April 4th 2020


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Articles from this issue:

COVER STORY The world has changed: Now for the new order

FAMILY AND SOCIETY Move to curtail underage online porn epidemic

CANBERRA OBSERVED ScoMo's delicate balancing act in extraordinary times

NATIONAL AFFAIRS Time and timing are crucial to Cardinal Pell's appeal by Peter Westmore

NEW ZEALAND Political divisions polarise across the Ditch

NEW ZEALAND Victorian Road Map smooths way of NZ anti-life clique to abortion 'reform'

FREE SPEECH Intolerance brigade at UQ attacks professor of Law

NATIONAL AFFAIRS Victoria lifts moratorium of gas exploration

CHINESE HISTORY The Soong Dynasty: Three sisters who rules China

LAW AND SOCIETY Guilt by accusation: The kangaroos are roaming freely through Australia's legal system

GENDER POLITICS Dr Quentin Van Meter's Australian talk is opening eyes in the U.S.

INTERNATIONAL AFFAIRS Australia is not safe in the borderless globalised world

SHOPPING AND SOCIETY The Ubermensch in the aisles

MUSIC We seem to have lost the point of counterpoint

CINEMA The Current War: Industrial miracle workers

BOOK REVIEW A dark trade that continues unabated worldwide

EBOOK READ THIS Both sides to this old story

LETTERS

AS THE WORLD TURNS

NATIONAL AFFAIRS Use detention centres to help deal with covid19 epidemic

NATIONAL AFFAIRS Justice at last: Cardinal Pell set free

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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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