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The Risks Of Globalization For America
Knopf
August 2008
On Sale: August 12, 2008
288 pages
ISBN: 0307266842
EAN: 9780307266842
Hardcover
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Non-Fiction
From one of the most respected and vigorous economic
thinkers in Washington, a wake-up call about the perils of
unfettered globalization. In this impassioned, prescient
book, Pat Choate shows us that while increased worldwide
economic integration has some benefits for our fiscal
efficiency, it also creates dependencies, vulnerabilities,
national security risks, and social costs that now outweigh
its advantages. He takes the long view of developments such
as technology-driven progress, the offshoring of jobs, and
open trade, arguing that current U.S. policies are leading
to worldwide economic and political instability, in much the
same way as before the Great Depression.
Choate
writes convincingly about the Defense Department’s growing
dependence on foreign sources for its technologies, the
leasing of parts of our interstate highway system to
overseas investors, China’s economic mercantilism, and
international currency manipulation that damages the dollar.
We have been borrowing heavily from foreign lenders, who by
2009 will own more than half of the Treasury debt, a third
of U.S. corporate bonds, and a sixth of U.S. corporate
assets—all of which, if handled improperly, could trigger a
global economic collapse.
But our economic forecast
need not be dire. Choate sees a way out of these dilemmas
and presents politically viable steps the United States can
take to remain sovereign, prosperous, and secure. He
presents bold new research that identifies the special
interests and structural corruption that have overtaken our
democracy—and shows how they can be corrected. He
illustrates how our policy-making and legislative process,
currently beholden to the highest bidder, can be transformed
from one of corporatism and elitism into one of greater
transparency. Clear-eyed and persuasive, this is sure to be
one of the most widely discussed books of the year.
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