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The Global Auction: The Broken Promises of…
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The Global Auction: The Broken Promises of Education, Jobs, and Incomes

by Phillip Brown

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I wish I could require our president and the entire congress to read this book. I think the authors pegged exactly how globalization is working in the world economy. They made a reasonable case that we can't educate ourselves out of the problems. Also a rising India and China may not necessarily raise the economy for all especially the poor and less educated peoples of the U.S. and Europe. They poked wholes in Thomas Friedman's argument that improved education will save Western nations and bring prosperity to all.

The weakness of their argument is their assertion that a small elite (the 1% in today's terms) of "talent' are reaping all the rewards of globalization. I'm afraid they could be right as this would explain the high paid CEOs who claimed to know nothing about the kind of loans their banks were making or the kind of derivatives their brokerage was selling. Still the authors didn't make the case with numbers or statistics as clearly as they did for their other assertions. The one number that sticks in my mind is that only 11% of Ivy League students come from low income homes. Anyway great read and not too academic. ( )
  janw | Nov 26, 2011 |
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Amazon.com Product Description (ISBN 0199731683, Hardcover)

For decades, the idea that more education will lead to greater individual and national prosperity has been a cornerstone of developed economies. Indeed, it is almost universally believed that college diplomas give Americans and Europeans a competitive advantage in the global knowledge wars.

Challenging this conventional wisdom, The Global Auction forces us to reconsider our deeply held and mistaken views about how the global economy really works and how to thrive in it. Drawing on cutting-edge research based on a major international study, the authors show that the competition for good, middle-class jobs is now a worldwide competition--an auction for cut-priced brainpower--fueled by an explosion of higher education across the world. They highlight a fundamental power shift in favor of corporate bosses and emerging economies such as China and India, a change that is driving the new global high-skill, low-wage workforce. Fighting for a dwindling supply of good jobs will compel the middle classes to devote more time, money, and effort to set themselves apart in a bare-knuckle competition that will leave many disappointed. The authors urge a new conversation about the kind of society we want to live in and about the kind of global economy that can benefit workers, but without condemning millions in emerging economies to a life of poverty.

The Global Auction is a radical rethinking of the ideas that stand at the heart of the American Dream. It offers a timely exposé of the realities of the global struggle for middle class jobs, a competition that threatens the livelihoods of millions of American and European workers and their families.

(retrieved from Amazon Mon, 30 Sep 2013 13:23:35 -0400)

"For decades, the idea that more education will lead to greater individual and national prosperity has been a cornerstone of developed economies. Indeed. it is almost universally believed that college diplomas give Americans and Europeans a competitive advantage in the global knowledge wars." "Challenging this conventional wisdom. The Global Auction forces us to reconsider our deeply held and mistaken views about how the global economy really works and how to thrive in it. Drawing on cutting-edge research based on a major international study. the authors show that the competition for good. middle-class jobs in now a worldwide competition---an auction for cut-priced brainpower---fueled by an explosion of higher education across the world. They highlight a fundamental power shift in favor of corporate bosses and emerging economies such as China and India. a change that is driving the new global high-skill. low-wage workforce. Fighting for a dwindling supply of good jobs will compel the middle classes to devote more time. money, and effort to set themselves apart in a bare-knuckle competition that will leave many disappointed. The authors urge a new conversation about the kind of society we want to live in and about the kind of global economy that can benefit workers, but without condemning millions in emerging economies to a life of poverty." "The Global Auction is a radical rethinking of the ideas that stand at the heart of the American Dream. It offers a timely expose of the realities of the global struggle for middle class jobs. a competition that threatens the livelihoods of millions of American and European workers and their families."--BOOK JACKET.… (more)

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