A blueprint for poor nations to rely on rich nations.
Many prominent critics regard the international financial system as thedark side of globalization, threatening disadvantaged nations near andfar. But in “The Next Great Globalization”, eminent economist FredericMishkin argues the opposite: that financial globalization today isessential for poor nations to become rich. Mishkin argues that aneffectively managed financial globalization promises benefits on thescale of the hugely successful trade and information globalizations ofthe nineteenth and twentieth centuries. This financial revolution canlift developing nations out of squalor and increase the wealth andstability of emerging and industrialized nations alike. By presentingan unprecedented picture of the potential benefits of financialglobalization, and by showing in clear and hard-headed terms how thesegains can be realized, Mishkin provides a hopeful vision of the nextphase of globalization.Frederic S. Mishkin is Alfred Lerner Professor of Banking and FinancialInstitutions at the Columbia University Graduate School of Business, aresearch associate at the National Bureau of Economic Research, and amember of the Federal Reserve’s board of governors. He is the author ofmany books, including “Monetary Policy Strategy” (MIT), “The Economicsof Money, Banking, and Financial Markets” and (with Ben S. Bernanke,Thomas Laubach, and Adam S. Posen) “Inflation Targeting” (Princeton).