Tuesday, August 19, 2014

Textiles and Trade: Rivoli (2005; 2009); Bennett (2008); Timmerman (2008; 2012)

The (cotton) textiles industry has been a focus of controversy and misunderstanding since the beginning of the first industrial revolution. That industry can serve as a useful example or case study for learning about the many aspects of economic change. One can see similar patterns of change associated with cotton textiles repeated several times over the last two centuries, within and between several countries. Some topics: Technological change as a driver of economic change. Labor exploitation, labor organizing, legal development driven by the need to improve labor conditions, and more general social welfare development. Societies' transitions along a path of increasing industrial development. Trade: relationships within and between countries in the exchange of raw materials, production technology, intermediate and finished goods. Financial sector contributions to economic activity.

These three popular (that is, non-technical, non-specialist) books on contemporary, mostly cotton, textiles and international trade introduce some of those topics.

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Pietra Rivoli.
The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade.
Hoboken, New Jersey: John Wiley & Sons, Inc., 2005.
A second edition was published in 2009.

Book information: Publisher; Google Books; Amazon.com; book webpage at author's website.

Links:
  • Pietra Rivoli, McDonough School of Business, Georgetown University.
  • Pietra Rivoli, Wikipedia.
  • Brad DeLong says Rivoli's is "The best book about modern international trade ever written." (That is certainly true of the three books discussed in this blog post.)
Video:
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Joe Bennett.
Where Underpants Come From: From Cotton Fields to Checkout Counters -- Travels Through the New China and Into the New Global Economy.
New York: The Overlook Press, 2009.
First published: London: Simon & Schuster UK Ltd, 2008.

Book information: Publisher, hardcover; Publisher, paperback; Google Books; Amazon.com, hardback; Amazon.com, paperback; book webpage at author's website.

Links:Video:
Bennett works as a newspaper columnist and travel writer and his book reflects that: it's about his travels to the various places, mostly in China, associated with the production and distribution of his underpants. Consequently the book focuses a little more on Joe Bennett than on underpants (or cotton textiles and international trade) than I would prefer, but other readers with a less technical inclination than myself may prefer that. Nevertheless, it is a good introduction to China and the textiles industry.

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Kelsey Timmerman.
Where am I Wearing: A Global Tour to the Countries, Factories, and People That Make Our Clothes.
Hoboken, New Jersey: John Wiley & Sons, Inc., 2008.
A second edition was published in 2012.

Book information: Publisher; Google Books; Amazon.com; book webpage at author's website.

Kelsey Timmerman, whereiamwearing.com, author's website.

While Rivoli and Bennett discuss the wide range of economic activities involved in the production of cotton textiles, from cotton agriculture to yarn and thread to cloth to garment assembly (with less focus on final product transportation, distribution, merchandizing, marketing, and retail), Timmerman instead limits his attention to garment assembly and the world of low-skilled labor with visits to factories in Honduras, Bangladesh, Cambodia, China and the USA. Also whereas Bennett is an older and more experienced travel writer, Timmerman is at the beginning of his career. While he occasionally provides interesting insights into the lives of garment workers, they are imbedded in a discussion that often seems amateurish (Timmerman's profession is indeterminate given his anecdotes of various occupations: retail sales, Scuba diver/beach bum, activist, journalist, blogger).

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Wikipedia Articles:
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Textile Industry Videos:
  • David Macaulay, "Industrial Revolution: Spinning Mills," PBS, 2002 : YouTube.
    Discusses the 19th century textile industry in the USA.
  • "How Textile Mills are Modernizing," General Electric, 1948 : YouTube.
  • How It's Made: Cotton Yarn : YouTube.
  • How It's Made: Fabrics : YouTube.
  • How Jeans Are Made : YouTube.
  • Still Standing - The Real Story of the NC Textile Industry, 2012 : YouTube.
  • Factory Video, Jawahar Spinning Mills, Maharashtra, India, 2011 : YouTube.
  • Al Karam Textile Mills, Karachi, Pakistan : YouTube.
  • Pendleton Woolen Mills, Washougal, Washington, USA : YouTube.

Tuesday, August 12, 2014

Leverett & Leverett, "The Rise of the Petroyuan and the Slow Erosion of Dollar Hegemony," July 2014

Flynt Leverett and Hillary Mann Leverett, "Petrodollars, Petroyuan, and the Ongoing Erosion of American Hegemony," Going to Tehran (blog), 30 July 2014.

Also published at: The World Financial Review, July-August 2014 as "The Rise of the Petroyuan and the Slow Erosion of Dollar Hegemony."

This article provides a brief history of U.S. dollar hegemony, how and why it developed and some factors currently acting against it. Some books I'm looking forward to reading on this topic include:
  • Michael Pettis, The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy, Princeton University Press, 2013.
    (Publisher; Amazon.com.)
  • Barry Eichengreen, Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, Oxford University Press, 2011.
    (Publisher; Amazon.com.)
  • James Rickards, Currency Wars: The Making of the Next Global Crisis, Portfolio / Penguin Group, 2011.
    (Publisher; Amazon.com.)
  • Steven S. Cohen and J. Bradford DeLong, The End of Influence: What Happens When Other Countries Have the Money, Basic Books, 2010.
    (Publisher; Amazon.com.)
  • William R. Clark, Petrodollar Warfare: Oil, Iraq and the Future of the Dollar, New Society Publishers, 2005.
    (Publisher; Amazon.com.)