Straight Talk on Trade: Ideas for a Sane World Economy

The nation-state is back with a vengeance, propelled by populists, but Dani Rodrik offers a more reasoned explanation for why elites and technocrats obsession with hyper-globalization made it more difficult for nations to achieve legitimate economic and social objectives.

Format: Paperback / softback
Length: 336 pages
Publication date: 27 August 2019
Publisher: Princeton University Press

The nation-state has made a surprising resurgence in the face of globalization and technological advancements, driven by a surge of populist movements worldwide. In his book, Straight Talk on Trade, Dani Rodrik, an early and vocal critic of excessive economic globalization, delves beyond the populist backlash and provides a more nuanced explanation for why the obsession with hyper-globalization has hindered nations from achieving legitimate economic and social objectives. Spanning the recent experiences of advanced countries, the eurozone, and developing nations, Straight Talk on Trade offers innovative ideas for reconciling today's unequal trends with liberal democracy and social inclusion.

The book begins by examining the historical roots of the current global economic system, which Rodrik argues was shaped by the policies of the United States and other advanced countries after World War II. He argues that this system, characterized by free trade and financial liberalization, has led to significant economic growth and prosperity, but has also created a number of challenges for nations.

One of the primary challenges Rodrik identifies is the concentration of economic power in the hands of a few multinational corporations. He argues that this concentration of power has led to a race to the bottom in terms of wages and working conditions, as companies seek to minimize costs by moving production to countries with lower labor costs. This has resulted in a widening gap between the rich and the poor, as well as a decline in social mobility.

Another challenge Rodrik identifies is the impact of globalization on developing nations. He argues that the benefits of globalization have been unevenly distributed, with the benefits flowing primarily to the advanced countries and the costs being borne by developing nations. This has led to a number of problems, including poverty, inequality, and environmental degradation.

In response to these challenges, Rodrik offers a number of innovative ideas for charting a path forward in the global economy. One of the key ideas is the need for more effective regulation of multinational corporations. He argues that governments should be able to impose regulations on companies to ensure that they are operating in a socially responsible and sustainable manner. This could include measures such as minimum wages, environmental standards, and labor rights.

Another idea Rodrik proposes is the need for more progressive trade policies. He argues that the current trade system, which is dominated by free trade agreements, has failed to address the concerns of developing nations. Instead, he proposes a more equitable trade system that would prioritize the needs of developing nations and protect their domestic industries.

Rodrik also suggests the need for more investment in education and infrastructure in developing nations. He argues that these investments would help to create jobs and promote economic growth, while also improving the quality of life for people in these nations.

In conclusion, Straight Talk on Trade is a thought-provoking and insightful book that offers a new perspective on the challenges facing the global economy. By examining the historical roots of the current system and proposing innovative ideas for reform, Rodrik provides a roadmap for nations to achieve legitimate economic and social objectives in the face of globalization. While some of his ideas may be controversial, his analysis is grounded in a deep understanding of the economic and social dynamics of the world, and his proposals are worthy of consideration by policymakers and citizens alike.

Weight: 328g
Dimension: 134 x 202 x 25 (mm)
ISBN-13: 9780691196084