"The postwar age of multilateral liberalization is over and the world's best hope for economic stability is some form of benign mercantilism." Professor Gilpin of Princeton reaches this conclusion through an impressive examination of political and economic developments affecting money, trade, development, finance and the multinational corporation. He concentrates on the interplay of international market forces and the way national governments try to influence them. Making no firm predictions as to what will come of the emerging "mixed system of nationalism, regionalism and sectoral protectionism," the book recognizes that poor countries will suffer as opportunities shrink. Among the few reasons for "moderate optimism" are the common security interests of some major countries and the advantages they see in economic interdependence at the same time as they try to limit it. Any serious debate on such matters will have to take account of the clear arguments of this excellent book.
Get the best of Foreign Affairs' book reviews delivered to you.
More Reviews on Economic, Social, and Environmental From This Issue