The World's Worst Bet

Why globalization failed so many Americans and how it still can be saved despite burgeoning economic nationalism. The triumphant globalization that began in the 1990s has given way to a world riven by conflict, populism, and economic nationalism. In The World’s Worst Bet, 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. Lynch explains what went right, what went wrong, and what needs to change to preserve the benefits of global integration and to build prosperity for all Americans. Lynch brings a deep understanding of the forces affecting Americans’ lives to his portrayal of a fascinating cast of characters: presidents and policymakers; factory workers whose anger over lost jobs reshaped a nation’s politics; and the anti-globalization warriors of the right and left. Their stories show how the United States made a bad bet on globalization, gambling that it could enjoy its benefits while ignoring its costs: dislocated workers, vulnerable supply chains, and the rise of a powerful rival. With trillions of dollars now at stake, The World’s Worst Bet explains the failings of the past and offers an insightful guide to the opportunities of the future.