A controversial look at the end of globalization and what it means for prosperity, peace, and the global economic order
Globalization, long considered the best route to economic prosperity, is not inevitable. An approach built on the principles of free trade and, since the 1980s, open capital markets, is beginning to fracture. With disappointing growth rates across the Western world, nations are no longer willing to sacrifice national interests for global growth; nor are their leaders able-or willing-to sell the idea of pursuing a global agenda of prosperity to their citizens.
Combining historical analysis with current affairs, economist Stephen D. King provides a provocative and engaging account of why globalization is being rejected, what a world ruled by rival states with conflicting aims might look like, and how the pursuit of nationalist agendas could result in a race to the bottom. King argues that a rejection of globalization and a return to "autarky" will risk economic and political conflict, and he uses lessons from history to gauge how best to avoid the worst possible outcomes.
A controversial look at the end of globalization and what it means for prosperity, peace, and the global economic order
Globalization, long considered the best route to economic prosperity, is not inevitable. An approach built on the principles of free trade and, since the 1980s, open capital markets, is beginning to fracture. With disappointing growth rates across the Western world, nations are no longer willing to sacrifice national interests for global growth; nor are their leaders able-or willing-to sell the idea of pursuing a global agenda of prosperity to their citizens.
Combining historical analysis with current affairs, economist Stephen D. King provides a provocative and engaging account of why globalization is being rejected, what a world ruled by rival states with conflicting aims might look like, and how the pursuit of nationalist agendas could result in a race to the bottom. King argues that a rejection of globalization and a return to "autarky" will risk economic and political conflict, and he uses lessons from history to gauge how best to avoid the worst possible outcomes.
Stephen D. King is Senior Economic Adviser at HSBC. He has also been a specialist adviser to the House of Commons Treasury Committee.
“A well-written and thought-provoking book.”—Economist
"[Grave New World] sets out the argument strongly and clearly. . .
. King correctly takes aim at the very idea that there is a single
international community with an agreed set of aims and ideas, or
even a united west when it comes to important issues such as
foreign policy and projecting 'Western values' in the Middle East.
. . . The truth is, as usual, somewhere between despair and
ebullience."—Alan Beattie, Financial Times
"Where it succeeds is the ease with which the reader can digest
complex ideas. King is a clear, confident guide, weaving his way
through history and joining the dots with panache. This story of
our time has a cliff-hanger ending. Will it be a grave new
world?"—Philip Aldrick, Times
"No economist ever lost his reputation by erring on the side of
pessimism. In this book, the already much-lauded, HSBC-based
thinker, Stephen D. King, warns the West of a host of
political-economic horrors on the horizon. . . . This is a
book to open that debate, not close it."—Andrew Marr, Sunday
Times
"A well-argued and credibly pessimistic book."—Martin Wolf,
Financial Times
"The era of globalisation might be over, warns this gripping and
clearly argued guide to the possible future."—Sunday Times, "Summer
Reading 2017"
“Well-argued and credibly pessimistic.”— Martin Wolf, Books of the
Year 2017: Economics, Financial Times
"A timely book, Grave New World is an excellent guide to this new
global landscape. The combination of up to the minute economic
analysis with a long look back at the lessons of economic history
is written in an easy to follow and (mostly) jargon free
manner."—Duncan Weldon, Prospect
LONGLISTED FOR THE FT-MCKINSEY BUSINESS BOOK OF THE YEAR 2017
"In a powerful and well-written book that draws on important
historical insights, Stephen King explains why globalization is not
as secure as many would have led you to believe – especially in a
world where old and new political forces, as well as disruptive
technologies, are aggressively competing to re-shape relationships,
institutions and ideas. This is a must-read book for those
wondering about the future functioning of the world economy and
what it could entail not just for the global economic order but,
also, the well-being of individual countries."—Mohamed El-Erian,
Chief Economic Adviser, Allianz SE and author of The Only Game in
Town: Central Banks, Instability and Avoiding the Next Collapse
"Prophetic, brilliant and disturbing. Required reading to prepare
for the world of the (very near) future."—Peter Frankopan, author
of The Silk Roads: A New History of the World
"King reminds us both that over millennia there have been
previous waves of globalization and that, whilst they may have had
different drivers, they fall as well as rise. And the falls have
not been pretty. As a world , we have benefited
greatly from the current wave over the last seven decades, and
would if it continued. But that is far from inevitable and we must
understand the longer history and the forces which are now putting
this wave in serious question. King's analysis is fascinating and
fun in its story telling and profoundly important in its
substance."—Lord Nicholas Stern, President of the British
Academy, I.G.Patel Professor of Economics and Government at the
LSE, and cross-bench member of the House of Lords
"What will replace the rules-based order of the past seven decades,
as the era of globalization – and of prosperity and relative peace
– shudders to an end? Stephen King's compelling and sobering
exploration of recent trends makes it clear that the most likely
outcomes of the crisis of globalization are deeply troubling. A
world without a strong EU, WTO, NATO, and without American
leadership, is going to be uncertain, dangerous and
impoverished."—Diane Coyle, professor of economics, University of
Manchester and author of GDP: A Brief But Affectionate History
"Stephen King has written a very important book at a crucial time.
His vital historical perspective provides a unique contribution to
current debates and his arguments deserve broad
consideration."—Lawrence H. Summers, former US Treasury
Secretary
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