Product Description

As the global economy becomes at once a fact of everyday life and the inspiration for violent protest, George Soros offers his provocative analysis of globalization and outlines a new agenda for the leading nations of the world.

Over the past decade, "globalization" has become a buzzword for everything that is happening in the world economy or even in international relations generally. But as even a cursory glance at recent headlines reveals, not everyone is happy with globalization. Violent protests are now a regular feature of international summit meetings, and many young people have expressed their strong opposition to policies that they see as enriching the rich at the expense of workers, the environment, and traditional culture.

As the world economy has transformed in the 1990s and early 2000s, no individual has grappled with the social and political implications of globalization more than George Soros. George Soros on Globalization seeks to assess not merely how well the world's financial institutions have fulfilled their larger mission of helping the entire world strive for prosperity, but also to point the way toward fixing the problems that have emerged in the globalization regime as a whole. Unlike other proponents of globalization, Soros does not dismiss the criticisms of the protesters; indeed, he welcomes them and acknowledges that in many ways the protesters have a clearer view of the issues at stake than the bankers and bureaucrats do. We ignore the protesters' message, Soros warns, at our peril.

Product Details

• Amazon Sales Rank: #546168 in Books
• Published on: 2002-02-21
• Original language: English
• Binding: Hardcover
• 160 pages

Books in Canada
George Soros, billionaire philanthropist, has a plan. And as a billionaire, he's got the authority on money matters buttressed by a lengthy row of zeros. He's also the world's preeminent philanthropist, being one of the most generous men in history. In his book, Soros lays out an actual platform for change in a veritable bonanza of financial planning. He writes:

"I have spent most of the last five years studying the defects of globalization and have written several books and articles on the subject. My last book, Open Society: Reforming Global Capitalism, was rather weak, however, when it came to prescribing solutions. This book is meant, in part, to make up for that deficiency."

Soros's approach is balanced. Soros considers each international body in its turn, registering their pros and cons in an even tone. Soros identifies the faults in both kinds of arguments. A general example:

"I was stimulated to embark on this undertaking [this book] by what I saw as an unwitting alliance between market fundamentalists on the far Right and antiglobalization activists on the far Left. They make strange bedfellows, but between them they are well on their way to downsizing or destroying the international institutions we already have."

Soros is determined to effect positive change in the world. He writes, "I believe the book in its final version puts forward a constructive agenda that the public could support and the governments of the world implement…[t]he scheme will not cure all the ills of globalization—nothing will—but it should help to make the world a better place."
He agrees with the anti-globalization argument that market fundamentalism, the idea that it is best to allow the 'invisible hand' of the marketplace to wave its invisible wand and magically make things better—in underdeveloped countries subscribing to mandated financial principles—is based on unreliable assumptions. Yet Soros documents the folly of such a strategy by referring to the literature, as opposed to simply buying an airplane ticket and checking out the public mood in the country of the week. Though Soros affirms that a system which "liberates capital instead of people" is undesirable, he provides a well-reasoned debunking of such a system. He argues that laws and a general sense of civility, the bond of cordiality between human beings, cannot be left to a market system because "[m]arkets are designed to facilitate the free exchange of goods and services among willing participants, but they are not capable, on their own, of taking care of collective needs such as law and order or the maintenance of the market mechanism itself…[m]arkets are amoral." In other words, how we treat each other must be separate from how we buy and sell from each other.
Soros' major thesis is that the money machine has roared ahead of morality, and that while market fundamentalism is in ascendancy, concern for the economically disadvantaged is not. International financial institutions have indeed prospered, espousing a bottom-line gospel, a means of doing "business without judgement." He believes that there should be international political bodies whose business lies at the moral end of things, in the redistribution of wealth to benefit the poorer man.
He states, moreover, that the chief problem facing developing countries is their own political systems, a fact often ignored by globalization-demonizers. Soros believes that a global financial system more ethically-oriented than the present would act not only to encourage economic gain amongst participants, but also better governance.
Soros is the ultimate globalizer; he wants an "open" society, as argued in his previous books. Yet in the achievement of such a goal, our national identities would necessarily be eroded. This is the central problem or advantage in Soros's thinking, depending on one's view. If the sewing together of culture into one homogenous quilt appeals to you, then you'd agree with him; if you abhor the loss of political sovereignty which would follow since regulatory bodies would be empowered to reverse local decisions, then you're out.
Soros believes that globalization, properly instituted, is not a zero-sum outcome, but instead capable of accommodating both profit and charity. The rich reap rewards while the poor become less poor. He envisions a system of redistribution, based on the creation and implementation of international rules and agencies designed to enforce an institutionalized form of transaction-based aid.
The chief difficulty with Soros's proposal is that nations would effectively surrender their sovereignty if they subscribed to his more moral system, basically a tax on foreign reserves. The number of international trade bodies would increase, and there would be more regulation. Soros's system would appear unfair to developed countries at the outset, and so the chances of his proposal being implemented in the current climate are small. The United States has a long history of fiercely protecting its own financial interests with impromptu tariffs, refusing to join international initiatives that are of obvious benefit to the world in general (The International War Crimes Tribunal, The International Land Mines Treaty, the Kyoto Accord are a few recent examples). The recent climate of U.S. unilateralism in military (Iraq) and trade matters (The Softwood Lumber dispute with Canada, the bizarre restrictions on imported steel) makes the prospect of the big guy voluntarily adopting financial restrictions unlikely.
Shane Neilson (Books in Canada)

