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One World Mania

One World Mania

Graham Dunkley


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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.

‘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

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).

Table of Contents

Section Title Page Action Price
Front cover Front cover
About the author i
Title page iii
Copyright iv
Dedication v
Contents vii
Figures and tables viii
Acknowledgements ix
Abbreviations and acronyms x
Introduction 1
1. Complexity, mythology and over-globalisation: an overview of global integration 8
Internationalisation versus globalisation 10
Some history and mythology of globalisation 12
Conclusion 17
2. The perennial debate: free trade and globalisation in theory and history 19
The magic of numbers and triangles 19
The story gets complicated 23
Mainstream rebels 28
Vindicated by history? 33
Conclusion 37
3. The biggest game on earth: the myth of trade-led growth 38
The great debate 39
It’s complicated! 41
Lies, damned lies and computer models 50
What’s in a number? 62
Conclusion 66
4. Converting the world to capitalism: the rise and fall of the Washington Consensus 68
The making of an elite consensus 70
The Middle East and North Africa (MENA) 73
Sub-Saharan Africa (SSA) 75
Latin America 81
South Asia (Indian sub-continent) 89
East and Southeast Asia 92
China 101
Conclusion 107
5. A planet in chains: capital, supply chains and the economy of nowhere 110
But how does it work in theory? 113
Juggernauts of the chained world 115
Juggernauts in action 118
Finding their own chains 121
The myth of TNC/FDI/GVC-led growth 124
Runaway value chains 132
The rise of nowhere 142
Conclusion 150
6. The dark lords of money: financial globalisation, crises and insanity 152
The root of (some) evil 154
The necessity of virtue 156
Crises, crashes and catastrophes 158
Everybody loves finance 164
The myth of finance-led growth 171
The financial system from hell 175
A catastrophe unforetold? 184
Conclusion 195
7. Globalisation and people: the many costs of global integration 196
Adjusting the workers 197
Race to the top or bottom? 201
Poverty and the myth of global solutions 206
The rise and rise of inequality 211
The myth of migration-led growth 216
Trading the green? 219
The globalisation of everything? 224
Conclusion 240
8. One world mania: the problems of excessive global integration 242
The myth of globalisation-led growth 243
The war between integration and autonomy 249
Wall-to-wall trade agreements 258
The limits of integration and globalisation 273
An alternative world order 278
Conclusion 286
Conclusion 288
Appendix 298
Notes 302
Bibliography 309
Index 336
Back cover Back cover