When Globalization Fails

Is globalization an unintended recipe for war? Taking this question as its starting point, former investment banker James Macdonald offers a rich, original account of war, peace, and trade in the 20th century--and a cautionary tale for the 21st. In the late 19th century, liberals exulted that the spread of international commerce would usher in prosperity and peace. An era of economic interdependence, they believed, would render wars too costly to wage. But these dreams were dashed by the carnage of 1914-1918. Seeking the safety of economic self-sufficiency, nations turned first to…