Capitalism in the age of globalization [Book review]

Abstract

The collapsing of the welfare state in Europe; the debunking of Marxism-Leninism after the collapse of the Soviet bloc; the failure of alternative, often state-led, third world development leading to fiscal crises and necessitating interventionist 'structural adjustment programmes' by the World Bank and the International Monetary Fund ... today the triumph of neo-liberalism appears well nigh secured. The ideology of 'freedom to' has gripped political discourse and has become synonymous with socio-economic development. Its economic handmaiden is free trade. The correspondent and supportive ideological stance to this regime is a rational vision of the world: the problems of poverty and stagnation are only transitional or marginal; wealth and progress will trickle down later if not sooner; and any residual difficulties will be overwhelmed by effective managerialist solutions. Fukuyama (1992) represents the textbook of this contemporary bravado. Democracy begets liberal capitalism which begets progress and modernity. There is, simply, no other way. In Fukuyama's own captivating metaphor, motley and different though they may be; all the wagon trains labouring along the trail in the search for progress will ultimately converge to this ultimate safe haven.