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The Sudden Rise Of Globalism During World War I

Published 07/16/08 Former Vice Presidential Candidate Pat Choate - Print Article
E-mail - editor@economyincisis.org

Editor’s Note: Pat Choate has provided EconomyInCrisis with a summary of highlights from his upcoming book “Dangerous Business: The Risks of Globalization for America,” to be released on August 12, 2008. “Dangerous Business” is a wake-up call about the perils of unfettered globalization. It tells how America can remain prosperous, sovereign and secure.

The first great era of global economic integration was before World War I. Indeed, as a share of total production, it was unequalled until the last years of the 20th Century. Then, such economic integration was termed “internationalism.”

Modern “globalism” now sits atop a fragile world financial structure. In the past, “internationalism” rested on a fragile political structure that collapsed disastrously and immediately in August 1914 with the beginning of World War I.

Arguably, the most influential economist during the first-half of the 20th century, John Maynard Keynes wrote presciently about the rise and fall of pre-World War I internationalism. Keynes’ observations still hold contemporary relevance.

The U.S. trade policy after World War I, began an erratic path in the mid and late 20th centuries. It is a story of policy myopia in which U.S. elites confused “globalism” as being the same as “free trade.”

Pat Choate is an economist, author of eight books and was the 1996 Vice Presidential running-mate of Ross Perot for the Reform Party. Choate received his Ph.D. in economics from the University of Oklahoma. Choate's new book "Dangerous Business: The Risks of Globalization for America" will go on sale August 12, 2008 and pre-orders are available at Amazon.com

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