Academic journal article Journal of Australian Political Economy

Graham Dunkley: One World Mania: A Critical Guide to Free Trade, Financialisation and Over-Globalisation

Academic journal article Journal of Australian Political Economy

Graham Dunkley: One World Mania: A Critical Guide to Free Trade, Financialisation and Over-Globalisation

Article excerpt

Graham Dunkley

One World Mania: A Critical Guide to Free Trade, Financialisation and Over-globalisation

Zed Books, London, 2016, pp. 288, paperback edition, $34.40.

Capitalist globalisation needs a supporting ideology, emphasising the benefits of 'free trade' and the unimpeded reach of global capital. Challenging that ideology by scrutinising the actual effects of globalisation is fundamentally important. Graham Dunkley's contribution is the latest in a long line of books seeking to do so, and it is one of the very best. It systematically structures the issues, carefully reviews the arguments and evidence, and provides a powerful perspective on the gulf between the orthodox theory and observable reality. As Steve Keen says on the cover, it is 'a scholarly debunking of the vast the overrated benefits of free trade and globalisation'. Robert Wade and Ha-Joon Chang's cover comments are similarly laudatory, and deservedly so.

Dunkley's book contends that 'one world mania' accentuates economic inequalities and recurrently produces disappointing outcomes, even by conventional business criteria such as productivity and faster economic growth rates. His book dissects key components in the pro-globalisation ideologies and interests, starting with the myth of a universally beneficial free trade and moving on to a critique of the Washington consensus, capital and supply chains, and financial globalisation ('the dark lords of money'). …

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