Twenty-five economists set out the challenges posed by a global economy

Creating a New World Economy

Forces of Change and Plans for Action

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edited by Gerald Epstein, Julie Graham and Jessica Nembhard, foreword by Samuel Bowles

How is the global economy affected by increased militarization, inequality between nations and classes, environmental degradation, and U.S. economic decline? What are the current debates and issues? Can free enterprise and government deregulation solve global economic problems?

As the world's attention is focused on the global economy, 25 activist economists address these and many other questions. Essays in Creating a New World Economy describe in accessible language such complex topics as the international debt, Keynesianism, trade policy, immigration, and drug trade.

In addition to analyzing current topics and debates, contributors also offer alternative strategies on topics frequently neglected in traditional economics curricula. Essays explain development strategies and markets in Latin America, Eastern Europe, Africa, and Japan. For students, activists, and general readers, this timely collection explains national and international economic dilemmas that will increasingly challenge us in the next century.



Figures and Tables
Foreword – Samuel Bowles
Acronyms and Abbreviations
Introduction – the Editors

Part I: The Global Economy: International Flows and National Dilemmas
1. Power, Profits, and Cooperation in the Global Economy – Gerald Epstein
2. Trade Policy: Who Wins, Who Loses? – Mehrene Laurdee
3. Crossing Borders: A Case for Cooperation in International Financial Markets – Ilene Grabel
4. Immigration and the World Economy – Bob Sutcliffe
5. U.S. Militarism and the Global Economy – Tom Riddell
6. Cocaine Capitalism – Kiaran Honderich
7. Can Markets Work in Eastern Europe? – Diane Flaherty
8. The Rise and Fall of the Keynesian Revolution in the Age of the Global Marketplace – James Crotty

Part II: Changes in the Industrialized World: Nations and Multinationals
9. Global Equity and Environmental Crisis: An Argument for Reducing Working Hours in the North – Juliet B. Schor
10. The United States as a Debtor Country – Gerald Epstein
11. Multinational Corporations and the Internationalization of Production: An Industry Perspective – Julie Graham
12. The Japanese Model of Production: Cooperation or Coercion? – Emily Kawano
13. From Junior Partner To...? Japan in the World Economy – Lyuba Zarsky
14. The Great Trade Debates – Juliet B. Schor

Part III: The Third World in the Global Economy: Failed Models and New Approaches
15. Managing the Latin American Debt Crisis: The International Monetary Fund and Beyond – Manuel Pastor, Jr.
16. Foreign Aid and Dependent Development – Jessica Nembhard
17. The Crisis of Plenty: Africa – Anthony Guglielmi
18. The International Economy and the Environment in Latin America – Héctor Sáez
19. The Internationalization of the U.S. Military Industry: A Caribbean Case Study – Maribel Aponte-García
20. No More NICs – Robin Broad and John Cavanagh
21. Development Strategies in Latin America: Which Way Now? – José Távara
22. Third World Socialism and the Demise of COMECON – Carmen Diana Deere and Stan Malinowitz
23. Making Connections: Women in the International Economy – Brenda Wyss and Radhika Balakrishnan

The Contributors


About the Author(s)

Gerald Epstein is Associate Professor of Economics at the University of Massachusetts, Amherst, and a staff economist for the Center for Popular Economics.

Julie Graham is Associate Professor of Geography at the University of Massachusetts, Amherst, and a staff economist for the Center for Popular Economics.

Jessica Nembhardt specializes in international finances, macroeconomic policy, and development. She received her Ph.D. in economics from the University of Massachusetts, Amherst.

Contributors: Maribel Aponte-Garciá, Radhika Balakrishnan, Samuel Bowles, Robin Broad, John Cavanagh, James Crotty, Carmen Diana Deere, Diane Flaherty, Ilene Grabel, Anthony Guglielmi, Kiaran Honderich, Emily Kawano, Mehrene Larudee, Stan Malinowitz, Manual Pastor, Jr., Tom Riddell, Héctor Sáez, Juliet B. Schor, Bob Sutcliffe, Jose Tavara, Brenda Wyss, Lyuba Zarsky, and the editors.

Subject Categories

Labor Studies and Work
Political Science and Public Policy



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