Why Globalization Works

Martin Wolf, chief economics commentator at the Financial Times, is a brilliant journalist and an able economist. Why Globalization Works is an excellent example of the author’s capacity for examination and analysis. The book is based on a series of articles on globalization that originally appeared in the FT, and on his Hayek Memorial Lecture to the Institute of Economic Affairs in London. Wolf presents a detailed reply to the main arguments proffered by the forces opposed to globalization, and demonstrates conclusively its advantages—historically, and both in theory and in practice—over all alternative systems. He presents a splendid survey of the literature about this topic. He holds not only that globalization works, but also that it is needed if we are to aspire to extend prosperity and freedom to the whole planet. His presentation is sophisticated, complete, and comes out roundly in favor of globalization. It is the best analysis of the subject yet: a passionate voyage across one of the most vital aspects of cultural, social, political, and economic life at the start of the 21st century. Wolf is convinced that the market is undeniably the most powerful vehicle ever to exist for raising living standards. From this premise, he analyzes the debacle of the collectivist experiments of the 20th century— nationalism, communism, fascism—and their profound negative effect on the wealth and freedom of nations. In the same way, he testifies to the demise of light collectivism, which was based on the preachings of