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Dangerous Business: The Risks of Globalization for America | 
 enlarge | Author: Pat Choate
Publisher: Knopf
Category: Book
List Price: $25.95
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Rating:  8 reviews
Sales Rank: 24053
Media: Hardcover
Edition: 1
Pages: 288
Number Of Items: 1
Shipping Weight (lbs): 1.3
Dimensions (in): 9.3 x 6.5 x 1.2
ISBN: 0307266842
Dewey Decimal Number: 337.73
EAN: 9780307266842
ASIN: 0307266842
Publication Date: August 12, 2008
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Product Description
From one of the most respected and vigorous economic thinkers in Washington, a wake-up call about the perils of unfettered globalization. In this impassioned, prescient book, Pat Choate shows us that while increased worldwide economic integration has some benefits for our fiscal efficiency, it also creates dependencies, vulnerabilities, national security risks, and social costs that now outweigh its advantages. He takes the long view of developments such as technology-driven progress, the offshoring of jobs, and open trade, arguing that current U.S. policies are leading to worldwide economic and political instability, in much the same way as before the Great Depression.
Choate writes convincingly about the Defense Department’s growing dependence on foreign sources for its technologies, the leasing of parts of our interstate highway system to overseas investors, China’s economic mercantilism, and international currency manipulation that damages the dollar. We have been borrowing heavily from foreign lenders, who by 2009 will own more than half of the Treasury debt, a third of U.S. corporate bonds, and a sixth of U.S. corporate assets—all of which, if handled improperly, could trigger a global economic collapse.
But our economic forecast need not be dire. Choate sees a way out of these dilemmas and presents politically viable steps the United States can take to remain sovereign, prosperous, and secure. He presents bold new research that identifies the special interests and structural corruption that have overtaken our democracy—and shows how they can be corrected. He illustrates how our policy-making and legislative process, currently beholden to the highest bidder, can be transformed from one of corporatism and elitism into one of greater transparency. Clear-eyed and persuasive, this is sure to be one of the most widely discussed books of the year.
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| Customer Reviews: Read 3 more reviews...
Right on Target! September 10, 2008
Loyd E. Eskildson (Phoenix, AZ.)
3 out of 4 found this review helpful
"The globalization policies of presidents Bush (I and II) and Clinton constitute the worst economic mistake in American history" - says Chaote early in his "Dangerous Business." Readers then learn that the U.S. now imports more food than its exports; similarly more high-tech products.
In the six years since 9/11, food-born pathogens and toxins have killed 10X those killed in the terrorist attack. Our response - reduce the number of FDA inspectors. China, India, and Mexico are prime culprits, and cases have involved deliberate adulteration of food for animals and people with poisons that have killed thousands. U.S.D.A. inspectors analyze less than 1% of food imports; part of our reticence to reject Chinese food imports is their quick retaliation by banning ours.
Over 80% of the bulk active ingredients for U.S. prescription drugs are imported - mostly from China and India.
The Chinese low-cost advantage comes via low labor costs, few environmental/labor safeguards, piracy, export subsidies (tax exemptions, forgiven loans, free rent and land - estimated to contribute 16% of their advantage), industrial clustering (aka Ford's River Rouge Plant near Detroit; contributing another 16% of their advantage).
Foreign corporations may deduct from Chinese income tax an amount equal to 150% of their R&D in China - if this amount increased 10% over the prior year.
China's surplus funds and assets are expected to hit $3 trillion in 2010, vs. an entire value of $15.4 trillion for NYSE U.S. firms.
Finally, Chaote also points out that many key military components are either available in the U.S. now only through a single source, while others not at all. The Pentagon says it's not concerned because wars will be shorter in the future. Meanwhile, the wars in Iraq and Afghanistan continue on, years longer than WWI, WWII, and the Korean War.
