Fighting the Wrong Enemy

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Antiglobalist forces have gained momentum in recent years, seeking to reverse perceived negative effects of a global economy. This influence was notably felt when the effort to create a Multilateral Agreement on Investment (MAI) collapsed in 1998 after France withdrew from negotiations, effectively ending the initiative. Edward M. Graham evaluates the MAI and the concerns raised by its opponents, offering a fresh perspective on the backlash against globalization. He investigates whether the MAI's failure stemmed from political maneuvering by antiglobalist NGOs, backed by US organized labor, or from irreconcilable differences among negotiating parties regarding foreign direct investment. Graham assesses claims that multinational firms negatively affect workers in both home and host nations, particularly in developing countries, finding that these firms often pay wages significantly above local averages. He also explores the relationship between global economic activity and environmental issues, noting that while economic growth in developing nations can increase environmental stress, foreign direct investment may also help reduce it. The book considers whether a comprehensive investment agreement should be pursued in future World Trade Organization negotiations, suggesting that while many developing nations might accept such rules, a limited investment agenda may be more feasible and productive at this time.