December 15th 2018


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Articles from this issue:

COVER STORY The Christ child: a life lived for the whole world

WATER RESOURCES Murray-Darling management delivers the worst of both worlds

CANBERRA OBSERVED Libs fish around for explanations

ASIAN AFFAIRS Taiwanese agree to stick with nuclear power

EDUCATION In support of NAPLAN

VICTORIAN ELECTION Coalition collapse

ECONOMICS AND SOCIETY Mondragón Corporation: humanity at work

BREXIT December 12: D-Day for Britain's EU vote

EUTHANASIA WA Government ignores objections and lessons

TAIWAN Referendum stems homosexual tide

INTERNATIONAL AFFAIRS Free trade and the WTO in the Trump era

MUSIC Teacher teachers: The jarring note in music courses

CLASSIC CINEMA The Adventures of Robin Hood: The one and only

BOOK REVIEW A triumph of determination

BOOK REVIEW An escape from futility and addiction

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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