I wonder how many more times I will read about globalization and discover once again that globalization is misrepresented. Let me clarify twenty-first century globalization for you. First of all, twenty-first century globalization comes with neoliberalism and financialization. They are a triple threat to prosperity for most of the world’s people. The combination of globalization, financialization and neoliberalism is why this 21st century version of globalization is so harmful. Also, globalization isn’t new. Even in the classical liberal past, from 1776 until 1861, well-to-do people in portraits wore finery imported from around the world. Similarly, globalization was part of the modern liberal period, from 1861 until 1944. As global populations grew, globalization grew. Globalization sharpened competition for raw materials to use in industrial processes. Nations competed for those raw materials until WWI and WWII broke out. Now in the neoliberal period, mobile capital through international banking gives the largest capital holders financial advantages over people and groups that have less capital. And that financial advantage becomes power over markets and even over nations. And neoliberalism, or state sponsored corporatism, makes it all possible.
If you want to learn more about how we find ourselves in a lackluster economy with economic and political insecurity buy a copy of Political Catsup with Economy Fries available at Amazon.com. I take you step by step through the political and economic changes that bring us to the present.