The End of the American Era of Globalization

This book explores the fading era of globalization that emerged in the 1980s and 1990s, driven by the United States – a former champion of economic globalism – now adopting nationalistic and autarkic policies such as higher import tariffs and restricting the inflow of new immigrants and/or deporting migrants. By synthesizing long-run economic history with contemporary issues, the book provides a much-needed historical and international perspective on the cumulative tensions leading to this shift, including economic nationalism, protectionism, financial instability, rising inequality, and geopolitical rivalries. The book examines globalization’s evolution, from the Renaissance to the present, and contrasts its impact on the global north, global south, and former socialist countries of the Soviet bloc. It delves into the social and political fallout of neoliberal globalization, addressing topics such as wealth inequality, the international mobility of billionaires and global talent, the role of technology and innovation, and the challenges of economic stabilization and austerity in unequal societies. Additionally, it reviews the rise and fall of Soviet socialism, the factory system, and the broader implications of empire and war. Offering insights into the reasons behind the current anti-globalization sentiment, the book calls for a new globalization that is socially equitable, ecologically sustainable, and stable. It will be of great interest to scholars, researchers, and students of political economy, economic history, development economics, and international relations, helping readers to understand the complex and rapidly changing world. Andrés Solimano is Founder and Chairman of the International Center for Globalization and Development (CIGLOB), Santiago, Chile. He holds a PhD in economics from MIT.