Outsourcing Economics by Milberg, William,Winkler, Deborah -- Read -- Imperial Library of Trantor

Index

Cover Title page Copyright page 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 Intermediates 2.1.2 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 Framework

Offshoring 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 5.2.2 The Burden of Economic Risk

5.3 Connections between Globalization and Economic Insecurity

5.3.1 Skill-Biased Shifts of Labor Demand 5.3.2 Overall Labor Demand 5.3.3 Labor Share of Income 5.3.4 Displacement from Trade 5.3.5 Elasticity of Labor Demand and the Threat Effect

5.4 Offshoring and the Labor Market: Econometric Evidence

5.4.1 Offshoring and Labor Demand in the United States 5.4.2 Offshoring and the Labor Share in the United States 5.4.3 Offshoring and the Labor Share: The Role of Labor Market Support

Regression Results Regression Results by Country Groupings and Country

5.4.4 Actual and Perceived Effects of Offshoring

Appendix 5.1. Country Codes, OECD Countries Appendix 5.2. Data Description, United States Appendix 5.3. Data Description, OECD Countries Appendix 5.4. Sectoral Classification

six Financialization and the Dynamics of Offshoring

6.1 The Shift to Core Competence, Offshoring, and Financialization

6.1.1 Decline in Investment 6.1.2 Increase in Financialization

Explanations for Financialization Key Indicators of Financialization

6.2 Offshoring, Capital Accumulation, and Financialization: Econometric Evidence

6.2.1 Offshoring and Capital Accumulation in the United States 6.2.2 Offshoring and Financialization in the United States

6.3 Sustainability and Replicability of the Globalization-Financialization Link

6.3.1 Sustainability 6.3.2 Replicability

6.4 Conclusion: Interdependence of Globalization and Finance in the Global Crisis

Seven Economic Development as Industrial Upgrading in Global Value Chains

7.1 Vertically-Specialized Industrialization

7.1.1 From Import Substitution to Export Orientation to Vertical Specialization 7.1.2 Entering Global Value Chains through Export Processing Zones

7.2 Economic Upgrading versus Social Upgrading

7.2.1 Upgrading Defined and Measured 7.2.2 Economic and Social Upgrading at the National Level

Economic Upgrading Social Upgrading

10 Economic and Social Upgrading in Global Value Chains10

Economic Upgrading Social Upgrading Economic versus Social Upgrading

15 Gender Bias in Industrial Upgrading?15 7.4 Obstacles to Upgrading: Prebisch-Singer Trap for the Twenty-First Century? Appendix 7.1. Thirty-Country Sample and Income Category

Eight Outsourcing Economics

8.1 Global Business and the Polanyian Moment 8.2 Trade and Exchange Rate Politics 2 Profits and the Macroeconomic Imbalances2 8.4 Capturing the Gains from Globalization

8.4.1 Maximizing Dynamic Gains and Reducing Financialization 8.4.2 Reducing the Cost of Job Loss and Promoting Innovation 8.4.3 Reducing Asymmetries and Increasing Accountability for Social Standards in Global Value Chains 8.4.4 Industrial Policy in the Era of Vertically-Specialized Industrialization 8.4.5 Alternative Sources of Demand

8.5 Capitalisms Explanation System

References Index

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