Globalism has become the buzzword of American political elites. It symbolizes wildly free markets in every corner of the world and in every aspect of economic life—trade, foreign investment, finance, and even labor. Among both Democrats and Republicans, the battle cry is the same: liberalize, privatize, and deregulate. Uninhibited flows of resources across borders will make everyone rich.
American progressives have generally stood in opposition to this Brave New World. Wisely, they have demanded capital controls on “hot money” flowing into and out of emerging economies in order to reduce financial chaos. Just as wisely, they have urged a return to the managed-trade policies characteristic of the postwar Bretton Woods arrangements. Ultra-free markets work no better than rigid central planning....
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