Connected: 24 Hours in the Global Economy

Very interesting Short yet connect essays. It just leaves you with enough information to understand interconnected economic behaviour. The book doesn't go deep but this makes it a good in-light one trip read.

By now, we all know that "The World is Flat", and globalization (whatever that really means), is a fact, like it or not. But do we really understand global connections? In this interesting production of 14 magazine formatted articles - interjected with educational pieces on credit markets and currency, world stock markets, and oil's economic importance - economic writer, Daniel Altman asks the reader to do some thinking about how the global economics work. Altman asks 14 different questions with regard to global economics, and then does some educating on the subject using real time (15 June 2005) situations to argue both sides of the question. If you are interested in, "Who really controls the world's money supply?" or, "Is immigration a luxury or a necessity?" then you will find this book of interest. Altman does not attempt to connect the dots for you, but the questions and the stories should give you `food for thought' about the development of our global economy. As the book is constructed using an article format, it is an easy read, even if the subjects are a bit on the `heavy' side. If you are a fan of The Economist magazine, this is a book for you. Dennis DeWilde, author of "The Performance Connection"

Whatever one's views of globalization: whether one is a free-market fundamentalist or an anti-globalization protester, one thing is certain, global trade is here to stay. Globalization is not something that is controlled by governments or large corporations - though they are influential - rather it is driven by technology. Technology allows investors, consumers, workers, managers, etc. to connect and interact with their counterparts all over the globe. As Daniel Altman explains in his new book, this interconnectedness is growing more complex by the day. To show how this web of interconnectedness is being woven, Altman chooses a random day, June 15 2005, and gives 14 snapshots from around the world. He updates the old cog-in-the-machine metaphor of the laborer with a new globally connected and empowered knowledge worker. Here he follows the footsteps of Thomas Friedman in The World Is Flat: A Brief History of the Twenty-first Century. On this given day we see how the entire world is on a quest for better connections to buy products and to get information from around the world. Each chapter begins with a news story or an email about a specific event. He then shows how this particular story relates to the larger global economy. This is the economist zooming in and out from the micro to the macro. This method reminds me of current events day in grade school when we brought newspaper clippings to school for discussion and possibly some insights into the larger picture. One of the more interesting chapters was Altman's story about Intel's business in Vietman. In this case a Communist government worked to Intel's advantage since they have monopoly of business within the country. Intel's and the government's goals were basically the same: they both wanted computers in the hands of as many people as possible. The larger issues that Alman discusses are the pros and cons of a MNC investment in a country such as Vietman, the role the government should play, and to the extent to which they should let Intel run the business. Altman goes on to discuss how Beijing takes advantage of foreign MNC's. Beijing allows foreign companies to buy shares in state companies so that those companies can learn international accounting practices before they are listed on foreign exchanges. By outsourcing their business laws and practices, Beijing is actually sidestepping some very sensitve and difficult issues by letting outsiders write the rules. This is a very clever on their part maneuver since no one has to take responsiblity in case there are some failures. This book does not have the answers to the big questions, it is only a day-in-the life of the global economy. It does do a good job of showing the globalness of the big issues. It also illustrates why it is important for everyone to get well-connected if they are looking for new opportunities or if they simply want to remain relevant.

This is the penultimate insiders view of the world economy as Altman ( a serious business journalist with a PhD.), lets you peek inside the worlds of a dozen decision maker/influencers/ordinary people in many countries, in the same24 hr period. Fascinating and much more insightful than The World is Flat. I can never read the world business news the same way again. It caused me to renew my online The Economist subscription. I appreciated the inside views on currency exchanges, credit and inflation. The story of Haier in China - delightful vignettes. I had forgotten how much Japan lacked competition until pointed out by Altman. The background on why the US will continue to force its dollar lower is worth the book price. The story about the plight of Chinese peasants really pulls at your gut. A must read, it is topical, thought provoking and appropriate for our market planning.

Economist Daniel Altman's book is a behind-the-scenes glimpse at the global economy. With tangible examples, opinions from the executives, worker bees, and the guys on the street, and detailed anecdotes ripped straight from the headlines of the dot com boom and beyond, Altman's essays make abstract concepts authentic. His gives context to big macroeconomic vocabulary terms and provides a framework in which the reader can develop his or her own opinion on hot button issues. Altman gives examples and raises enough probing questions that the reader will walk away with a profound appreciation for the lack of black/white good/bad thinking when it comes to globalization. The story of the global economy is told via 14 snapshots (chapters) of action around the world on one day--June 15, 2005. The chapters range in topic from corporate mergers to anticompetitive practices to currency markets to U.S. dominance. Each chapter is a well-developed stand-alone essay. The weak point is the gimmicky nature of the book--using a time-stamped first-person journal entry from a global market "player" in each chapter to expound upon the topic at hand. The first-person entries add nothing to Altman's already well-crafted text, and by chapter 14, they are a tedious distraction from an otherwise excellent book. Altman's book is a quick read full of necessary history, politics, and economics for every citizen of the modern world.