From Publishers Weekly
Financial mastermind Soros (The Alchemy of Finance, etc.) has made his mark as a philanthropist with a progressive foreign policy, fostering open societies. He equates globalization with "the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations." In this treatise, he explains how his vision to "make global capitalism more stable and equitable" acknowledges that antiglobalization protesters have a case against the mainstream consensus that the market works well. Instead of dismantling existing international financial and trade institutions, though, Soros suggests reform. Market fundamentalists, he says, are unwilling to modify existing institutions to create a level playing field; moreover, they're loath to create institutions to foster social goals like reducing poverty. Protestors, he observes, are "strangely blind" to the need to improve the quality of government and public life in poorer countries. Soros's suggested method provides aid that will "enable, encourage, and reinforce" voluntary compliance with international standards relating to environment, education and labor. His proposal? The richer countries in the IMF issue Special Drawing Rights (SDRs) for international assistance i.e., international reserve assets a process that shares the burden equitably, with the United States paying its fair share. A board of "eminent persons" chooses who's eligible for assistance, and a separate audit commission evaluates those chosen. After September 11, Soros notes in conclusion, Americans must recognize the world's precarious interdependence. Soros has an admirable track record and the virtue of hindsight (his foundations have done innovative work and his take on what could have been done in Russia over the past decade is compelling). This dry but vital book deserves attention and debate.
Copyright 2002 Cahners Business Information, Inc.

From Booklist
Renowned international investor and financial guru Soros outlines the problems of globalization, limiting its meaning here to "the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations." Thus, Soros does not delve into the social or cultural applications of globalization. Criticism instead is leveled on both the "market fundamentalists"--Reagan-Thatcher types who seek to remove all impediments (taxation and regulation) to international investing--and the antiglobalization activists, who see the phenomenon as immoral. An admitted fan of globalization, Soros contends that the market is amoral but that certain reforms are necessary to ensure ethical standards. Soros' conclusion is that international institutions have not kept pace with the international economy, and a true "open society" (the title of Soros' last book) relies on that progress. A follow-up is in the offing, as the author is anxious to further expand on his open-society idea. Though the subject matter is complicated, Soros' simplified treatment makes this a timely and necessary title for any basic economy collection. Mary Frances Wilkens
Copyright © American Library Association. All rights reserved

Customer Reviews

George Soros on Globalization
A millionaire financier, international philanthropist, and critic of the global capitalistic system, Soros has written several books on the benefits and costs of so-called globalization. In this new volume he extends his views on the need for safety nets in developing countries and public goods production (e.g., education and environmental protection) and discusses the greater likelihood for financial crises due to the greater freedom now available for volatile international finance flows. Inequities of globalization have generated, on the one hand, protests against international organizations (especially the International Monetary Fund and World Bank); on the other hand, these bodies are criticized by market fundamentalists opposed to interference with the efficiencies of free markets. Soros notes that protesters overlook such causes of poverty as armed conflict, oppressive and corrupt regimes, and weak governance; and while free markets are good at generating wealth, poverty alleviation is not always inevitable. To assist poor countries, Soros proposes that rich countries issue SDRs (an international reserve asset) to the IMF, contributed according to an income-based quota system; an independent board would be appointed to supervise assistance operations. Written in generally clear, nontechnical language, this book deserves attention by students and practitioners of foreign economic affairs. General readers; upper-division undergraduate students and up; and professionals.

Some interesting ideas
Well, I read a book on Globalization by George Soros. That was interesting in that he is a world financier who believes that the current system is unjust and that institutions need to be strengthened. He had some suggestions that I found interesting, the ones that I understood at least. George seems a little full of himself at times, recounting his own activities that seemed a little self-gratifying, which probably comes from being so influential and powerful as a leading world hedge fund manager. But his humble beginnings, his deep concern for justice and fairness in the world economic order, and his commitment to effecting some kind of positive change in the world are extremely admirable, and I am very impressed by him.

At least he is honest and clear in his view: let's debate
George Soros is generally an articulate, thoughtful, and sincere person who puts his money where his mouth is. He never hides his political agenda as other economic pundits do. In this short book he opens the debate on what directions should be taken in the international community to tackle some of the perceived defects of the global financial system. He takes the current US government to task for being unilateral, whether that's a fair criticism or not is debatable; nevertheless, he is sincere in trying to find solutions that might be better for everybody concerned, including the US.

The book is very much an opinion piece: its like an extended op ed, so don't expect a tutorial or clear explanation of how globalization has done or how it works. In his previous books he has more about his life, experience, and insights into the financial world, and these books are more interesting reads. In reality, this book more of a political treatise with a economic focus, which you may or may not agree with. But he sincerely puts forth a concrete proposal to use the WTO and IMF in an effective manner to create his vision of open societies, a laudable goal, which no doubt will be ignored. He is interested in debate, but its too bad he is not publically accessable, like all rich and famous (I tried and failed), since he needs to be informed of some scientific analogies similar to his concept of reflective processes and that might help him come up with a more realistic proposal (that might work). Moreover, he would understand why his seemly practical proposal is too idealistic, even for a hard-nosed capitalist with significant experience in international finance. Although he cites talking to numerous people on this proposal (a quite impressive list), apparently none of them understand enough science and history to help; this is not surprising since the mainstream (typically established, rich and/or famous) can never see or solve tomorrow's problems. Too bad: he is smart enough, logical enough, and interested in tackling problems that nobody else sees in the almost correct light (open societies) as he does.