"In the US, in Europe, and throughout the world, globalization, in tandem with technological progress, has left a massive number of people behind, feeling dispossessed, disenfranchised, and angry. Leading the charge of "hyperglobalization" during the second half of the last century, and enforcing the Western framework of austerity in the developing world has been the International Monetary Fund. Along with the World Bank and WTO, many consider the IMF one of the most consequential institutions to have pushed the world economy blindly towards excessive globalization, while not adequately considering its powerful negative consequences. In October 2017, however, the IMF convened with some of the world's most celebrated economists and experts on trade and globalization to have an honest discussion on the most pressing concerns the world faces today as a result of globalization, and how to address the extensive challenges it has created. Edited by chief economist Maurice Obstfeld and senior economist Luis Catao of the IMF, the book brings together a team of respected senior economists with the most promising younger scholars to address five major themes: how globalization affects economic growth and social welfare; potential political implications of an honest discussion of globalization, and that "free trade may not be politically viable"; free trade's role in global inequality; how workers adjust or not when they're dislocated by globalization; and how trade policy influences the way countries develop their economies and societies. The book could represent a historic milestone at which the world's top economists and policymakers have an unprecedented, honest debate about the real costs and consequences of globalization"--.

• Cover
• Title Page
• Copyright Page
• Contents
• Acknowledgments
• List of Contributors
• Foreword
• Introduction
• PART I: TRADE AND THE GAINS FROM GLOBALIZATION
• 1. The Gains from Trade in Rich and Poor Countries
• 2. Globalization and Innovation
• PART II: GLOBALIZATION, DEVELOPMENT, AND INEQUALITY
• 3. Trade Strategy, Development, and the Future of the Global Trade Regime
• 4. China’s Steroids Model of Growth
• 5. Inequality, Globalization, and Technical Change in Advanced Countries: A Brief Synopsis
• PART III: GLOBALIZATION, DEINDUSTRIALIZATION, AND LABOR MARKET ADJUSTMENT
• 6. Globalization: What Did We Miss?
• 7. Economic and Political Consequences of Trade-Induced Manufacturing Decline
• 8. International Trade and Inequality in Developing Economies: Assessing Recent Evidence
• 9. Trade and Labor Market Adjustment: Recent Research on Brazil
• PART IV: ADJUSTMENT POLICIES
• 10. Globalization, Trade, and Growth
• 11. Trade and Labor Market Adjustment: The Costs of Trade-Related Job Loss in the United States and Policy Responses
• PART V: THE POLITICAL ECONOMY OF TRADE BACKLASH
• 12. The Political Economy of the Globalization Backlash: Sources and Implications
• 13. Roots and Offshoots of Current US Trade Policy
• 14. The Fracturing of the Postwar Free Trade Consensus: The Challenges of Constructing a New Consensus
• PART VI: CHALLENGES AHEAD
• 15. Globalization and Health in the United States
• 16. Trade and Policy Adjustment to Automation Challenges
• 17. The “Elites” against “the People”: The Crisis of Democratic Capitalism
• 18. Meeting Challenges or Matching Challengers?
• Index