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The Wind of the Hundred Days: How Washington Mismanaged Globalization

Author

Listed:
  • Jagdish Bhagwati

    (Columbia University)

Abstract
In The Wind of the Hundred Days, a new collection of public policy essays, Jagdish Bhagwati applies his characteristic wit and accessible style to the subject of globalization. Notably, he argues that the true Clinton scandal lay in the administration's mismanagement of globalization—resulting in the paradox of immense domestic policy success combined with dramatic failure on the external front. Bhagwati assigns the bulk of the blame for the East Asian financial and economic crisis—a disaster that prompts him to use as his title the poet Octavio Paz's image of devastation "I met the wind of the hundred days"—to the administration's hasty push for financial liberalization in the region. The administration, Bhagwati claims, has also mishandled the freeing of trade. The administration-hosted WTO meeting in Seattle ended in chaos and the launch of a new round of multilateral trade negotiations was dashed. Bhagwati shows how the administration's failure to get Congress to renew fast-track authority can be attributed to an unimaginative response to the demands of a growing civil society. In several essays, he shows how free trade and social agendas both could have been pursued successfully if the concerns of human rights, environmental, cultural, and labor activists had been met through creative programs at appropriate international agencies such as the International Labour Organization instead of the WTO and via trade treaties. Bhagwati also criticizes the claim that "globalization needs a human face," arguing that it already has one. He faults the administration for embracing unsubstantiated anti-globalization rhetoric that has made its own preferred option of pursuing globalization that much more difficult.

Suggested Citation

  • Jagdish Bhagwati, 2002. "The Wind of the Hundred Days: How Washington Mismanaged Globalization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262523272, April.
    • Handle: RePEc:mtp:titles:0262523272
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    Citations

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    Cited by:

    1. Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 259-294, March.
    2. Xiaohua Bao & Xiaozhuo Wang, 2019. "The Evolution and Reshaping of Globalization: A Perspective Based on the Development of Regional Trade Agreements," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 27(1), pages 51-71, January.
    3. Aluko, Olufemi Adewale & Opoku, Eric Evans Osei, 2022. "The financial development impact of financial globalization revisited: A focus on OECD countries," International Economics, Elsevier, vol. 169(C), pages 13-29.
    4. Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2‐3), pages 259-294, March.
    5. GAOMBALET, Célestin Guy-Serge, 2021. "La Zlecaf à l’épreuve des déterminants et stratégies d’internationalisation des firmes multinationales ainsi que du régime du multilatéralisme commercial de l’OMC [The AfCFTA tests the internationa," MPRA Paper 109001, University Library of Munich, Germany.
    6. J. Broz, 2008. "Congressional voting on funding the international financial institutions," The Review of International Organizations, Springer, vol. 3(4), pages 351-374, December.
    7. Schilirò, Daniele, 2003. "Dibattito sulla globalizzazione. Un commento [Debate on globalization. A comment]," MPRA Paper 34943, University Library of Munich, Germany.
    8. J. Lawrence Broz, 2008. "Congressional voting on funding the international financial institutions," The Review of International Organizations, Springer, vol. 3(4), pages 351-374, December.
    9. Hainmueller, Jens & Hiscox, Michael J. & Margalit, Yotam, 2015. "Do concerns about labor market competition shape attitudes toward immigration? New evidence," Journal of International Economics, Elsevier, vol. 97(1), pages 193-207.
    10. C. Veeramani, 2019. "Fragmentation Trade and Vertical Specialisation: How Does South Asia Compare with China," Journal of Asian Economic Integration, , vol. 1(1), pages 97-128, April.
    11. J. Lawrence Broz, 2005. "Congressional Politics of International Financial Rescues," American Journal of Political Science, John Wiley & Sons, vol. 49(3), pages 479-496, July.

    More about this item

    Keywords

    globalization; free trade;

    JEL classification:

    • F0 - International Economics - - General
    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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