False Dawn: The Delusions of Global Capitalism
Language: English
Pages: 272
ISBN: 1565845927
Format: PDF / Kindle (mobi) / ePub
Hailed by Kirkus Reviews as both “a convincing analysis of an international economy headed for disaster” and a “powerful challenge to economic orthodoxy,” False Dawn shows that the attempt to impose the Anglo-American-style free market on the world will create a disaster, possibly on the scale of Soviet communism. Even America, the supposed flagship of the new civilization, risks moral and social disintegration as it loses ground to other cultures that have never forgotten that the market works best when it is embedded in society. John Gray, well known in the 1980s as an important conservative political thinker, whose writings were relied upon by Margaret Thatcher and the New Right in Britain, has concluded that the conservative agenda is no longer viable. In his examination of the ripple effects of the economic turmoil in Russia and Asia on our collective future, Gray provides one of the most passionate polemics against the utopia of the free market since Carlyle and Marx.
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Fact: globalization does not strengthen American power but rather tends to limit it. The United States remains the world’s premier military power, but it has little control over the spreading technologies on which military efficiency now depends. American economic power is equally limited. Competitive devaluation of China’s currency would be a disaster for east Asia and a major setback for the United States. It would deepen deflation in the region and provoke a protectionist backlash in the.
Systems by sovereign states. Since the Soviet collapse, competition between central planning and capitalism has been replaced by a rivalry between different sorts of capitalism - American, German, Japanese, Russian, Chinese. In this new rivalry American free markets work to undercut both European and Asian social market economies. This is despite the fact that the social costs of business are borne in different ways in European and Asian social markets. Both are threatened by the American.
Technology for human labour creates dilemmas that no society (except, perhaps, Japan) has yet solved.13 Ricardo recognized that technological innovation could be job-destroying. He did not share the modern faith that new employment will always arise automatically from the side-effects of new technologies. As he noted, ‘the discovery and use of machinery may be attended with a diminution of gross produce; and whenever that is the case, it will be injurious to the labouring class, as some of.
Equated with the universal reach of free markets. A global free market is the Enlightenment project of a universal civilization, sponsored by the world’s last great Enlightenment regime. The United States is alone in the late modern world in the militancy of its commitment to this Enlightenment project. At the same time, in the strength and depth of the fundamentalist movements it contains, America confounds Enlightenment hopes of modernity. Nearly all contemporary states profess allegiance.
Of a lifelong vocation. Many expect, not without reason, that their incomes may fall in future. These are not circumstances which nurture a culture of contentment. According to J. K. Galbraith, writing in 1993, ‘What is new in the so-called capitalist economies — and this is a vital point — is that the controlling contentment and resulting belief is now that of the many, not just of the few. It operates under the compelling cover of democracy, albeit a democracy not of all citizens but of.