Outsourcing Economics
Cambridge University Press, 7/4/2013
EAN 9781107026995, ISBN10: 1107026997
Hardcover, 376 pages, 22.9 x 15.2 x 2.5 cm
Language: English
Outsourcing Economics has a double meaning. First, it is a book about the economics of outsourcing. Second, it examines the way that economists have understood globalization as a pure market phenomenon, and as a result have 'outsourced' the explanation of world economic forces to other disciplines. Markets are embedded in a set of institutions - labor, government, corporate, civil society, and household - that mold the power asymmetries that influence the distribution of the gains from globalization. In this book, William Milberg and Deborah Winkler propose an institutional theory of trade and development starting with the growth of global value chains - international networks of production that have restructured the global economy and its governance over the past twenty-five years. They find that offshoring leads to greater economic insecurity in industrialized countries that lack institutions supporting workers. They also find that offshoring allows firms to reduce domestic investment and focus on finance and short-run stock movements.
1. Introduction
2. The new wave of globalization
3. What role for comparative advantage?
4. Lead firm strategy and global value chain structure
5. Economic insecurity in the new wave of globalization
6. Financialization and the dynamics of offshoring
7. Economic development as industrial upgrading in global value chains
8. Outsourcing economics.