Zed Books One World Mania: A Critical Guide to Free Trade, Financialization and Over-Globalization

In this much-needed book, Graham Dunkley challenges the oft-repeated notion that free trade and global integration are the best means of development for all nations at all times an idea that has proved even more misguided in the wake of the global financial crisis. By contrast, Dunkley reveals through a wide range of statistical analysis and case studies that at best the evidence is mixed. Looking systematically at issues such as trade-led growth, supply chains and financialization, One World Mania reveals the many problems that over-globalization has caused, often at great human cost. An indispensible guide for anyone wishing to understand the shortcomings of current global economic policies. Review ‘A scholarly debunking of the vastly overrated benefits of free trade and globalization. Dunkley shows that mainstream economic theory has sold the world yet another dud.’Steve Keen, author of Debunking Economics‘Provides a beautifully written, evidence-based argument that the economic benefits of globalization have been exaggerated.’ Robert H. Wade, London School of Economics'Capitalist globalisation needs a supporting ideology … Challenging that ideology by scrutinising the actual effects of globalisation is fundamentally important. Graham Dunkley’s contribution is the latest in a long line of books seeking to do so, and it is one of the very best. … This is a powerful critique of capitalist globalisation, its ideology of free trade and "globalisation pacts".'Frank Stilwell, Australian Political Economy About the Author Dr Graham Dunkley has variously been a freelance journalist, worked with NGOs and been an economics lecturer at Victoria University, Melbourne. He is currently an independent writer. He is the author of The Free Trade Adventure and Free Trade: Myth, Reality and Alternatives (both published by Zed Books). Excerpt. © Reprinted by permission. All rights reserved. One World ManiaA Critical Guide to Free Trade, Financialization and Over-GlobalizationBy Graham DunkleyZed Books LtdCopyright © 2016 Graham DunkleyAll rights reserved.ISBN: 978-1-78360-073-1ContentsFigures and tables, Acknowledgements, Abbreviations and acronyms, Introduction, 1 Complexity, mythology and over-globalisation: an overview of global integration, 2 The perennial debate: free trade and globalisation in theory and history, 3 The biggest game on earth: the myth of trade-led growth, 4 Converting the world to capitalism: the rise and fall of the Washington Consensus, 5 A planet in chains: capital, supply chains and the economy of nowhere, 6 The dark lords of money: financial globalisation, crises and insanity, 7 Globalisation and people: the many costs of global integration, 8 One world mania: the problems of excessive global integration, Conclusion, Appendix: Economic growth rates: selected countries, 1960–2013, Notes, Bibliography, Index, CHAPTER 1COMPLEXITY, MYTHOLOGY AND OVERGLOBALISATION: AN OVERVIEW OF GLOBAL INTEGRATION... the world economy has become so awesomely complex that no individual or group of individuals can fully understand how it works. (Alan Greenspan,2008: 529)I would define globalization as the freedom for my group to invest where and as long as it wishes, to produce what it wishes, by buying and selling wherever it wishes, ... while putting up with as little labour laws and social convention constraints as possible. (Percy Barnevik, head of a transnational company, quoted in Gélinas, 2003: 21)The above enigmatic statement by Alan Greenspan, former Chairman of the US Federal Reserve and one of the world's most noted supporters of free market globalisation, is instructive. He claimed that this complexity justified economic governance by markets rather than states, that the Global Financial Crisis (GFC) was likely just another 'once-in-a-century' glitch caused by the likes of 'irrational exuberance' or the under-pricing of risk, and that such minor flaws were curable with some