Abstract
Martin Wolf, a British economist and a prominent journalist at the Financial Times, is ardent defenders of globalization, i.e., of global economic integration through free trade. His book, Why Globalization Works, aims to demonstrate that globalization makes the world better off. He feels that the current problem is not that there is too much globalization but far too little. The book is a response to people and organizations opposed to globalization and a thorough refutation of their main objections. Yet, Martin Wolf is a realist and does not try to convince the reader that we live in "the best of all possible worlds".
As an economist at the World Bank from 1971-81, he has witnessed the failure of international organizations to reduce poverty. Wolf also concedes that market driven globalization is far from perfect in practice. He argues that like democracy, globalization is nevertheless the best practical alternative by far despite its many downsides. As a defender of economic liberalism but not of laissez-faire, he points out the necessary role of governments and the essential reforms of international organizations to enable better and deeper global economic integration. However, unlike Martin Wolf's book, this review essay is focused on globalization with a US perspective and a historical approach.
