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The new global economy is linking the fortunes
of every nation on every continent -- for good of for ill.
Its hallmark is a rising instability and a growing inequality
between the first and third worlds, in spite of rising average
incomes. The United States and other first world economies
are finding it hard to recover after the boom of the 1990s
and the bust of the early 21st century. Financial crises
in the third world come frequently and are increasingly
severe. Globalization is invoked to explain riots, civil
disobedience, and as a factor in the rise of terrorism.
Lester Thurow argues now is the time to
shape globalization into what we want it to be -- before
it's too late. Today, he explains, we are at a critical
crossroads in the development of the global economy. We
can sit back and let it grow as it will, or we can seize
the moment and build economic systems that will minimize
instability, allow second and third world countries to thrive,
and protect and enhance our own American interests. In short,
a win/win global economy that benefits all participants.
Globalization, says Thurow, can be shaped.
In Fortune Favors the Bold, Thurow
provides an insightful analysis of the ills of globalization
and, more important, offers solutions. He tackles subjects
such as:
- The dangers of the burgeoning U.S. trade
deficit and the falling dollar
- Solving the problem of intellectual property
rights violations
- Restarting Japan's stagnating economy
- How best to help underdeveloped countries
enter the global economy
- Reforming the World Bank and the International
Monetary Fund
Further, Thurow shows how the economic successes
of Ireland and China provide a model for other countries
to follow. He even proposes creating a new role for a "Chief
Knowledge Officer" to help guide companies and governments
in the developing global knowledge-based economy of the
21st century.
Globalization will continue whether we like
it or not. We are at a critical moment; great challenges
lay ahead, and our economic future is at stake. Now, with
Fortune Favors the Bold, we have a map and guidebook
to a prosperous economic future.
Lester Thurow is the Lemelson Professor
of Management and Economics at the Massachusetts Institute
of Technology, where he has taught since 1968. From 1987
through 1993 he was dean of MIT's Sloan School of Management.
His previous books include the New York Times bestsellers
The Zero-Sum Society, Head to Head, and The
Future of Capitalism.
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