Why Globalisation Works – Martin Wolf

In “Why Globalisation Works”, Martin Wolf, an editor of The Financial Times, has written a magnificent book which works to dissect globalisation, explaining the benefits while effectively rebutting the arguments of those who believe that globalisation is the ill of the world. Wolf covers the gamut of globalisation arguments through a framework of four major areas:

  • A definition of globalisation – what it is, how it works, the scope or influence
  • Arguments for liberal-democratic market economy and its long run consequences for prosperity, democracy and personal freedom. The long history of globalisation – and how in some respects it is widespread, however in other areas not spread enough, limited by bad policy and false economies in thinking.
  • Arguments of critics of globalisation – and why they are wrong.

One of the nuggets of gold in this book is hidden on the bottom of page 230, where, in his rebuttal to the race to the bottom argument of third world wages, he says:

It is right to say that transnational companies exploit their Chinese workers in the hope of making profits. It is equally right to say that Chinese workers are exploiting transnationals in the (almost universally fulfilled) hope of obtaining higher pay, better training and more opportunities than would otherwise be available to them.

In supporting his argument with flawless logic and multiple data and information cross referenced from a plethora of sources, Wolf succeeds where many others have not had the expertise or professionalism to succeed – in building a rock solid argument for globalisation. An immense read. Buy it now.

Constantine Frantzeskos

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