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The Rules of the Global Game - A New Look at US International Economic Policymaking (Paperback)
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The Rules of the Global Game - A New Look at US International Economic Policymaking (Paperback)
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Economic news once confined to the business pages of the newspapers
now receives headline coverage, whether it involves protests in
Seattle or sweatshops in Asia. As attention is increasingly focused
on economic policy, it becomes even more important for
noneconomists to be able to make sense of these stories. Is the
Asian economy sinking or rising? What effects will a single
European currency have on the US economy? Kenneth W. Dam's "The
Rules of the Global Game" provides, in clear and practical
language, a framework to help readers understand and answer such
questions. Dam takes us beyond the headlines and inside the
decision-making process as it is populated by lobbyists, special
interest groups, trade associations, and public relations firms.
While some economists and thinkers have idealized plans for US
international economic policy, Dam, currently the deputy secretary
of the treasury, manages to merge this idealism with a
consideration of what it means to govern at the intersection of
competing groups with competing claims.
In "The Rules of the Global Game," Dam first lays out what US
international economic policies are and compares them to what they
should be based on how they affect US per capita income. With this
foundation in place, Dam then develops and applies principles for
elucidating the major components of economic policy, such as
foreign trade and investment, international monetary and financial
systems, and current controversial issues, including intellectual
property and immigration. Underlying his explanations is a belief
in the importance of worldwide free trade and open markets as well
as a crucial understanding of the political forces that shape
decisionmaking. Because economic policy is not created in a
political vacuum, Dam argues, sound policymaking requires an
understanding of "statecraft"-the creation and use of institutions
that channel the efforts of interest groups and political forces in
directions that encourage good economic outcomes.
Dam's vast experience with the politics and practicalities of
economic policy translates into a view of policy that is neither
academic nor abstract. Rather, Dam shows us how policy is actually
made, who makes it, and why, using examples such as GATT, NAFTA,
the US-Japan semiconductor agreement, and the Asian financial
crisis. A rare book that can be read with pleasure and profit by
layperson and economist alike, "The Rules of the Global Game"
allows readers to understand the policies that shape our economy
and our lives.
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