Pankaj Ghemawat's long awaited book, WORLD 3.0: Global Prosperity and How to Achieve It, hits stores May 17th!

13th May 2011 - 4730 days ago
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Ghemawat's views on hot-button global issues will surprise many readers:

• Globalization is no excuse for inaction on U.S. deficits and debts caused by domestic policies.

• When trade policies contribute to rising food prices, restrictions on trade rather than rising flows are usually the culprit. Food trade tends to reduce prices and make them more stable.

• The capital market imbalance between the U.S. and China needs to be addressed with currency and trade adjustments and boosting the U.S. savings rate.

• Increases in cross-border integration could grow the global economy by 5% or more.

• Corporate growth strategies must get rid of the "get bigger at all costs" mindset and prioritize markets based on cross-country similarities and differences.

• Immigration of skilled workers from poor countries to rich ones isn't a pure brain drain on the former, and with the right regulation, can improve conditions in the latter.

• Globalization can be good for the environment: If all countries tried to maintain their current standards of living without cross-border trade and investment, the environment would be worse off.

• We aren't close to valuing all human beings equally: research shows people care about their fellow citizens thousands of times more than foreigners, and global strategies should reflect this reality.

Following the logic of WORLD 3.0™, Ghemawat makes a compelling case for governments to adopt dual roles of integrator and regulator, and for corporations to be "active foreign investors across many locations while paying careful attention to the cultural, political, and economic impact of their investment decisions." The book provokes readers to shake off the myths about globalization and appreciate the benefits of more openness, cross-border engagement and sympathy. As Ghemawat convincingly argues, doing so can point us on the path toward global prosperity.

"Pankaj Ghemawat has provided an impressive and comprehensive analysis of the world's situation in times of globalization and strong economic and social imbalances. His book contributes to fostering the right mindset that will enable us to reshape this world in a sustainable way. If we believe in World 3.0, we will be able to build it." - Muhammad Yunus, founder of Grameen Bank and recipient of the Nobel Prize for Peace

WORLD 3.0 will be featured on the cover of the May 23rd issue of TIME Magazine.