Includes bibliographical references (p. 171-177) and index.

1. It may be news, but it isn't new: a brief history of globalization : Tradable goods ; From goods to services ; Which services remain rooted? ; Why so newsworthy?
2. Countries control their fates: how little globalization explains : Who calls the shots? ; An inadvertent experiment ; The uneven course of manufacturing ; The recipe for productivity growth ; Importance of incremental improvements ; Tell me again: why is China rising? ; Episodic improvements and retreats ; Widely shared diversions ; What about free trade? ; Keep it local
3. Employment trends for globalization 3.0: are all the good jobs going away? : Recent history as a guide ; Recent patterns of employment and unemployment in the United States ; The changing nature of work ; The meaning is in the details ; The giant sucking sound is coming from ... ; But will the future be different ; What about wages?
4. Can we make any money?: what globalization does to profits : Companies under globalization 3.0 ; Why some companies are profitable ; Profits in competitive markets: low before globalization, and low after ; Profits in protected markets: do they survive? ; How to keep competitors out ; The special role of economies of scale advantages ; Competitive advantages in a global world ; The future of profitability
5. International finance in a global world: home field advantage : Flow of funds ; Foreign direct investment: not where the action is ; Financial markets and portfolio investment: not here, either ; Institutions as investors: these do matter ; Safer at home: financial markets and the limits of globalization ; Global capital markets and economic development: more headlines than production lines
6. A genuine global economic problem: replacing the consumer of last resort : The link between reserve currencies and global financial stability ; Chronic surplus countries and monetary mercantilism ; The global financial system and global economic stability ; The situation of the United States ; A modest proposal for a new reserve currency
Conclusion: Beyond economics : Globalization and everything else ; One last question

To its critics, globalization is a terrible development that makes almost everybody worse off and threatens the survival of the planet. They blame it for everything from mass poverty in Africa and Latin America to the falling living standards for workers in Europe and North America. In contrast, globalization's advocates argue that it is the greatest force for good in human history, a powerful institution for improving the quality of life around the world. The underlying problem with both of these positions, says Bruce Greenwald and Judd Kahn, is that they are based on certain accepted truths that are either highly questionable or largely false. In Globalization, they cut through the myths surrounding globalization and look more closely at its real impact, presenting a more accurate picture of the present status of globalization and its future consequences." "The authors show that globalization is not a recent development but has a long and cyclical history. They explain how, by concentrating so intently on globalization, we ignore the role of other important trends and simply attribute every change to globalization. Perhaps most importantly, they reveal how the globalization debate largely ignores information that is essential to understanding what is really going on. While many commentators rely on anecdotes or studies that are fundamentally flawed, Greenwald and Kahn uncover the real facts about globalization and answer the most important questions it raises." "Looking to the future, Greenwald and Kahn Identify trends that point strongly to an economy in which services play a larger role and in which local decisions are critical. They suggest that international monetary reform is one area where global cooperation will be required."--Jacket