Anybody here yet?
I'm on the globalization chapter. The globalization chapter's warning about the process is that companies are becoming more transnational and so fiscal policy is becoming more global in nature even while national governments remain limited to controlling their own turf. The authors note that this will become a large problem as political power and financial regulation diverge.
The book was written in 1998, the year before the introduction of the euro. It seems their warning is very applicable to the Eurozone crisis now: Grecians work and borrow with the same currency as Germans, despite the first nation's corruption and lack of the political concept called "actually collecting taxes". The Germans can sort of kludge together a little political power over Greece when it comes to crisis time by requiring austerity before they'll approve the creation of more Greek government debt, but they certainly don't have political power over Greece concomitant with the degree to which they're financially joined at the hip.
Thoughts?