Vital Signs

The End of Another Panacea

Nineteen-ninety-one was an exhilarating year.  The simultaneous col-lapse of the Soviet regime and the apartheid system in South Africa appeared an unexpected international bonanza for moral activists, both liberal and conservative.  Outstanding accounts were miraculously settled.  The gloomy predictions of trade and race wars were swept aside.  Old verities were dusted off and promoted as brand-new discoveries.  The globe was headed for a pacific era under the twin orders of the free market and democratic governance.  It was the “end of ideology.”  A panacea was conceived in 1991, and globalization was born soon after.

Globalization’s proponents oppose racism and sexism, uphold human and reproductive rights, espouse social justice, and urge diversity in the public and private sectors.  Their ultimate goal is to form a borderless, dynamic, and prosperous Pax Americana by integrating economies and multicultural societies through international agencies and corporations, over all of which they will preside.

The international institutions instructed their trained elites across the globe to forget the failures of their command-and-control economies and embrace the market.  It was time to implement the Washington Consensus.  Governments were instructed to reduce deficits, deregulate, privatize, and open up their economies to foreign trade and capital—for,...

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