CHAPTER 2JUGGERNAUT GLOBALISM AND THE BANKRUPTCY OF ECONOMICS
By the mid-1990s, nations had begun disintegrating—balkanized by pressures from within and by the forces of globalization from without. As E. F. Schumacher (1973) had predicted, nation-states were proving too big for smaller, local problems and too small for big, global ones. National leaders were complaining about losing their domestic policy options to “global competition.” Enslaved by the ideas of their defunct economic advisors, they had no one to blame but themselves. National sovereignty had been ceded by conceptual blindness to trillion dollar daily capital flows that even inside players conceded were unstable, as well as “cruel,” “Darwinian,” and “in need of regulation.” ...
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