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Most supporters and opponents of globalization accept as true certain key ideas that govern the terms of the debate. Globalization, they contend, is the single dominant force shaping the world's economies both today and into the future; an irresistible and growing part of economic reality. They see the fates of business, labor, and entire nations all determined by their ability to adapt to its dictates. These and other similar notions have become so completely accepted that they are now embraced as the conventional wisdom. In this book, the authors argue that these ideas are either largely fal.

Intro -- Praise -- Title Page -- Copyright Page -- Dedication -- Acknowledgements -- Introduction -- Chapter 1 - It May Be News, But It Isn't New -- Tradable Goods -- From Goods to Services -- Which Services Remain Rooted? -- Why So Newsworthy? -- Chapter 2 - Countries Control Their Fates -- Who Calls the Shots? -- An Inadvertent Experiment -- The Uneven Course of Manufacturing -- The Recipe for Productivity Growth -- Importance of Incremental Improvements -- Tell Me Again: Why Is China Rising? -- Episodic Improvements and Retreats -- Widely Shared Diversions -- What About Free Trade? -- Keep It Local -- Chapter 3 - Employment Trends for Globalization 3.0 -- Recent History as a Guide -- Recent Patterns of Employment and Unemployment in the United States -- The Changing Nature of Work -- The Meaning Is in the Details -- That Giant Sucking Sound Is Coming from . . . -- But Will the Future Be Different? -- What about Wages? -- Chapter 4 - Can We Make Any Money? -- Companies Under Globalization 3.0 -- Why Some Companies Are Profitable -- Profits in Competitive Markets: Low Before Globalization, and Low After -- Profits in Protected Markets: Do They Survive? -- How to Keep Competitors Out -- The Special Role of Economies of Scale Advantages -- Competitive Advantages in a Global World -- The Future of Profitability -- Chapter 5 - International Finance in a Global World -- Flow of Funds -- Foreign Direct Investment: Not Where the Action Is -- Financial Markets and Portfolio Investment: Not Here, Either -- Institutions as Investors: These Do Matter -- Safer at Home: Financial Markets and the Limits of Globalization -- Global Capital Markets and Economic Development: More Headlines Than Production Lines -- Chapter 6 - A Genuine Global Economic Problem -- The Link between Reserve Currencies and Global Financial Stability.

Creating a Learning Society explains how the countries of the world went from centuries of stagnation to the enormous increases in standards of living that have marked the last two hundred and fifty years: they have learned how to learn. Yet, as Stiglitz and Greenwald make clear, markets won't succeed on their own in creating the learning society that we need. Achieving this requires good governmental policy in a variety of areas, including trade, industry, and intellectual property. Indeed, the central thesis of this book is that every policy—tax, regulation, and expenditure—affects learning

Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery

Persistent unemployment, like that plaguing Europe since the early 1980's, has been a persistent problem for economic theory. Competitive equilibrium theory assumes that all markets clear, including the labor market. All theories of unemployment thus must reflect significant departures from that paradigm. The last 20 years have generated a plethora of such theories. The challenge is to construct models that generate unemployment and are broadly consistent with a host of other labor and macroeconomic phenomena, including patterns of real wages and hours. The traditional approach is to focus on a simple static equilibrium in which wages are kept above their market-clearing level for a variety of reasons: in the older versions of this story minimum wages, union power and normative traditions; in its more recent incarnations, efficiency-wage considerations. Within the United States, the older variants of these models have received decreasing credence, as union power has eroded, the real value of the minimum wage has declined and empirical evidence has buttressed a broader set of theoretical arguments based on imperfect competition within the labor market and efficiency-wage considerations suggesting at most negligible effects from these government interventions.