The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich mounts a vigorous defense of globalization, arguing that more, not less, globalization holds the key to alleviating poverty in developing countries. Professor Frederic Mishkin, Columbia Business School's Alfred Lerner Professor of Banking and Financial Institutions, recently nominated by the President to serve on the Federal Reserve Board of Governors, shows how previous waves of globalization, based in the trade of goods and services, have benefited those developing economies that have opened themselves to global trade.

Far less complete than the globalization of trade, he argues, is the globalization of the world's financial systems, integrating those of developed and developing economies. To date, that integration has been largely among developed countries, allowing capital to flow from "rich" to "rich" but not from "rich" to "poor."

It is the increased globalization of finance, what Mishkin calls the Next Great Globalization, which will enable developing countries to accumulate wealth and alleviate poverty. Mishkin offers a roadmap for global financial integration, warns of the perils of retrenchment from globalization, and includes lessons of globalization gone awry. Please note that any views expressed in this book do not necessarily represent the views of Columbia University or the Federal Reserve System.
 

For more on this book, please visit the Princeton Press.
To read a recent interview with Professor Mishkin in Ideas at Work, please click here.