World 3.0
Global Prosperity and How to Achieve It
By: Pankaj Ghemawat
Published: May 3, 2011
Format: Hardcover, 400 pages
ISBN-10: 142213864X
ISBN-13: 978-1422138649
Publisher: Harvard Business Press
"Today's challenges call for a new way of looking at the world. This book offers such a worldview - what I call World 3.0", writes Anselmo Rubiralta Professor of Global Strategy at IESE Business School, Pankaj Ghemawat, in his comprehensive and visionary book World 3.0: Global Prosperity and How to Achieve It. The author describes a fresh approach to international markets and globalization that he calls World 3.0 (TM).
Pankaj Ghemawat moves beyond the usual polarized discussions surrounding markets and the global economy. For the author, the sterile debate has seen the protectionist and regulated World 1.0 pitted against the flat world of stateless corporations of World 2.0. The author uses the terms World 1.0 and World 2.0 to depict this false dichotomy. Pankaj Ghemawat considers both of these worldviews to be flawed, and presents facts and data to prove his point. The author offers his vision of World 3.0 (TM) as a more realistic worldview, based on the evidence that the current state of world trade is really one of semi-globalization. Pankaj Ghemawat considers the real levels of globalization to be much lower than usually thought by academics, politicians, business leaders, and the average person.
Pankaj Ghemawat (photo left) makes the unexpected and groundbreaking point that the potential exists to increase global integration, resulting in greater worldwide prosperity. The author points to the problems of equating increased global trade with a need for less regulatory action by governments. Pankaj Ghemawat moves beyond this rigid ideological argument to present what he calls "right touch" regulation based on the reality of the trade and the nations involved in the transactions. Pankaj Ghemawat acknowledges that regulation can have side effects in some cases, while a lack of regulation can cause problems in other trade activities. The author's World 3.0 (TM) model moves beyond the inflexible protectionist position of World 1.0 and the completely free trade encapsulated in the World 2.0 worldview. Pankaj Ghemawat takes the radical position that international trade levels, and overall global integration, are in reality very low at the present time. That analysis opens up the discussion of globalization to potential increases in trade between countries.
For me, the power of the book is how Pankaj Ghemawat offers a reality based alternative to the entrenched positions taken by politicians, pundits, business executives, and the general public. The author makes a strong case for transforming the role of governments to both encourage further trade integration and to be prepared to regulate where necessary to prevent problems and harmful side effects. At the same time, Pankaj Ghemawat recommends that corporations increase their foreign investments while being more sensitive to the reality that those investments have economic, social, and political impact. The author is clearly in support of more global integration on all levels, but discounts the concept of a flat world. For Pankaj Ghemawat, the evidence doesn't support that popular World 2.0 worldview.
Instead, the author presents data supporting the value of the World 3.0 (TM) initiative. The author points out how country location, similarities, and differences can be better utilized to increase trade and investment opportunities. The author provides the view that immigration and global migration of people, can boost economic opportunity and create greater wealth. Pankaj Ghemawat takes the position, and backs it with more data, even the environment could benefit from enriched integration. Indeed, the author considers the status quo to be more harmful to the environment than creating more international integration. Whether a person agrees with the position presented by Pankaj Ghemawat, this book provides a gateway to further dialogue and an opportunity to move away from rigid policy positions on globalization.
I highly recommend the thought provoking and important book World 3.0: Global Prosperity and How to Achieve It by Pankaj Ghemawat, to anyone seeking a fresh and real world based approach to the issues surrounding globalization and protectionism. The author explodes the myths of corporate trade concentration and the idea that globalization leads to a homogenization of world culture and thought. The author presents the data to support his position on every globalization issue addressed in the book.
Read the brilliant and eye opening book World 3.0: Global Prosperity and How to Achieve It by Pankaj Ghemawat, and discover a new way of looking at globalization and international integration. This book deserves a wide audience, extensive discussion, and serious consideration by everyone. Current and future global prosperity depends on it.
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