The World's Worst Bet: How the Globalization Gamble Went Wrong (And What Would Make It Right)

(Hardback)

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Why globalization failed so many Americans and why we must defend it in the face of burgeoning economic nationalism.

The triumphant globalization of the 1990s and early 2000s has given way to a world economy riven by conflict and populism, as the United States, China and other world powers embrace economic nationalism. In The World's Worst Bet, global economics specialist David J. Lynch offers a trenchant, fast-paced narrative of the rise and fall of the greatest engine of prosperity the world has ever known and sheds important new light on why the march toward greater global integration faltered. How have we fallen so far - from the global hopes of the 1990s to the fractured world and sour, angry politics of the current moment Lynch explains what went right, what went wrong, and what needs to change to preserve the benefits of global integration and build prosperity for Americans.

Lynch's deep understanding of the tumultuous forces shaping Americans' lives is vividly portrayed through a fascinating cast of characters: presidents and policymakers, factory workers whose jobs vanished amid the euphoria over free trade and whose anger reshaped a nation's politics, and the ideological warriors on the right and left who fought globalization. Their stories illuminate the changing nature of the global economy and what it means for all Americans, from politicians to business executives, workers, and the average citizen. With the world economy at a tipping point, The World's Worst Betis an essential corrective to arguments for economic nationalism. Our future prosperity depends on getting this right.

Reviews

"A fascinating and sobering assessment of globalization. David Lynch built his career through careful investigations around the world, enabling him to combine first-hand observation with careful economic analysis. What has gone wrong with the world's trading system Are we facing a temporary disruption to what will ultimately prove to be an unstoppable process of economic and financial integration Or is today the start of a deeper roll-back and a retreat into... what exactly There are no easy answers, but Lynch offers an insightful and honest perspective. Anyone who seeks prosperity in the global economy of tomorrow should read this book."--Simon Johnson, winner of the Nobel Prize in Economics
"The era of hyper-globalization is ceding to hyper-nationalism because America's elites failed to help its losers. Grasping how and why the US has swung from Clinton to Trump in such short order takes an experienced, wise and deeply probing reporter like David Lynch. Journalists of Lynch's caliber are a rare thing. Read him on why Trump's cure is worse than the disease but can be fixed only if we grasp how we created this mess in the first place. An important book."
--Edward Luce, commentator and columnist, Financial Times

"How did we get globalization so wrong In The World's Worst Bet, David Lynch explores how America embraced a model of globalization that hollowed out our industrial base, enabled China's rise, and set the stage for a destabilizing political backlash at home. The World's Worst Bet is essential reading for understanding the structure of the world economy and the shape of our politics."

--Chris Miller, author of Chip War

Author Bio

David J. Lynch is the global economics correspondent of the Washington Post. The recipient of the National Press Foundation's Hinrich Award for Distinguished Reporting on Trade in 2021, Lynch has reported from more than sixty countries for the Post and earlier in his career with the Financial Times of London, Bloomberg News, and USA Today. He lives in Vienna, Virginia.