This volume examines the array of challenges facing the Obama administration and the president himself. Topics range from how best to manage a ruptured economy to controlling the budget, the green agenda, foreign policy, and the recalibration of U.S. relations with Britain. It also includes sections on presidential leadership, elections, healthcare, and food poverty.
The common theme throughout is the issue of governing in a fractured, unruly political environment, and the accompanying difficulties. Contributing scholars, based at academic institutions in the United States and the UK, offer a range of informed perspectives throughout this engaging work. Packed with detail yet highly accessible, this volume will appeal to those interested in American politics, history, and the political process.
A Financial Times Best Economics Book of the Year
A Foreign Affairs Best Book of the Year
A Fareed Zakaria GPS Book of the Week
“A highly intelligent, fact-based defense of the virtues of an open, competitive economy and society.”
—Fareed Zakaria
“A vitally important corrective to the current populist moment…Open points the way to a kinder, gentler version of globalization that ensures that the gains are shared by all.”
—Justin Wolfers
“Clausing’s important book lays out the economics of globalization and, more important, shows how globalization can be made to work for the vast majority of Americans. I hope the next President of the United States takes its lessons on board.”
—Lawrence H. Summers, former Secretary of the Treasury
“Makes a strong case in favor of foreign trade in goods and services, the cross-border movement of capital, and immigration. This valuable book amounts to a primer on globalization.”
—Richard N. Cooper, Foreign Affairs
Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community.
Between 1995 and 2007, financial elites in more than a dozen western European countries engaged in a cross-border battle to create some twenty new stock markets, many of which were explicitly modeled on the American Nasdaq.
The resulting high-risk, high-reward markets facilitated wealth creation, rewarded venture capitalists, and drew major U.S. financial players to Europe. But they also chipped away at the European social compacts between national governments and citizens, opening the door of smaller company finance to the broad trend of marketization and its bounties, and further subjecting European households and family businesses to the rhythms of global capital.
Elliot Posner explores the causes of Europe’s emergence as a global financial power, addressing classic and new questions about the origins of markets and their relationship to politics and bureaucracy. In doing so, he attributes the surprising large-scale transformation of Europe’s capital markets to the rise of the European Union as a global political force. The effect of Europe’s financial ascendance will have major ramifications around the world, and Posner’s analysis will push market participants, policymakers, and academics to rethink the sources of financial change in Europe and beyond.
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