg?v=1730484458","url":"https:\/\/bookcurl.com\/products\/the-next-great-globalization-9780691136417","provider":"Book Curl","version":"1.0","type":"link"}