Book Review (In the Defense of Globalization, by Jagdish Bhagwati) (Book Review Sample)

Student’s Name Professor’s Name Course Code Date Book Review (In the Defense of Globalization, by Jagdish Bhagwati) The growing integration of economies and societies worldwide has sparked multiple international debates among intellectuals. The rapid growth of economies and poverty reduction in countries like India and China has offered a positive lens of looking at globalization. However, the concept has also generated significant opposition citing an increase in inequality, environmental degradation, and social welfare. Globalization has been realized through various ways, including foreign trade, international integration, multinational FDI, cross-border migration, technological diffusion, and short-term portfolio funds. However, most pro-globalization references are poorly argued, and in turn, this has led to rising of anti-globalization movements to discredit their cause. An example of a book criticizing globalization is Joseph Stiglitz's best-selling book in 2002, Globalization and its Discontents. Most authors have tried to evaluate whether the global market system worsens or alleviates poverty and leads to labor exploitation in developing countries. In addition, there are concerns about whether global interconnections erode democracy and hurt gender mainstreaming. Finally, there are concerns over environmental problems emanating from multinational companies. This paper aims to analyze the pro-globalization ideas in the book and their relevance to the current discourse of IPE. This review dissects the thoughts provided by the author and the impact of these thoughts on today's global economy with the ever-shifting power dynamics at the international level. In contemporary society, globalization does not mean the same thing for all. For some, free trade opens the economy to expand opportunities for workers and nations, helps increase choice and job opportunities, and drives down prices (Kyove, Streltsova, and Odibo, 216). It has the potential to move economies forward and change to raise living standards. However, some thinkers view globalization as a strategy of the industrialized world, particularly multinational corporations, to safeguard their interests. Open markets increase the market for cheaper foreign goods, kills domestic industries, and increase poverty and unemployment (Stobierski, 1). Restructuring markets and the economy will likely deteriorate living standards and widen the wealth gap and the internationalization of capital in favor of developed nations. Therefore, most influential organizations, including WTO, IMF, and World Bank, develop and implement globalization policies in favor of developed countries to further their interests. In his book, In the Defense of Globalization, Jagdish Bhagwati cogently favors globalization. The book is easy to understand and makes appealing cases concerning economic and political ideas surrounding international trade. From a political-economic angle, the book combines hard-nosed liberal perspectives on international trade and FDI while paying attention to sensitive issues of social democrats on human welfare and the objectives of eradicating poverty. The author addresses wrong-headed critics' arguments and issues an understanding of the well-meaning of economic globalization. He achieves this goal by debunking principles and arguments by anti-establishment forces and activists who lobby against market-based systems. He contends that those arguments are poorly-informed. In the discourse, the book disintegrates constituent components of the global economy and integrated societies. It asserts that some of the issues that critics use to refute globalization are caused by other factors. Bhagwati was born in a pre-independent poor India and was surrounded by hardworking people who dedicated themselves to eradicating political and economic limitations (Bhagwati). After completing studies in the U.K. and U.S, the author became a leading trade and development expert and a professor at Columbia University. Through his writings, he reaffirms that the virtues of open-market are timely. When he released the book, the author served as a Senior Fellow at CFR and stepped forward to defend globalization. Among social objectives, the author argues that globalization enhances economic growth and eradicates poverty. Recent studies have also made the same conclusion (Olagunju, Ogunniyi, and Oguntegbe, 84). In addition, he argues that most challenges in third-world economies, including trade barriers, are self-inflicted. The author evaluates issues concerning globalization from an economic perspective. One group of thinkers argues that globalization is beneficial and economically benign and increases prosperity by enlarging the economic pie by enhancing access to labor, resources, cooperation, and cross-border investments (Stobierski, 1). The other group argues that globalization is socially malign, increases power to fight poverty and gender discrimination, and interferes with cultural heritage and social identity. Furthermore, they say that these dangers are brought about by the repercussions of multinational corporations, which are the primary beneficiaries of globalization. The book starts by analyzing anti-globalization movements, defining and understanding concerns. The author pretends to be open-minded to debates on globalization but, in his words, trivializes anti-globalization arguments rather than offering counterarguments. For example, he uses a trivial example. In addition, he provides a low-point example of how anti-globalization supporters blame romantic break-ups on the issue. Therefore, the credibility of his stance is questionable in this chapter. Furthermore, the author provides inadequate evidence to counter anti-globalization beliefs, undermining his thought's credibility. The second part evaluates the social implications based on various dimensions, including gender, poverty, trade and FDI, and human-related implications. Bhagwati understands that implementing globalization has some costs for people worldwide. For example, although he is pro-free trade, he does not recommend the immediate abolition of restrictions. He tries to keep the consequences of such a statement moving in his mind because an airy theoretical perspective would be easier than in practice. The idea is visible in his argument about free short-term capital flows. The third section considers the facets of economic globalization, including migration and short-term capital flows. The author examines the impacts of globalization on gender rights, culture, environment, children, and labor rights. He argues that globalization help eradicates poverty using a two-step argument. First, free trade and an open economy enhance economic growth, reducing poverty. He argues that outward-oriented nations deliver more prosperity, development, and progress than protectionist economies. The expansion not only increases the economic pie but also does so in a human face way and socially benign manner. On the emotional view of child labor, the author argues that such challenges are caused by poverty, which makes children work in factories rather than in school. However, globalization through open trade improves income and solves related challenges like child labor. For example, research on rice prices in Vietnam indicates that older girls in the family return to learning institutions after their families can afford it. However, a recent study indicates that without support from local institutions, globalization can reduce the sustainability of local ecosystems and the degradation of local commons (Randhir, 402). The fourth part assesses institutional design and transformations, policies, and governance at domestic and international levels necessary to succeed in globalization. According to the author, globalization is a solution rather than a problem. Bhagwati addresses arguments that globalization is related to the accentuation of poverty, erosion of labor rights and unionization, endangering cultural heritage, environmental damage, and gender oppression. In the book's first part, the author analyzes these issues and agrees that they are unjustifiable fears and threats to society. However, he contends that with wise management of globalization, the problems can be eliminated. However, according to Mireles-Flores (562), policy decisions in trade liberalization and economic gains are based on universal generalization, which may not always be the case across all countries. If not careful, the title may mislead readers before they synthesize the concepts presented in the book. However, the book is not a political diatribe but a pure presentation of facts, a summary of studies, and data easily understood by a non-specialist. The content demolishes political inclinations aiming to empower anti-globalization. The author draws interdisciplinary references from philosophy, politics, literature, history, and econometrics to counter anti-globalization arguments that exaggerate claims that globalization threatens the welfare and the economy. Although the author discusses some areas where globalization has negative consequences, including environmental impacts, child labor, poverty, and women's rights, his argument fails to incorporate some critical concerns. Through this strategy, the author shows that the pros of globalization outweigh the cons. The book often emphasizes that the problem is that domestic policies are vaguely implemented and require change rather than the underlying framework (Bhagwati, 2004). He argues that better policies, NGO pressure, and common sense can institute better policies. However, the author fails to recognize that not all governments are open or vulnerable to outside forces, and changing root operating policies is almost impossible. In addition, Bhagwati pays attention to the role of NGOs and their differing interests, abilities, and goals in developed and developing...