Description: The increased integration of the American economy with that of the rest of the world has been controversial and a source of unending concern. Globalization has been held responsible for the loss of good jobs, for the relocation of American industries in low-wage countries, for the increase in income inequality and for the loss of sovereignty. The postwar trading system has been regarded by many Americans as a snare and a delusion enabling other countries to take advantage of our open markets while keeping theirs closed to American exports. Activists are convinced that the process of integration has or soon will result in a "race to the bottom" as far as environment and labor standards are concerned.

This book examines the available evidence to provide insight into these and related questions. The conclusion that emerges from this study is that much of the angst generated by the so-called globalization process is, at least at the present time, unjustified and that on balance the process has been beneficial.

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