Grave New World: The End of Globalization, the Return of History

Format: Paperback / softback
Length: 304 pages
Publication date: 04 April 2018
Publisher: Yale University Press

Globalization, a long-held belief in its ability to drive economic prosperity, is facing a significant challenge. The principles of free trade and open capital markets, which have been the foundation of this approach since the 1980s, are beginning to fracture. Disappointing growth rates across the Western world have led nations to prioritize their national interests over global growth, and leaders are finding it difficult to sell the idea of a global agenda for prosperity to their citizens.

In his book, economist Stephen D. King delves into the reasons behind the rejection of globalization and explores the potential consequences of a world ruled by rival states with conflicting aims. He argues that a rejection of globalization and a return to "autarky" could lead to economic and political conflict. Drawing on historical lessons, King offers insights into how best to navigate this challenging landscape and avoid the worst possible outcomes.

One of the key arguments made by King is that globalization has created a complex web of interdependencies that is difficult to unravel. He argues that a rejection of globalization could lead to a race to the bottom, where nations compete solely on the basis of low wages and cheap labor. This, in turn, could result in job losses, reduced standards of living, and increased social unrest.

To mitigate these risks, King suggests that nations should focus on building strong domestic economies and promoting sustainable development. He advocates for policies that support innovation, education, and infrastructure development, which can create jobs and boost economic growth while also promoting social well-being.

King also emphasizes the importance of international cooperation and collaboration in addressing global challenges. He argues that rival states with conflicting aims can work together to find common ground and address issues such as climate change, terrorism, and trade disputes. By building trust and working towards shared goals, nations can create a more stable and prosperous global economic order.

In conclusion, globalization is facing a significant challenge, but it is not inevitable. By rejecting the principles of free trade and open capital markets and focusing on domestic economies, sustainable development, and international cooperation, nations can create a more stable and prosperous global economic order. However, this requires a willingness to prioritize national interests and work towards shared goals, which may be difficult to achieve in a world characterized by rivalries and conflicting aims.

Weight: 334g
Dimension: 198 x 132 x 23 (mm)
ISBN-13: 9780300234503