Pat Choate argues passionately that unfettered globalization is very risky business and ultimately unsustainable. September 9, 2008
Paul Tognetti (Cranston, RI USA)
7 out of 8 found this review helpful
The American people need a wake-up call! That seems to be the message that Pat Choate is urgently attempting to convey in his important new book "Dangerous Business: The Risks of Globalization for America". For more than seven decades now both Republican and Democratic administrations have been pursuing economic policies that favor so called "free trade". And with the establishment of the World Trade Organization and the passage of NAFTA back in 1993 the Congress in conjunction with Presidents Clinton and Bush have seemingly colluded with multi-national corporations in accelerating the outflow of capital and good paying jobs from our country. Yes, it seems that people like Ross Perot, Pat Buchanan and Senator Byron Dorgan were right. Globalization has been a disaster for the American worker. But there is a lot more to this story than meets the eye. That is what "Dangerous Business" is all about.
Would it disturb you to learn that a number of state governments are in the process of leasing our freeways to foreign companies? I had never heard of this one before but in 2005 the State of Indiana awarded a 75 year lease on an extremely busy highway known as the Indiana Toll Road to a Australian/Spanish consortium. Under the terms of this agreement the State of Indiana would receive an up front payment of some $3.15 billion dollars. In return this consortium agrees to operate, maintain and collect tolls on the turnpike. Tolls are expected to increase dramatically in the years ahead and estimates are that this deal will produce more than $121 billion of revenue during the life of this agreement. This is definitely a short-sighted and ill-advised deal for the State of Indiana. Then there is another scheme known as the Trans-Texas Corridor. You might want to check one out at www.corridorwatch.org. It is frightening to discover just how many questionable deals federal and state governments are entering into with virtually no involvement from the legislative branch and with an absolute minimum of publicity. It is instructive to note that both President Clinton and President George W. Bush have attempted to circumvent the normal legislative process by utilizing Executive Orders to accomplish their highly questionable objectives. Such actions makes one wonder just whose side our leaders are really on.
Those of you who are old enough might recall the classic scene in the 1976 motion picture "Network" where Arthur Jenson, Chairman of the Board of the UBS network (played by Ned Beatty) confronts anchorman Howard Beal in the Board Room. In that scene Mr. Jenson declares in no uncertain terms: "There is no America. There is no democracy. There is only IBM, and ITT, and AT&T, and DuPont, Dow, Union Carbide, and Exxon. Those are the nations of the world today." He goes on to say: "We no longer live in a world of nations and ideologies, Mr. Beale. The world is a college of corporations, inexorably determined by the immutable bylaws of business. The world is a business, Mr. Beale. It has been since man crawled out of the slime." How apropos to the subject matter at hand! Throughout the pages of "Dangerous Business" Pat Choate points to countless examples where the interests of our nation have been sold down the river by corporations, investors and the elite. One of the most disturbing things that I discovered was just how much of our nations defense work has been outsourced to other nations including China! It seems to me that the very security of this nation has been put at risk by actions like this. Then there is the whole subject of the WTO. Did you know that all 153 member nations of the World Trade Organization have an equal vote in the decisions that are made? Thus, as Choate points out, the vote of the tiny nation of Antigua (population 69,000) carries the same weight as that of the United States. There is clearly something wrong with this picture.
Time will simply not permit me to even scratch the surface of all of the substantive issues discussed in this book. Suffice to say that "Dangerous Business: The Risks of Globalization for America" is an extremely timely and important book that needs to be read and digested by as many Americans as possible. The American people need to understand what is happening around them and Pat Choate offers a number of thoughtful solutions to the problems he discusses. Extremely well written and exhaustively researched "Dangerous Business" is one book I simply could not put down. Very highly recommended!
Easily understandable description of our current American government TREASON toward Americans who work for a living! August 27, 2008
Valerie Chandler (Cincinnati, Ohio United States)
1 out of 2 found this review helpful
I couldn't put this book down and read the 205 pages in one sitting. Choate gives great instructions for our government. READ THIS BOOK!
What If Ross and Pat Had won in 1996? August 19, 2008
Fred Weinberg (Las Vegas, Nevada USA)
6 out of 6 found this review helpful
By way of full disclosure, the chances of my giving Pat Choate's new book, Dangerous Business a bad review are not very high.
We have been friends and business associates for more years than either of us care to count and our views on the competence of those in our government who masquerade as international trade negotiators are strikingly similar.
That said, Pat's ability to take a subject which is a non narcotic substitute for sleeping aidslike international tradeand make it interesting is rare and a gift which any college student who has a term paper due should appreciate.
In his last book, Hot Property, Pat explained how people in countries like China steal ideas.
