Outsourcing economics : global value chains in capitalist development / / William Milberg, Deborah Winkler [[electronic resource]]

• Record Nr.: UNINA9910819852703321
• Autore: Milberg William S. <1957->
• Pubbl/distr/stampa: Cambridge : , : Cambridge University Press, , 2013
• ISBN: 1-107-35772-1; 1-107-34185-X; 1-107-34810-2; 1-107-34560-X; 1-139-20877-2
• Descrizione fisica: 1 online resource (xxvi, 349 pages) : digital, PDF file(s)
• Disciplina: 338.6
• Soggetti: Offshore outsourcing - United States; Labor market - United States; Foreign trade and employment - United States; Globalization - Economic aspects; Free trade - United States
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Title from publisher's bibliographic system (viewed on 05 Oct 2015).
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Contents; List of Figures; List of Tables; List of Appendices; List of Variables; List of Abbreviations; Acknowledgments; one Introduction; 1.1 The Public Debate versus the Economics Profession; 1.1.1 "Ricardo Is Still Right"; 1.1.2 Perceived and Actual Effects of Globalization; 1.1.3 The "Kletzer Effect"; 1.2 A Global Value Chain Approach to Offshoring; 1.2.1 Globalization and the Economic Crisis of 2008-2009; 1.2.2 The Governance of Value Chains; 1.2.3 Re-Embedding the Market; 1.2.4 An Interdisciplinary Account of Offshoring; Two The New Wave of Globalization; 2.1 Measures of Offshoring; 2.1.1 The Changing Nature of Trade in Intermediates2.1.2 Trade and Broader Measures of Offshoring; 2.1.3 U.S. Aggregate Offshoring Intensities; 2.1.4 U.S. Sectoral Offshoring Intensities; 2.2 Drivers of the New Wave of Globalization; 2.3 Trade Crisis and Recovery; Appendix 2.1 Classification of Sectors by Broad Economic Categories; three What Role for Comparative Advantage?; 3.1 Introduction; 3.2 The Fall and ; Revival of Comparative Advantage; 3.2.1 The Fall of Comparative Advantage; 3.2.2 The New International Economics Backlash; 3.2.3 The Revival of Comparative Advantage; 3.2.4 Models of Offshoring in a Comparative Advantage FrameworkOffshoring as Fragmented Production; Offshoring as Trade in Factor Services; Offshoring as "Trade in Tasks"; Limitations of Contemporary Models of Offshoring; 3.3 Limits of Comparative Advantage; 3.3.1 Conceptual Limits; Persistent Trade Imbalances; International Capital Mobility; Constant Real Wages; Footloose Input Production; Many Goods and Many Countries; Technology Gap; From a Technology Gap to a "Social Gap" Model of Trade; 3.3.2 Historical Limits; Persistent Trade Imbalances; Economic Development and Comparative Advantage "Defiance"3.3.3 Ethical Limits; 3.4 Conclusion; four Lead Firm Strategy and Global Value Chain Structure; 4.1 Trade, Profits, and Investment; 4.1.1 Cost Markups, the Profit Share, and Offshoring; Price Competition, Markups, and the Profit Share; Offshoring and the Profit Share; 4.1.2 The Persistence of Oligopoly; 4.1.3 Global Value Chains and Heightened Competition among Suppliers; 4.2 Endogenous Asymmetry of Market Structure in Global Value Chains; 4.2.1 Power and the Distribution of Valued Added; 4.2.2 Sustainability of the Asymmetry; 4.2.3 What Drives Foreign Direct Investment?4.3 Determinants of Global Value Chain Structure; 4.3.1 Transactions Cost-Based Theories; 4.3.2 Resource-Based Theories and the Shift to Core Competence; 4.3.3 Beyond Transactions Cost Minimization: Global Value Chain Governance Strategies; 4.4 A Classical Approach to Offshoring; 4.4.1 Relevance of Ricardos Dynamic Gains from Trade; 4.4.2 Static and Dynamic Gains from Offshoring; 4.4.3 Conclusion; five Economic Insecurity in the New Wave of Globalization; 5.1 Economic Insecurity; 5.2 Varieties of Capitalism and the Burden of Economic Risk; 5.2.1 Strictness of Employment Legislation versus Labor Support
• Sommario/riassunto: Outsourcing Economics has a double meaning. First, it is a book about the economics of outsourcing. Second, it examines the way that economists have understood globalization as a pure market phenomenon, and as a result have 'outsourced' the explanation of world economic forces to other disciplines. Markets are embedded in a set of institutions - labor, government, corporate, civil society, and household - that mold the power asymmetries that influence the distribution of the gains from globalization. In this book, William Milberg and Deborah Winkler propose an institutional theory of trade and development starting with the growth of global value chains - international networks of production that have restructured the global economy and its governance over the past twenty-five years. They find that offshoring leads to greater economic insecurity in industrialized countries that lack institutions supporting workers. They also find that offshoring allows firms to reduce domestic investment and focus on finance and short-run stock movements.