Extract
The end of liberal globalization.
The liberal form of globalization that has shaped the world over the past 60 years is in steep decline. The reason for that decline--principally, the loss of American hegemony--is now coming into focus, but what will replace the liberal form of globalization remains unclear.
The globalization that we have come to know (and from which many have benefited greatly) has encompassed faster and more frequent transnational interactions in trade, finance, technology, and ideas, and it has widened the range of global players from diplomatic representatives and firms to individuals, civil society groups, mid-level government officials, and terrorist organizations. These actors have had a deepening influence on the conditions of life in communities around the world, and on the policies and structures of states. The conventional wisdom views the effects of these structural changes as strongly positive: more open political and economic systems, increased prosperity, and mitigation of conflict. While it acknowledges negative effects--income inequality, financial volatility, economic and physical insecurity--these are considered surmountable with improved national and global governance, and the continued spread of markets. But the idea that liberal globalization is the only form of globalization is erroneous. Many aspects of globalization--the rapid advance and diffusion of technology, the proliferation of private transnational actors, the centrality of economic growth, and the importance of the global economy in the aping of national economic policy--are well established and probably irreversible. But that ...See the full content of this document
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