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June 1st 2019


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Articles from this issue:

COVER STORY Scomo routs Labor, the Green, GetUp and the left-wing media by Patrick J. Byrne and Peter Westmore

CANBERRA OBSERVED Surprise! Polls aren't what they used to be

GENDER POLITICS The true cost of childhood gender reassignment

OBITUARY Bob Hawke, R.I.P.: astute politician, flawed policies

POETRY AND SOCIETY T.S. Eliot and the modern condition

WATER POLICY The time is ripe to revisit the Bradfield scheme

ASIAN AFFAIRS Taiwan upgrades U.S. links, asserts sovereignty

NATIONAL AFFAIRS Recapping the trial as Cardinal Pell's appeal approaches

THE FAMILY AND SOCIETY Working to bring down the Sexual Revolution

HISTORY OF SCIENCE Faith and reason and Father Stanley Jaki Part 2: Science and ancient cultures

HUMOUR A tidy planet is a happy planet

MUSIC Charles Ives: Modern elements aimed at sounding good

CINEMA John Wick 1: The lighting of the fuse

BOOK REVIEW Novelised true crime a true thriller

BOOK REVIEW The experiences of Phoebe Raye

POETRY

LETTERS

FEDERAL ELECTION Queensland voted for jobs, life and country

Books promotion page

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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