The United States in the World Economy: Making Sense of Globalization

This book assesses the impact of globalization on the US economy from the perspective of international trade, finance, and immigration, with a view to eliminating misinformation in the current public debate about the costs and benefits of globalization. The United States has played a key role in the development of economic and financial globalization since the end of World War II and has been the largest force for integration of the global economy. While the US economy as a whole has been a net beneficiary from globalization, significant costs have been incurred by certain groups and communities as a result of its effects. This book evaluates the benefits, costs, and impact on income distribution for the United States in the areas of international trade, finance, and immigration, drawing on key findings of the relevant literature. A key argument of this book is that the US economy has been a significant net beneficiary from globalization, but that the government needs to do more for those workers negatively impacted by its effects. This book ends by proposing key institutional reforms at the national and international level that would foster further gains from globalization and create a more equal distribution of its benefits.