Table of Contents
Preface xiii
Prologue: Into the Twentieth Century 1
From Mercantilism to Free Trade 2
From Silver to Gold 6
Threats to the Global Order 7
I Last Best Years of the Golden Age, 1896-1914
1 Global Capitalism Triumphant 13
The Gold Standard Reaffirmed 16
Specialization and Growth 21
Globalism and its Discontents 25
2 Defenders of the Global Economy 28
Intellectual Support for the Golden Age 30
Nathan Mayer Rothschild, 1840-1915 33
The Free Traders 39
Supporters of the Golden Pillars 43
Global Networks for a Global Economy 45
The International Migration of Capital and People 50
Globalization 54
3 Success Stories of the Golden Age 56
Britain Overtaken 59
New Technologies and the New Industrialism 61
Protecting the Infant Industries 64
The Areas of Recent Settlement 68
Growth in the Tropics 72
Heckscher and Ohlin Interpret the Golden Age 77
4 Failures of Development 80
King Leopold and the Congo 81
Colonialism and Underdevelopment 87
Misrule and Underdevelopment 93
Stagnation in Asia 95
Stagnation on the Plantation 98
Obstacles to Development 103
5 Problems of the Global Economy 105
Free Trade or Fair Trade? 105
Winners and Losers from Trade 109
Silver Threats among the Gold 111
Labor and the Classical Order 117
The Gilded Age Tarnished? 121
II Things Fall Apart, 1914-1939
6 "All That Is Solid Melts into Air…" 127
Economic Consequences of the Great War 129
Europe Rebuilds 134
The Twenties Roar 140
America in Isolation 142
A World Restored? 148
Into the Void 154
7 The World of Tomorrow 155
The New Industries 157
The New Corporations 160
The New Multinational Enterprises 166
Down on the Farm 167
New Societies 168
Advances and Retreats 172
8 The Established Order Collapses 173
The End of the Boom 174
Gold and the Crisis 181
From the Darkness 188
Out with the Old… 193
9 The Turn to Autarky 195
Semi-Industrial Self-Sufficiency 196
Schacht and the Nazis Rebuild Germany 198
Autarkic Economic Policies 206
Europe Swings to the Right 209
Socialism in One Country 215
Development Turns Inward 220
The Autarkic Alternative 228
10 Building a Social Democracy 229
Swedish and American Roads to Social Democracy 230
Keynes and Social Democracy 237
Labor, Capital, and Social Democracy 241
Social Democracy and International Cooperation 247
From the Ashes 249
III Together Again, 1939-1973
11 Reconstruction East and West 253
The United States leads the way 254
The immediate task 261
Dean Acheson, present at the creation 264
The United States and European reconstruction 268
The Soviet Union builds a bloc 271
Two syntheses 276
12 The Bretton Woods System in Action 278
Postwar growth accelerates 279
Jean Monnet and a United States of Europe 283
Bretton Woods in trade 287
The Bretton Woods monetary order 290
International investment under Bretton Woods 292
Bretton Woods and the welfare state 297
The success of Bretton Woods 300
13 Decolonization and Development 301
Import-substituting industrialization 302
The rush to independence 306
ISI in theory and practice 309
Nehru leads India to industrialization 312
The Third World embraces ISI 317
The modern spread of industry 320
14 Socialism in Many Countries 321
The socialist world expands 322
The socialist world divides 323
The Chinese road 329
Socialism in the Third World 334
A socialist future? 337
15 The End of Bretton Woods 339
The compromises unravel 342
Challenges to trade and investment 346
Crises of import substitution 351
Socialism stagnates 356
End of an era 359
IV Globalization, 1973-2000
16 Crisis and Change 363
Oil and other shocks 364
The Volcker counter-shock 372
Globalism 378
Regionalism and globalism 383
Global finance and national financial crises 385
17 Globalizes Victorious 392
New technologies, new ideas 394
Globalizing interests 400
George Soros makes markets 405
Trade unblocked 409
18 Countries Catch Up 413
Global production and national specialization 416
Export-led growth on the edge of Europe and Asia 419
East Asian and Latin American followers 423
The Marxist sociologist takes power 426
Eastern Europe Joins the West 430
A new international division of labor 433
19 Countries Fall Behind 435
Reform and Transition Disappointed 437
Developmental Disasters 442
The Zambian Road 444
African Catastrophe 449
Plague, Destitution, and Desperation 453
20 Global Capitalism Troubled 457
Financial Fragility and the Unholy Trinity 459
"The Three Scariest Words" 464
Global Markets: Un Governed or Unwanted? 470
21 And Fall Again? 473
The World Unbalanced 474
The Great Financial Crisis 479
A Global Debt Crisis 484
Markets Emerge 490
Backlash 496
A Globalization Trilemma 503
The End of Global Capitalism? 504
A Note on Data and Sources 507
Acknowledgments 508
Notes 509
References 529
Index 549
