In the Biden multipolar era, Western Democracies face a dilemma: Should they keep marching behind the free market band, or should they engage the Asia new powers in a collegial governance of the common goods? This book looks for precedents that may guide deliberation. When the first age of globalization collapsed into WWI, Carl Polanyi wrote: "While the various shades of anti-democrats each have their own story of the world catastrophe, the democrat has yet to produce his own" (Polanyi 2018, 177). The interwar period is described through the eyes of five witnesses: J.M. Keynes recalls the surreal Versailles conference; E. Canetti, K. Polanyi, and G. Ferrero reflect on the relationship among power, markets, and the people. In the opposite field, F. von Hayek argues for a supranational agency which may ensure global free trade, bypassing the distortions national democracies procure to global markets. For a few years in the 1990s the WTO embodied von Hayek's utopia.
This book contends that globalization is an intermittent event. To support that position, two main episodes of globalization are compared: the English textile revolution and the Silicon Valley information age. Each moved through four similar phases: Industry cluster; global infrastructure; regional monopolies; transfer of global leadership. To prevent a repeat of the WWI collapse, Western democracies should promote a concerted governance of environmental issues and other common goods, rather than relying on the free market mechanism.