April 21st 2018


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Articles from this issue:

COVER STORY The deeper causes of Australia's social malaise

GENDER POLITICS Queensland proposes transgender birth certificates

CANBERRA OBSERVED Malcolm at 30 (polls): the cloud on Turnbull's horizon

NATIONAL AFFAIRS Cardinal Pell firmly denies sex abuse allegations

NATIONAL AFFAIRS Sydney Archdiocese aims to eliminate slavery in supply chain

RURAL DEVELOPMENT Irrigation along Fitzroy River proposed and opposed

LIFE ISSUES Abortion Rethink Summit: the case for care

VERBATIM WA food, drink producers face shortage of carbon dioxide

HOUSING AFFORDABILITY Land costs: economist Henry George's solution

ELECTRICITY Will Turnbull lose three out of three?

ECONOMICS Trade wars: tariffs unlikely to be fired in anger

SEX AND TEENS How about support for the abstaining majority?

VISUAL ARTS Layers of meaning in Botticelli's La Primavera and The Birth of Venus

MUSIC Is it good?: Or, do we just like the sound it makes?

CINEMA The Death of Stalin: Black comedy of a dark time

BOOK REVIEW Cool head on topic that generates heat

BOOK REVIEW Life's not so bad: from the outside

POETRY

LETTERS

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THE GREAT CONVERGENCE:
Information Technology and the New Globalisation

Richard Baldwin

$64.99


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Book description

Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from 20 per cent to almost 70. Since then, that share has plummeted to where it was in 1900. As Richard Baldwin explains, this reversal of fortune reflects a new age of globalisation that is drastically different from the old.

In the 1800s, globalisation leaped forward when steam power and international peace lowered the costs of moving goods across borders. This triggered a self-fueling cycle of industrial agglomeration and growth that propelled today’s rich nations to dominance. That was the Great Divergence. The new globalisation is driven by information technology, which has radically reduced the cost of moving ideas across borders. This has made it practical for multinational companies to move labour-intensive work to developing nations. But to keep the whole manufacturing process in sync, the companies also shipped their marketing, managerial, and technical knowhow abroad along with the offshored jobs. The new possibility of combining high tech with low wages propelled the rapid industrialisation of a handful of developing nations, the simultaneous deindustrialisation of developed nations, and a commodity supercycle that is only now petering out. The result is today’s Great Convergence.

Because globalisation is now driven by fast-paced technological change and the fragmentation of production, its impact is more sudden, more selective, more unpredictable, and more uncontrollable. As The Great Convergence shows, the new globalisation presents rich and developing nations alike with unprecedented policy challenges in their efforts to maintain reliable growth and social cohesion.

About the author

Richard Baldwin is Professor of International Economics at the Graduate Institute, Geneva, and president of the Centre for Economic Policy Research (CEPR), London.


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