On Supercapitalism

Top drawer review of Robert Reich’s Supercapitalism by Tony Judt in the NYRB. Worth reading in its entirety, since every paragraph is insightful, but these two paragraphs struck me as particularly resonant:

Half a century of security and prosperity has largely erased the memory of the last time an “economic age” collapsed into an era of fear. We have become stridently insistent—in our economic calculations, our political practices, our international strategies, even our educational priorities—that the past has little of relevance to teach us. Ours, we insist, is a new world; its risks and opportunities are without precedent. Our parents and grandparents, however, who lived the consequences of the unraveling of an earlier economic age, had a far sharper sense of what can happen to a society when private and sectional interests trump public goals and obscure the common good.

We need to recover some of that sense. We are likely, in any event, to rediscover the state thanks to globalization itself. Populations experiencing increased economic and physical insecurity will retreat to the political symbols, legal resources, and physical barriers that only a territorial state can provide. This is already happening in many countries: note the rising attraction of protectionism in American politics, the appeal of “anti-immigrant” parties across Western Europe, the call for “walls,” “barriers,” and “tests” everywhere. “Flat worlders” may be in for a surprise. Moreover, while it may be true that globalization and “supercapitalism” reduce differences between countries, they typically amplify inequality within them—in China, for instance, or the US—with disruptive political implications.

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