From the mercantile monopolies of seventeenth-century empires to the modern-day
authority of the WTO, IMF, and World Bank, the nations of the world have struggled to
effectively harness globalization's promise. The economic narratives that underpinned
these eras—the gold standard, the Bretton Woods regime, the "Washington
Consensus"—brought great success and great failure.
In this eloquent challenge to the reigning wisdom on globalization, Dani
Rodrik offers a new narrative, one that embraces an ineluctable tension: we cannot
simultaneously pursue democracy, national self-determination, and economic globalization.
When the social arrangements of democracies inevitably clash with the
international demands of globalization, national priorities should take precedence.
Combining history with insight, humor with good-natured critique, Rodrik's case for a
customizable globalization supported by a light frame of international rules shows the way
to a balanced prosperity as we confront today's global challenges in trade, finance, and
labor markets.
Table of Contents
Introduction: Recasting Globalization's Narrative ix
1 Of Markets and States: Globalization in History's Mirror 3
2 The Rise and Fall of the First Great Globalization 24
3 Why Doesn't Everyone Get the Case for Free Trade? 47
4 Bretton Woods, GATT, and the WTO: Trade in a Politicized World 67
5 Financial Globalization Follies 89
6 The Foxes and hedgehogs of Finance 112
7 Poor Countries in a Rich World 135
8 Trade Fundamentalism in the Tropics 159
9 The Political Trilemma of the World Economy 184
10 Is Global Governance Feasible? Is It Desirable? 207
11 Designing Capitalism 3.0 233
12 A Sane Globalization 251
Afterword: A Bedtime Story for Grown-ups 281
Notes 285
Acknowledgments 319
Index 321
368 pages, Hardcover