The Next Great Globalization[下一次伟大的全球化：贫困国家如何依靠金融系统致富]

Manyprominentcriticsregardtheinternationalfinancialsystemasthedarksideofglobalization,threateningdisadvantagednationsnearandfar.ButinTheNextGreatGlobalization,eminenteconomistFredericMishkinarguestheopposite:thatfinancialglobalizationtodayisessentialforpoornationstobecomerich.Mishkinarguesthataneffectivelymanagedfinancialglobalizationpromisesbenefitsonthescaleofthehugelysuccessfultradeandinformationglobalizationsofthenineteenthandtwentiethcenturies.Thisfinancialrevolutioncanliftdevelopingnationsoutofsqualorandincreasethewealthandstabilityofemergingandindustrializednationsalike.Bypresentinganunprecedentedpictureofthepotentialbenefitsoffinancialglobalization,andbyshowinginclearandhard-headedtermshowthesegainscanberealized,Mishkinprovidesahopefulvisionofthenextphaseofglobalization.Mishkindrawsonhistoricalexamplestocautionthatmismanagementoffinancialglobalization,oftenaidedandabettedbyrichelites,canwreakhavocindevelopingcountries,butheusestheseexamplestodemonstratehowbetterpoliciescanhelppoornationstoopenuptheireconomiestothebenefitsofglobalinvestment.AccordingtoMishkin,theinternationalcommunitymustprovideincentivesfordevelopingcountriestoestablisheffectivepropertyrights,bankingregulations,accountingpractices,andcorporategovernance-theinstitutionsnecessarytoattractandmanageglobalinvestment.AndtheWestmustbeapartnerinintegratingthefinancialsystemsofrichandpoorcountries-tothebenefitofboth.TheNextGreatGlobalizationmakesthecasethatfinancewillbeadrivingforceinthetwenty-first-centuryeconomy,anddemonstrateshowthisforcecanandshouldbeshapedtothebenefitofall,especiallythedisadvantagednationsmostinneedofgrowthandprosperity.