by Gabor Steingart
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Product Description
Globalization. The Flat World. Outsourcing. Free Trade. Each of these phrases is a flashpoint in one of the most heated debates of our lifetime: Is globalization a force for good, or is it a policy that is sure to destroy the economic foundation of the United States and Europe while exporting our wealth and prosperity overseas? In The War for Wealth, leading intellectual and agenda-setting journalist Gabor Steingart examines how globalization has affected the state of the world's economy and returns with a bleak outlook for the West: our prosperity and wealth are disappearing faster than ever, and with it our political power and our long-held democratic ideals. But all is not lost; we can still stem the flow of capital and jobs and once again restore the West to its respected position of global leader in economics and politics. In this eye-opening and dramatic account, Steingart lays out the three potential scenarios the world faces - a “shock scenario” in which there is a global economic crash, an “Asia-over-all scenario” where the rising economies of Asia completely overtake the West, or the “American renaissance scenario” in which U.S. politicians unite with each other and with Europe, forming a pragmatic third way to bring the West back from the brink of destruction. Compelling, controversial, and thought-provoking, The War for Wealth alerts readers to the crucial state of the Western economy--and shows how leaders can return the West to its position of power in the global arena.
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Average Customer Review:
0 of 0 people found the following review helpful:
Read This Book, Understand Today's Economy, 2008-07-22
I love books, and I seem to find a new one to like every week. And yet, I can honestly say, this is the best book I've read in years. Few books have the power to encapsulate the meteoric economic and political changes that face the United States--and the world--right now. Gabor Steingart, a German journalist working in Washington, DC, for "Der Spiegel," has managed to come at just the right time with just the right book, "The War for Wealth."
What makes this book so pertinent? First, it approaches the question of whether globalization truly benefits all. Unlike who favor the open market who make the assumption that free trade helpa all, Steingart posits that globalization instead is leading to a redistribution of resources. Not all countries benefit equally. In this new world order, Americans are needed largely as consumers, not workers, who are financing their purchases on a mountain of debt.
The expansion of the labor market as a result of globalization, in fact, has led to a decline in the value of workers. This has hurt Western nations the most. In the US industrial base alone, there has been a 50 percent decline in jobs in a single generation. Americans and Europeans are overpriced for the global market, not because of their wages (although this is a factor) but largely because of the cost of their social safety net.
Who are the winners? Those in India and China, obviously. In China, those growth rates are even being understated by the Communist government so that the West does not even see the full extent of this unfettered development. Moreover, China has chosen a different, more insidious tactic in this economic war. As Steingart notes, "the Asians are attacking with economic weapons and avoiding ideological conflict. They do not conduct debates with the West over equality and justice, nor do they level any accusations or issue threats. The rising global powers are not interested in a battle of cultures. They are ignoring issues of religion and ideology. They are quiet adversaries who are placing their bets on economic efficiency. The West, they reason, can be defeated with its own weapons."
Unlike many who see these problems, however, Steingart is not a protectionist, nor does he see globalization as something to be halted in its steps. He is not a fear mongered. As an economist and journalist, Steingart knows that this is a trend that is not likely to be reversed. It can, however, be managed by savvy leadership and a willingness on the part of Western nations to work together. Steingart basically lays out three options: global chaos (the shock scenario), the rise of Asia (the Asia-above-all scenario, in which American dreams bite the dust), or remaking history (the American Renaissance scenario).
How America and the West manage globalization, international trade, and the development of rules and regulations to even the playing field are critical to the continuance of the good life. If I could have one wish, it would be that both presidential candidates and their camps would read Steingart's book. This critical overview of the world and economic development today is something that every American should be thinking about as they approach the future.
1 of 1 people found the following review helpful:
An Original and Thoughtful Analysis, 2008-07-15
I congratulate Gabor Steingart for writing a book that clearly defines the problems for the West brought about by globalization. He suggests realistic ideas for mitigating the worst aspects of this process. His historical context of India and China and analysis of their current direction and strategies makes it very clear that the West better act quickly to protect our culture and institutions. America's foolish self-subjugation to corporate self interest is the wrong path. We're empowering China without regard to our long-term needs. My only criticism is that he's much too lenient with the Bush administration's many failures. This is a great book and Pulitzer Prize quality writing.
2 of 2 people found the following review helpful:
Look Into the Future!, 2008-07-10
Steingart believes we spend too much time worrying about places like Kabul and Baghdad, and not enough thinking about places like Shanghai. "The War for Wealth" then details that case. Steingart also contends that the true tale of globalization is not being told - it is anything but a win-win situation. By 2025 China and India will likely dominate the world market with their purchasing power. It took both the U.S. and Japan about 40 years to double their per capita GDP; China took only twelve years.