This book concentrates on how they directly take our money.
And it is important to note that Pat is not a China-phobe.
In fact, the first thing he points out is that China, Inc. is not some backward, third world country.
Its industries are now owned mostly by the government but controlled by very smart, very efficient and very experienced people who would hold similar jobs in private industry were they here in the United States.
Worse, they are much better negotiators than anybody we have representing our country. Partially by intellect and partially by national trade doctrine.
In fact, in many cases, with a little help from our own stupidity, they can fake us out of our jockstraps--usually made in China these days and sold at Wal-Mart.
Pat points out that the situation we find ourselves in today is the result of the U.S. policy of free trade as opposed to fair trade which is being espoused by a non-partisan group of multi-national companies which look forward no further than their next quarter's earnings.
The resulting disruption of our economy is simply not accounted for in negotiating today's trade agreements because the results of globalization are instant profits for the multi-nationals at the expense of jobs and the U.S. economy.
Put bluntly to U.S. citizens who lose their jobs to outsourcing: you had a good run and if you live through the pain, maybe you'll do well in the future but you'll have to live through the pain as we pursue global profits.
China, on the other hand, follows a global policy of mercantilism.
Their currency is strong, they run a positive trade balance and they only let foreign investment into China when it suits their interests.
And even when they do allow foreign investment, it is allowed with an eye towards the future so that perhaps they won't need it after they absorb all the knowledge and expertise they can.
The results of both our policies and their policies have been a number of paradigm shifts in the United States.
One example is that many parts we use in our defense industries are now sourced overseas.
We are, even now, being treated, as an example, to the spectacle of an aircraft tanker competition between Boeing and the people who make the Airbus in Europe and Airbus won the initial round.
The future safety of such arrangements, Pat points out, is in doubt.
What can be done?
Well, that's the crux of the book and it can be summed up in two words.
Better deals.
It's a good read and makes you wonder what a Perot-Choate administration might have done to NAFTA and the WTO had they pulled off the miracle in 1996 and won the Presidency.
Why Trade August 14, 2008
Book & Music Lover (Louisville, Kentucky USA)
20 out of 22 found this review helpful
A good book, though most business people will disagree, but most working people will cheer. Over the last 30 plus years things have gotten so bad that our biggest exports, are jobs. And our leaders say this is good for America. You think? We have trade deficits with just about every trading partner, if they can be so described. But no one in power thinks we need to do anything to change things.
Trade, something of value, in exchange for something of equal value. What do we manufacturer in this nation anymore worth trading? This in turn has contributed to the credit crisis, over burdening credit card dept, (another story) our cities and states cannot meet their obligations in part because revenues are down.
Then there is that nasty word "Globalization," where this nation has become the dumping ground for it seems any and all goods other nations produce. Where we now look the other way because goods are cheap, because they are produced by prisoners, or worse children. No enviromental precautions, no minimum wage, cheap labor, better defined as "SLAVE" labor. Then there is that nasty thing we do called deficit spending, where we spend more than we take in. Living on credit so to speak.
The next President to take office had better have the balls to set this monster straight, or this economic quicksand America now faces will overshadow the great depression of the 1930s. We are pulling up every third world nation, at the expense of American jobs. The jobs an advisor of John McCain says we as Americans are not truly entitled to. Jobs that built this Nation after the depression, and aided in the winning of WW II.
Suggestions are made by the author as to how we can begin to dig ourselves out of this mess, but it will take a great deal of heart. Heart enough to renegoiate our one way trade deals. Pay our way out of dept, and not try to borrow our way out.
This is basic good economics, something like being left with a surplus, instead of dept. This is a major reason we can no longer properly supply our military, too much of what is now needed is produced by other Nations, and how bad is that? Well imangine if before World War 2 this were the case, think we would have won? The Pentagon has little choice but to look to overseas producers, because most of our heavy industry has been exported.
This all relates to our educational system where most high school grad cannot read a simple rule. Not nearly enough revenues to properly educate our children, and a Communist Nation holds a great deal of our dept, as well as Middle Eastern Nations. I thought we were anti Communist. Where do we go from here?
Well too many of us do not vote, and of those who do believe it when they the politicians say globalization is good for America. I hope we read this book, and start to pull our heads out of the sand.
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