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The great transformation

March 25th, 2009 · No Comments

Global Capitalism: The Suicide Version
Posted on Mar 24, 2009
By William Pfaff

The globalization of the international economy launched by the United States as an accidental policy of the Clinton administration has since been much lauded as benefiting (some of) the poor of the world by drawing them into the international capitalist system. This is not actually what it was designed to do.

It has proved, like the god Janus, to have two aspects. The second face now has been revealed. Economic globalization has, as its second result, impoverished (some of) the rich of the world.

The free market originated in 19th century Britain in what is called by historians the Great Transformation. As the English political philosopher John Gray describes it in “False Dawn,” a prophetic book (in 1998) on the destructive effects of globalization, that transformation tore from their local roots the economic markets that since medieval times and before had been tied to communities, and had evolved through the needs and adaptations of those communities and their immediate neighbors.

Tags: globalization

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