Foreword by Paul Kennedy

Preface

Prologue: Into the Twentieth Century

From mercantilism to free trade

From silver to gold

Threats to the global order

Last Best Years of the Golden Age, 1896/1914

1. Global Capitalism Triumphant

The gold standard reaffirmed

Specialization and growth

Globalism affirmed

2. Defenders of the Global Economy

Intellectual support for the golden age

Nathan Mayer Rothschild, 1840/1915

The free traders

Supporters of the golden pillars

Global networks for a global economy

The international migration of capital and people

Globalization dominant

3. Success Stories of the Golden Age

Britain overtaken

New technologies and the new industrialism

Protecting the infant industries

The areas of recent settlement

Growth in the tropics

Heckscher and Ohlin interpret the golden age

4. Failures of Development

King Leopold and the Congo

Colonialism and underdevelopment

Misrule and underdevelopment

Stagnation in Asia

Stagnation on the plantation

Obstacles to development

5. Problems of the Global Economy

Free trade or fair trade?

Winners and losers from trade

Silver threats among the gold

Labor and the classical order

The Gilded Age tarnished?

Things Fall Apart, 1914/1939

6. "All That Is Solid Melts into Air . . ."

Economic consequences of the Great War

Europe rebuilds

The twenties roar

America in isolation

A world restored?

Into the void

7. The World of Tomorrow

The new industries

The new corporations

The new multinational enterprises

Down on the farm

New societies

Advances and retreats

8. The Established Order Collapses

The end of the boom

Gold and the crisis

Out of the darkness

Out with the old . . .

9. The Turn to Autarky

Semi-industrial self-sufficiency

Schacht and the Nazis rebuild Germany

Autarkic economic policies

Europe swings to the right

Socialism in one country

Development turns inward

The autarkic alternative

10. Building a Social Democracy

Swedish and American roads to social democracy

Keynes and social democracy

Labor, capital, and social democracy

Social democracy and international cooperation

From the ashes

Together Again, 1939/1973

11. Reconstruction East and West

The United States leads the way

The immediate task

Dean Acheson, present at the creation

The United States and European reconstruction

The Soviet Union builds a bloc

Two syntheses

12. The Bretton Woods System in Action

Postwar growth accelerates

Jean Monnet and a United States of Europe

Bretton Woods in trade

The Bretton Woods monetary order in practice

International investment under Bretton Woods

Bretton Woods and the welfare state

The success of Bretton Woods

13. Decolonization and Development

Import-substituting industrialization

The rush to independence

ISI in theory and practice

Nehru leads India to industrialization

The Third World embraces ISI

The modern spread of industry

14. Socialism in Many Countries

The socialist world expands

The socialist world divides

The Chinese road

Socialism in the Third World

A socialist future?

15. The End of Bretton Woods

The compromises unravel

Challenges to trade and investment

Crises of import substitution

Socialism stagnates

End of an era

Globalization, 1973/2000

16. Crisis and Change

Oil and other shocks

The Volcker shock

Globalism triumphant

Regionalism and globalism

Global finance and national financial crises

17. Globalizers Victorious

New technologies, new ideas

Globalizing interests

George Soros makes markets

Trade unblocked

18. Countries Catch Up

Global production and national specialization

Export-led growth on the edge of Europe and Asia

East Asian and Latin American followers

The Marxist sociologist takes power

Eastern Europe joins the West

A new international division of labor

19. Countries Fall Behind

Reform and transition disappointed

Developmental disasters

The Zambian road

African catastrophe

Plague, destitution, and desperation

20. Global Capitalism Troubled

Financial fragility and the unholy trinity

"The three scariest words"

Global markets: ungoverned or unwanted?

Conclusion

A Note on Data and Sources

Acknowledgments

Notes

References

Index