Globalization's Limits: Conflicting National Interests in Trade and Finance

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Gower Publishing, Ltd., Aug 28, 2012 - Business & Economics - 354 pages

So far there has been only praise for globalization. However, the export wave of China’s manufacturing machine and, more recently, the Global financial crisis show that globalization has limits.

Globalization, the internationalization of trade, and financial integration are having enormous implications for businesses as well as for the whole economies of countries or blocks of countries. In this book Dr Chorafas argues that research is now producing evidence that there are limits to such globalization and amalgamation and that these need to be better defined and understood if some of the problems now being identified are to be prevented from applying the brakes, or worse, putting the process into reverse gear.

The author examines the impact on countries such as the United States and European Union of occurrences like China's emergence as a massive manufacturing platform and the distortions of trade that result, affecting countries' GDP and creating problems such as uncontrollable current account deficits. He also considers the effect of Sovereign Wealth Funds as new entrants on the scene. These, he argues, are seen by some as 'the Trojan horses of state capitalism', particularly in what he defines as the 'absence of a global sheriff'.

Globalization’s Limits looks at the EU and the Euroland as a test of globalization. The conclusions Chorafas draws about the effect on member states of pan-European banking, and the Euro as common currency, have implications for Britain and for the rest of the world. Issues relating to missed opportunities and leadership beg questions such as 'Who, if anybody, is or should be in charge of global monetary policy?

 

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Contents

Risks and Opportunities in Globalized Financial
159
Monetary Policy in a Global Economy
185
Chinas Banks and the Economy
215
Financial Integration in the European Union
243
Curse or Blessing for the EU Economy?
273
Establishing a Sustainable and Credible Common Currency
277
The Birth of European Monetary Union and Advent of the Euro
280
The Euro is a Currency without a Country
284

The Argument Against Free Trade
35
Globalizations Unexpected Consequences
38
The Greatest Danger of All is Protectionism
41
The Rise of Asian Giants
47
Is China Emulating Japans Rising Sun?
50
India versus China
54
Global Firms from Emerging Countries
58
State Planning as Alternative to Global Firms
61
The Great Leap Forward in Technology Recalls Maos Time
63
Pollution Too Got Out of Hand
66
Contrarian Opinions about Chinas Commercial Threat
70
Globalization and the European Union
75
World Trade China Price and the Doha Round
101
Sovereign Wealth Funds
133
Challenges of a Single Currency
288
A Positive Example Germany Thrives with the Euro
293
Italys and the Euros Years of Crisis are Not Over
298
A Simulation by Standard Poors
302
Eurolands Missed Opportunities
307
Clash of Dirigisme and of Free Economy
311
Treaty of Lisbon and ECB
314
The EU Presidents Accountability
317
Eurolands Stability and Growth Pact
321
Fireworks with Financial Stability
323
The Way to Come Up from Under
327
Index
331
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About the author (2012)

Professor Dr Dimitris Chorafas is an academic and consultant. He is a member of the New York Academy of Sciences and the Ecole Polytechnique Federale de Lausanne (EPFL). Dr Chorafas is a n engineering graduate of the National Technical University of Athens and of UCLA. He undertook postgraduate studies in finance and he is a Doctor of Science (in maths and logic from the Sorbonne). He has been a Fulbright Scholar and has taught in universities around the world.
During his career, Dr Chorafas has been a consultant to the board of UBS, Bank of Scotland, Commerzbank, Istituto Bancario Italiano, Italcementi, AEG, Telefunken, GE Bull, and Nestle. Over 8,000 executives around the world have attended his seminar programme. In 1992, in conjunction with the Swiss Academies of Sciences, he established his Foundation which grants awards to PhD students at 25 universities worldwide. Dr. Chorafas has authored 150 books.

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