Harvard historian David Landes believes that their success (and others) is determined by culture - moral values and behaviors. Unfortunately, per Steingart, we currently are paving the road to our demise with self-deception and self-affirmation.
Premier Deng Xiaoping was underestimated by Western leaders when he took over after Mao's death - partly because capitalism was seen as incompatible with a lack of democracy. Deng began by gradually liberalizing restraints on China's collectivized farmers, and in five years 98% of farmland was back in their hands. Deng also put off the military demands for resources, telling them the economy needed to grow first. Subsidies for government businesses decreased, then stopped, in exchange for the state no longer claiming all their revenues. Deng also opened China to foreign investment - $7 million in 1980, $250 billion now. Deng's changes were much more successful than those in resource-rich Russia which underwent a U.S. consultant-led crash immersion.
Brazil, Russia, China, and India together comprise about 45% of the world's labor supply. This will increase further - by 2050 another 1.2 billion are expected to live in Asia.
Those waiting for Chinese wages to equal those in the U.S., thereby eliminating its competitive advantage, have a long wait - Steingart estimates it will take another 30 years before Asian incomes are half as high as those in the U.S., if wage growth in Asia remains constant.
Eighty percent of Wal-Mart's suppliers are in China; until 2004 the U.S. was the largest exporter of IT products - now it is China.
Chinese innovation is accelerated by partnership requirements placed on Westerners building in China, piracy, espionage, R&D spending about 1/3 that of the U.S. (not adjusted for currency differences), extensive training in U.S. universities, higher IQs (about 10 points, on average, per research elsewhere; nine of Microsoft's ten most promising employees are Asian), and buying Western companies and resources. (Hitachi bought RCA and found it could sell its products at a higher price using the RCA label.)
Not only is Chinese labor much cheaper than that in the U.S., it doesn't have the social overhead costs of the U.S. - eg. health care and pensions.
Potential Flashpoints in the Future: North Korea (supported by China) vs. South Korea, India (backed by Russia) vs. Pakistan (backed by China), and Taiwan. Meanwhile, the U.S. and China continue their strange economic relationship.
"The War for Wealth's" one weakness lies in its recommendations - eg. more R&D in the U.S. That cannot overcome a dramatic cost difference held by a nation that is rapidly moving from production to also provide capable design and invention as well.
12 of 13 people found the following review helpful:
Insightful and compelling..., 2008-05-13
I am currently researching NATO's history, so I was immediately intrigued when I heard about Gabor Steingart's ideas on an "economic NATO" - a stronger partnership between Europe and the US intended to grapple with the challenges posed by emerging economic powerhouses such as China and India and the new forms of authoritarian democracy they propagate. I would not agree with all the conclusions of his book -- overall, I am more optimistic that future giants such as China will ultimately come to the conclusion that increasingly playing by the rules is in their best interest, and that current giants like the US will manage to remain competitive, just as they did when confronted by another economic threat from Asia, Japan, in the 1980s. However, Steingart presents an inspiring and thought-provoking case for the need for stronger transatlantic cooperation: he mixes compelling reporting from all over the world with sharp and concise analysis. The far-reaching interview with Prof. Samuelson at the end of the book is big plus, too.
I particularly liked, though, that Steingart does not hesitate to develop a real vision for the partnership between Europe and the US. In the conclusion, he refers to John F. Kennedy's Philadelphia speech from 1962 and his often overlooked ideas on a transatlantic cooperation beyond NATO. Given the roadblocks even minor agreements seem to encounter, it might be overly optimistic to hope for really closer ties anytime soon -- but any outline of a vision for the future is badly needed in the current debates on the relationship between Europe and the US. That is because, unfortunately, far too many people on both sides of the Atlantic seem to consider the "special relationship" a thing of the past rather than the huge field of opportunity it actually is
4 of 5 people found the following review helpful:
Compelling! The next President should read it., 2008-04-25
Our former Secretary of State Dr. Henry Kissinger has it right: This book is a really compelling reality check for America. I have read a lot of books about Globalization, but this is one of its own kind. Why? Course the author is not satisfied with simple answers or populist doomsday scenarios. He delivers a lot of reporting on the ground from all the hot places - Kabul, Shanghai, New-Delphi and others. And he delivers options for our tomorrows life and one of his option is really outstanding: The United States of the West. I don't know whether its realistic or not, but it seemed to be fascinating to bundle the whole power of the Western nations. May be the new administration in the White House should read this book. You know what: I will send one copy to the new President who ever will win.
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