The Road to Global Prosperity - Book Report/Review Example

The road to global prosperity Introduction Globalization is a contemporary social feature that refers to the ability of countries to interact cordially thus enabling the growth of cross border trade. The development of effective communication technologies coupled with the availabilities of modern modes of transport has succeeded in making the world a global village. The resultant society is one in which entrepreneurs enjoy the global market thus the limitlessness of the market it present. Entrepreneurs have successfully used the effective means of communication to develop successful global brands that continue to benefit independent economies. In his book, The Road to Global Prosperity, Michael Mandelbaum discusses the economic importance of globalization. In the book, he explains that globalization is a fundamental force that contributes to the development of strong economies globally. Chapter 1 In a chapter entitled The Roof, the book discusses the basic factors of production and their distribution throughout the world. Such factors as land, capital and availability of markets are among the basic consideration in economics prosperity. Globalization creates a perfect scenario in which entrepreneurs can exploit such factors to their advantage regardless of their geographic location. Globalization requires effective cordial relationship among countries. In the chapter, the author discusses the essence of diplomacy and the need for regional integration among countries in order to enhance the process of economic globalization. Globalization is policy issue that requires countries to develop similar economic policies in order to open their boundaries for foreign entrepreneurs to invest in the economies. The author explains that the world has strived to build infrastructures that enhance the globalization of the world thus creating conducive environment for economic prosperity. Such institutions as the World Bank continue to facilitate the economic integration of countries thus creating the global market. Security, peace and stability are fundamental factors that influence the economic prosperity of countries. The chapter explains the importance of creating safe and secure environment for the growth of global business. Creating such a peaceful environment is a difficult process given the fact that globalization enhances the globalization of crime as well. However, with effective diplomatic relations among countries, the author explains that governments can succeed in creating the safe and secure environments to facilitate economic globalization. Education is a vital factor in globalization since corporations extend their operations to unique territories. As they do this, companies recruit professionals who should portray understanding to the structure of both the organization and the global market place. Fortunately, education is a service with its own unique market. As such, world leading educational institutions globalize their services and curriculums a feature that continues to enhance the uniform growth of knowledge. The spread of such universities as Oxford, Harvard and Cambridge among others throughout the world is an avid portrayal of the globalization of education as students from throughout the world continue to access quality education capable of managing the global companies that require such professionals. Towards the end of the chapter, Michael Mandelbaum discusses the future of international relations. He explains that the world countries to enhance international corporations with the view to developing a cohesive global market. Countries have ambassadors and consulates in different other countries throughout the world in order to enhance international relations. International relations is a contemporary social feature that continues to manifest itself into posterity. Countries relate with each other at various levels. International trade is among the major factors that continue to validate such international relations. Governments for example marshal resources in their fight against economic crimes such as money laundering. Such institutions as Interpol continue to work with local government in their attempt to create a peaceful and conducive environment for the growth of international trade. The author therefore explains that despite the numerous economic challenges, the future promises the prosperity of international relations as countries continue to maintain cordial relations. Chapter 2 In the chapter entitled The Gates, the author discusses intricate features and problems of globalization. As explained earlier, globalization creates a global platform for criminals as well, a feature that enhances the spread of various crimes. Such is an impediments to the globalization of the world thus advancement of commercial activities. Among the major problems of globalization if money laundering and cybercrimes among any other social and economic evils. Such are problems that deter the creation of a global market. In a section named politics of international trade, the author discusses the various political factors that often affect the growth of international trade. Such factors as the management of resources are always of political interest thus causing conflicts among nations thereby hampering the growth of international trade. Globalization has succeeded in opening up areas for trade. Such regions as Africa and Asia remained underdeveloped for long. However, with the prevalent of globalization, such countries are current potential markets for leading global brands. The author discusses such leading Asian brands as Toyota and Samsung that enjoy presence in the global market owing to the effective integration of countries. Asian countries such as Japan, China and India among others have large labor resources a factor that makes them desirable investment destinations for leading global brands. Globalization makes it possible for countries with such scanty resources capitalize on their potentials thus enjoy economic prosperity. Through outsourcing of labor among other resources, Asian countries have the leading global brands setting up factories in the regions thus providing labor for the populace. However, such social vices as human trafficking remain a fundamental concern to the various stakeholders such as governments, politician and global conglomerates. Human trafficking is an example of contemporary crimes that is difficult to control owing to the intricate features of international trade. Such vices are the few impediments to globalization the author explains require effective remedies in order to enhance the growth of international trade. Chapter 3 In the chapter entitled The River, the author continues to discuss the intricate features of international trade. Money as the medium of exchange is always of a major concern for most countries and entrepreneurs seeking to invest in foreign territories. However, economies always use the varying value of their currencies to their advantage. Poor African countries for example continue to devalue their currencies thus attracting foreign investors and tourists. Besides economic prevalence, the author discusses the rapid spread of social vices owing to the enhanced integration among countries. Such social vices as binge drinking and common viral diseases such as flues are threats arising from globalization. Globalization creates an effective platform for the rapid spread of such social vices a feature that threatens the stability of countries. Another disadvantage of globalization is the rapid spread of the economic crises. Poor economies often feel the brunt of such financial crises as the 2008 financial crisis and the subsequent Euro crisis. The economies of such poor countries remain vulnerable owing to their reliance on the foreign investors to create job opportunities. As such, any financial crisis that affects the stability of the investor trickles down to the poor economies where the locals remain vulnerable. Such factors make the citizens in such equally vulnerable to the social vices discussed above. Human trafficking and modern day slavery is rampant in poor economies where the citizens remain vulnerable and gullible. The citizens leave their countries with the promise of better jobs abroad where they turn into slaves thus enhance the growth of such social vices as human trafficking. Chapter 4 In chapter four, which is also the final chapter, the author discusses the effects of globalization in some of the world’s largest ad developing economies. In the chapter, the author investigates and discusses the factors that constitute competitive advantages in such countries besides investigating the relationship between such countries and many other countries globally. In Brazil, the author discusses the dangers of the populist system of government, which continues to influence economic structure of the country thus its interaction with other countries globally. In Russia, the author discusses the disposition of the various resources. The author explains how the resources contribute to internal conflicts in the country thus limiting the country’s engagement in globalization. In India, the author analyses the country’s dysfunctional democratic type of government. The system of governance in the country influences the country’s interaction with others globally thus affecting its globalization endeavors. Numerous Western companies operate in China a feature that makes China of vital interest to Western powers. Finality the author investigates the political structure of India, the world’s most populous nation. He explains the limitations caused by the autocratic political structure in the country. Conclusion In retrospect, Michael Mandelbaum analyses the unique feature of globalization effectively by elaborating on both the positive and negative features of globalization. Additionally he discusses the factors that influence international co-operation of countries. The author uses simple sentences and straight forwards as he explains the pertinent features of globalization. This enhances the readership of the book and understanding of his concepts. Despite the numerous disadvantages of globalization, the author explains that it presents an opportunity for economic growth of all the countries. Reference Mandelbaum, M. (2014). The Road to Global Prosperity. New York: Simon & Schuster. Read More