Globalization

Why Globalization Works By Martin Wolf New Haven, Conn.: Yale University Press, 2004.
Martin Wolf is a widely known and certainly one of the most influential writers on world’s economics. He currently serves as chief economics commentator at the world’s leading business news, the Financial Times in London UK. He has a unique capacity to describe, analyze and debate complex economic phenomena andideas. His experience and educational background are definitely proof of his knowledge in the subject of globalization, an integrated world economy based on market relationships, a subject that has become one of the most vital aspects of cultural, social, politic and economic development from the start of the twenty-first century. Wolf obtained his undergrad and master Philosophy degree ineconomics from Oxford University and has been made a Doctor of Letters by Nottingham University and Doctor of Science by London University. He has also been awarded the Commander of the British Empire in the year 2000 “for his services to financial journalism” and later became a member of the UK government’s Independent Commission on Banking (2010-2011)
In the year of 2004, Martin Wolf decided topublish “Why Globalization Works” which was written between the summers of 2002 and 2003. “Why Globalization Works” is based on a recompilation of articles and journals about globalization and the main arguments that differ from the integration of markets. Wolf’s book was published in New Haven, Connecticut by Yale University Press, one of the oldest and largest American university presses.
Theintention of his book, as he clearly states it in the preface, is not to inform about the subject but to persuade the reader in understanding globalization as the most advantageous system over any other alternative. The book can be considered to be a response to the main arguments offered by the forces opposed to globalization. Martin Wolf uses historical evidence to demonstrate its advantages intheory and practice over any other alternative system, proving that it not only works but in fact is necessary in order to extend prosperity and freedom globally. The author strongly stresses that Globalization – a world integrated through the market – is highly beneficial to the vast majority of the world’s inhabitants. He stresses that the market is the most powerful institution for raising livingstandards ever invented. Throughout the book he lists and explains the extensive benefits of globalization and continuously challenges the notion that international economic integration is harmful but instead insists that the absence of globalization in today’s economy is the real issue at hand. Wolf addresses the chief charges and points of criticism of the anti-globalizers including the beliefsthat it undermines democracy, causes increased inequality amongst nations, lowering wages and labour standards, and harming the environment.

Martin Wolf frames the book in such a way that persuades the reader to make a logical analysis to connect the dots between factual historical events and the theory behind globalization and free markets. He divides the book into five main sections; TheDebate, Why a Global Market Economy Makes Sense, Why there is Too Little Globalization, Why the Critics are Wrong, and finally How to make the World Better.
The book starts with a definition of economic globalization; in the second part Wolf introduces the arguments for a liberal market economy with its contributions for the long run in order to achieve prosperity, democracy and personal freedom. Itanalyzes the mutually supportive relationship between the market and the democratic state and the result of this relationship when it goes beyond of the delimited borders of a state. Then he moves to a short comparison of the present period and the late nineteenth century arguing how little globalization there is, how little integration there is, and how fragmented the economy is in fundamental...