November 17th 2018


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Articles from this issue:

COVER STORY An election-winning policy: a development bank for Australia

VICTORIAN ELECTION The left gets ready to scream 'haters!'

CANBERRA OBSERVED Nats fracas points up need for vigilance

NATIONAL AFFAIRS Divisions undermine Morrison's leadership

SOCIETY UNDER THREAT The time is now for a real deal for the family

NCC SYDNEY DINNER Speakers spark keenness for a challenging 2019

NORTHERN DEVELOPMENT Aborigines hope to benefit in Kimberley development

CLIMATE CHANGE Rising sea levels? Pacific island data says 'no'

ROYAL COMMISSION Big banks shaken and stirred in their swamp

U.S. HISTORY Slavery: a yet unresolved legacy

INTERNATIONAL AFFAIRS The U.S. and China: more than trade is at stake

SOCIETY UNDER THREAT Partisan divide must vanish for defence of civilisational foundation: Christianity

MUSIC ABBA live: just not in person or on stage

CINEMA Coco: Family and home trump 'identity'

BOOK REVIEW Remnant hopes for post-Brexit Britain

BOOK REVIEW The Great War, raw and uncensored

HUMOUR A few more snippets from Forget's Dictionary of Inaccurate Facts, Furphys and Falsehoods

POETRY

LETTERS

Books promotion page

THE GREAT CONVERGENCE:
Information Technology and the New Globalisation

Richard Baldwin

$64.99


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Book description

Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from 20 per cent to almost 70. Since then, that share has plummeted to where it was in 1900. As Richard Baldwin explains, this reversal of fortune reflects a new age of globalisation that is drastically different from the old.

In the 1800s, globalisation leaped forward when steam power and international peace lowered the costs of moving goods across borders. This triggered a self-fueling cycle of industrial agglomeration and growth that propelled today’s rich nations to dominance. That was the Great Divergence. The new globalisation is driven by information technology, which has radically reduced the cost of moving ideas across borders. This has made it practical for multinational companies to move labour-intensive work to developing nations. But to keep the whole manufacturing process in sync, the companies also shipped their marketing, managerial, and technical knowhow abroad along with the offshored jobs. The new possibility of combining high tech with low wages propelled the rapid industrialisation of a handful of developing nations, the simultaneous deindustrialisation of developed nations, and a commodity supercycle that is only now petering out. The result is today’s Great Convergence.

Because globalisation is now driven by fast-paced technological change and the fragmentation of production, its impact is more sudden, more selective, more unpredictable, and more uncontrollable. As The Great Convergence shows, the new globalisation presents rich and developing nations alike with unprecedented policy challenges in their efforts to maintain reliable growth and social cohesion.

About the author

Richard Baldwin is Professor of International Economics at the Graduate Institute, Geneva, and president of the Centre for Economic Policy Research (CEPR), London.


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