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The No-Nonsense Guide to Globalization Wayne Ellwood in his book The No-Nonsense Guide to Globalization dwells on the main concepts of globalization in the world economy. Ellwood examines progressive globalization as one of the key processes of development of the world economy. To put it differently, the author dwells on globalization in the capacity of a qualitatively new stage in development in the internalization of the worlds economic life. Wayne Ellwood provides a profound analysis of the modern stage of development of the world economy. Although the globalization issues are quite complicated, the author manages to explain the basic concepts using simple but clear-cut words. The No-Nonsense Guide to Globalization not only introduces the range of the basic concepts and categories classifying the world economy and international economic relations, but also explores the most important tendencies, patterns and contradictions peculiar to the world economy.
Evidently, Wayne Ellwood's reasoning is based on rich statistical and factual material. This profound approach makes the The No-Nonsense Guide to Globalization different from the widespread stereotypes used by other authors in business literature. Wayne Ellwood begins his narration from the basic characteristics of the processes of economic globalization's as qualitatively new stage of internalization of production and exchange, along with the clarification of the essence and forms of international division of labor. In contrast to other books, The No-Nonsense Guide to Globalization provides a more detailed insight on such important issues like globalization trough international treaties, policies and norms, the impact of globalization on the First and the Third World countries, globalization and cities, multinational corporations and corporate century, international migration, arms trade, and other hot button issues. Wayne Ellwood examines global economy and internalization of economic activity as strengthening of interrelation and interdependence of the economies of different world countries, the impact of international economic relations on national economies, along with the participation of the world countries in global economic issues. Global economy in its long run underwent the number of stages.
Some centuries ago it was basically understood as the international economic cooperation, as it involved the sphere of management and was closely related to the international trade issues (late in the XVIII the beginning of XX century). The international capital flow gathered momentum only at the turn of the XIX century. While reading the book, one can understand that global economy means the development of stable economic relations between the countries and nations, as it implies overrunning national frontiers. Wayne Ellwood continues discussing global economic trends and considers that international economic integration, objectively stipulated by the intensification of the international division of labor, internalization of the capital, global character of scientific and technical progress, and openness of the national economies and free trade. Global economic integration, therefore, can be defined as convergence and mutually accepted adaptation of the national economies, along with the inclusion of the world economies in management processes on international scale. Global economy is influenced by a wide range of factors, such as scientific and technical progress, climate changes and natural and ecological risks, demographic changes, geopolitical transformations and safety/ security issues, changes in forms and methods of governance, evolution of the key subjects of the world economy along with the global evolution changes in the economy of the most powerful countries (the United States, European Union countries, China, India, etc), and rapid growth of globalization in all spheres of life, to mention a few.
Scientific and technical progress and development of new technologies can rather be related to the risk group than to the positive factor of development. It is very important to develop efficient strategies able to mitigate all possible risks, which, due to the rapid development of the world economy and science can result in destabilizing consequences for the global economy in general. Along with the other important issues, Wayne Ellwood places emphasis on total restructure of the subjects of political and economic processes due to high degree of their ambiguity and uncertainty, ageing economies and world population, the responsibility of the leaders of developing countries and countries with emerging economy for taking political decisions with placing no emphasis on public opinion. The global economy definitely presents challenges for the global workers movement. Capitalist globalization experiences a rapid growth to a certain extent being conductive to weakening of environmental and labor laws. There is a concern that in the long run it may lead to environmental devastation and the global economy of so-called sweatshops.
Therefore, the workers should take an active part in determining and shaping the future of civilization and global economy (for example, they should insist on reforming global trade regulations, force global corporations to be accountable to the workers needs, and foster environmentally sustainable and fair alternatives). Wayne Ellwood's The No-Nonsense Guide to Globalization is must-read for a wide circle of readers, as it provides a thoughtful insight in globalization trends and global economy hot button issues. Although sometimes the author overuses facts and figures, his book has nothing in common with bare listing of facts. On contrary, Ellwood's approach to the globalization issues reminds that globalization within the frameworks of global economy became the most important real characteristics of the modern world system, one of the most influential drives influencing the very progress of science, economy, and the modern world in general. Global economy has impact on virtually all spheres of our life, including economy, politics, ideology, social spheres, ecology, culture, safety issues, and the very living conditions of the humankind. Therefore, Ellwood's book will be worthwhile reading for all people, who need a transparent and analytical look at the contemporary global economic relations.
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