(K. Brent Tomer),
Grave New World: The End of Globalisation, the Return of History. By Stephen King. Yale University Press; 290 pages; $30 and £20.
GLOBALISATION is not new. In the late 19th century capital moved freely across the world and goods crossed national borders (despite tariffs) with the help of cheap transport. People, too, migrated across the oceans on a proportionately far bigger scale than they do today. All that came to a dramatic end with the outbreak of the first world war.
Trade did not recover its share of world GDP until the 1960s. But after the Berlin Wall fell in 1989, it became tempting to believe in a kind of “Whig theory of globalisation” with economies growing ever more linked thanks to the internet and the spread of liberal capitalism. Perhaps the world is due for another change of trend. That is the view of Stephen King, an economist at HSBC, which, as it happens, is one of the most…Continue reading