November 18th 2017


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Articles from this issue:

COVER STORY Full audit can end dual-citizenship fiasco

CANBERRA OBSERVED High Court high handed to 'foreigners' in Parliament

MANUFACTURING Auto industry loss result of government policy failure

AGENDA FOR AUSTRALIA Financing infrastructure for development and jobs

FOREIGN AFFAIRS Behind the indictments of ex-Trump campaigners

AUSTRALIAN HISTORY Beersheba charge enabled a pivotal victory

ECONOMICS China intends to party like it's 1949 ... again

ENVIRONMENT Core of climate science is in the real-world data

U.S. HISTORY Why Americans stick to their guns

MUSIC New styles: Dipping into the melting pot

CINEMA Loving Vincent: A mystery in oils

BOOK REVIEW Just what is the conservative idea?

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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