High-technology and globalization are arguably the two most important forces driving the US economy today. This book analyzes how they interact and the implications of that interaction. The methodology applies data and statistical analysis to determine the impact of these forces over a broad spectrum of the US economy. Key topics addressed include why the US economy runs a continuing trade deficit in manufactured high-tech goods, why high-tech firms steadily lose manufacturing jobs, while creating professional jobs, and why high-tech industries rely on foreign outsourcing for much of their manufacturing.

The technological revolution has reached around the world, with important consequences for business, government, and the labor market. Computer-aided design, telecommunications, and other developments are allowing small players to compete with traditional giants in manufacturing and other fields. In this volume, 16 engineering and industrial experts representing eight countries discuss the growth of technological advances and their impact on specific industries and regions of the world. From various perspectives, these distinguished commentators describe the practical aspects of technology's reach into business and trade.

High Tech and High Heels in the Global Economy is an ethnography of globalization positioned at the intersection between political economy and cultural studies. Carla Freeman’s fieldwork in Barbados grounds the processes of transnational capitalism—production, consumption, and the crafting of modern identities—in the lives of Afro-Caribbean women working in a new high-tech industry called “informatics.” It places gender at the center of transnational analysis, and local Caribbean culture and history at the center of global studies. Freeman examines the expansion of the global assembly line into the realm of computer-based work, and focuses specifically on the incorporation of young Barbadian women into these high-tech informatics jobs. As such, Caribbean women are seen as integral not simply to the workings of globalization but as helping to shape its very form. Through the enactment of “professionalism” in both appearances and labor practices, and by insisting that motherhood and work go hand in hand, they re-define the companies’ profile of “ideal” workers and create their own “pink-collar” identities. Through new modes of dress and imagemaking, the informatics workers seek to distinguish themselves from factory workers, and to achieve these new modes of consumption, they engage in a wide array of extra income earning activities. Freeman argues that for the new Barbadian pink-collar workers, the globalization of production cannot be viewed apart from the globalization of consumption. In doing so, she shows the connections between formal and informal economies, and challenges long-standing oppositions between first world consumers and third world producers, as well as white-collar and blue-collar labor. Written in a style that allows the voices of the pink-collar workers to demonstrate the simultaneous burdens and pleasures of their work, High Tech and High Heels in the Global Economy will appeal to scholars and students in a wide range of disciplines, including anthropology, cultural studies, sociology, women’s studies, political economy, and Caribbean studies, as well as labor and postcolonial studies.

Information technology (IT) was key to the superior overall macroeconomic performance of the United States in the 1990s—high productivity, high growth, low inflation, and low unemployment. But IT also played a role in increasing earnings dispersion in the labor market—greatly rewarding workers with high education and skills. This US performance did not happen in a global vacuum. Globalization of US IT firms promoted deeper integration of IT throughout the US economy, which in turn promoted more extensive globalization in other sectors of the US economy and labor market. How will the increasingly globalized IT industry affect US long-term growth, intermediate macro performance, and disparities in the US labor market? What policies are needed to ensure that the United States remains first in innovation, business transformation, and education and skills, which are prerequisites for US economic leadership in the 21st century? This book traces the globalization of the IT industry, its diffusion into the US economy, and the prospects and implications of more extensive technology-enabled globalization of products and services.

An Economist Best Book of the Year A Financial Times Best Economics Book of the Year A Fast Company “7 Books Microsoft CEO Satya Nadella Says You Need to Lead Smarter” Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from twenty percent to almost seventy. Since then, that share has plummeted to where it was in 1900. As the renowned economist Richard Baldwin reveals, this reversal of fortune reflects a new age of globalization that is drastically different from the old. The nature of globalization has changed, but our thinking about it has not. Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. That is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before—which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is the driving force behind what Baldwin calls “The Great Convergence,” as Asian economies catch up with the West. “In this brilliant book, Baldwin has succeeded in saying something both new and true about globalization.” —Martin Wolf, Financial Times “A very powerful description of the newest phase of globalization.” —Larry Summers, former U.S. Secretary of the Treasury “An essential book for understanding how modern trade works via global supply chains. An antidote to the protectionist nonsense being peddled by some politicians today.” —The Economist “[An] indispensable guide to understanding how globalization has got us here and where it is likely to take us next.” —Alan Beattie, Financial Times

The perspectives of technologists, economists, and policymakers are brought together in this volume. It includes chapters dealing with approaches to assessment of technology leadership in the United States and Japan, an evaluation of future impacts of eroding U.S. technological preeminence, an analysis of the changing nature of technology-based global competition, and a discussion of policy options for the United States.