The Collapse of Globalism

October 3, 2005
"The monolithic ideology of economic truisms is fading away," writes Saul in this ominously titled elegy to globalism, an equally revered and reviled economic philosophy in which world markets would supplant nation-states. At least that was the plan thirty years ago. Throughout the book, Saul shows how the plan has failed-even as it succeeded-by increasing GDP or individual wealth in some countries while allowing the paralyzing accumulation of debt in the third world. In the meantime, economies have artificially inflated and imploded, much like the belief that technology, business and communications could overcome cultural differences or the emergent flexing of nationalism that has resulted from the end of the cold war. The author also faults a system where multinational corporations attempt to replace government infrastructure and "overly complex" management is mistaken for leadership. A thoughtful and intellectually rigorous study of globalism's rise and, if Saul is correct, imminent fall, the book carries a foreboding tone throughout. Yet, Saul asserts, the economic future may be brighter now that "the idea of choice is back," itself a result of what he deems "positive nationalism." Needless to say, Saul will have no fans among the tax cutters and free trade proselytizers, but his salient analysis is as accessible and relevant to the small shop owner as it is to the CEO of a multinational corporation.