Capitalism

False Dawn: The Delusions of Global Capitalism

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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state’.34 American business and political elites were confident that Mexico had modernized. It did not occur to them that economic modernization for Mexico could mean anything other than assimilation into American business culture. They saw the devaluation crisis of 1994-5 as a temporary setback in a coupling of two countries under an American free-market regime. Mexico became a neo-liberal experiment that could not be allowed to fail. In setting aside generations of nationalism and

around $1.2 trillion a day - over fifty times the level of world trade. Around 95 per cent of these transactions are speculative in nature, many using complex new derivative financial instruments based on futures and options.11 According to Michel Albert, ‘the daily volume of transactions on the foreign exchange markets of the world totals some $900 billions - equal to France’s annual GDP and some $200 million more than the total foreign currency reserves of the world’s central banks.’12 This

litigation portray a society in which the law has become almost the only functioning social institution and prisons among the few remaining means of social control. The private, gated communities whose high walls and electronic security devices protect their inmates from the dangers of the society they have deserted are a mirror image of America’s prisons. They stand as a symbol of the hollowing-out of other social institutions — the family, the neighbourhood, even the business corporation —

own path, as China has. QIAO SHI, CHINESE POLITBURO3 In January 1850 Lord Palmerston, the British Foreign Secretary, ordered the British navy to blockage Piraeus and seize Greek ships. He did so to compel the Greek government to meet the demands of Don Pacifico, a Portuguese national from Gibraltar who was also a British subject. Don Pacifico claimed that over £30,000 was owed to him in compensation for damage done to his house and property during a riot in Athens in 1848. Don

services’ as consisting in ’a foundation of lawfulness, a stable macroeconomy, the rudiments of public health, universal primary education, adequate transport infrastructure, and a minimal safety net‘.10 In this account the proper functions of the state are derived from the economic theory of public goods. No doubt there are some functions of the state that can be understood in such terms. Some preconditions of a modern market economy are universal. All modern economies must contain uncorrupt

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