New Books in Economics David J. Lynch, "The World's Worst Bet: How the Globalization Gamble Went Wrong (And What Would Make It Right)" (PublicAffairs, 2025)
Sep 5, 2025
David J. Lynch, the global economics correspondent for the Washington Post and award-winning trade reporter, dives into the complex world of globalization. He analyzes the initial optimism of globalization since the 1990s and the subsequent fallout, including the challenges faced by American workers and manufacturing. Lynch discusses the impact of Chinese investments, the rise of economic nationalism, and the vulnerabilities of global supply chains in today's geopolitical landscape. His insights reveal what went wrong and how the U.S. can navigate towards a more equitable future.
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Globalization Transformed Expectations
- The post-Cold War globalization surge reshaped the global and U.S. economy over thirty years.
- David J. Lynch argues the era's promise of stable liberal democracy and prosperity did not fully materialize.
Economic Gains Didn’t Guarantee Democracy
- Integrating formerly closed economies offered huge gains by unleashing global labor and reducing consumer prices.
- Lynch notes benefits like lower inflation and more product choice but warns political liberalization didn't reliably follow trade.
Seattle WTO Protest Foreshadowed Populism
- The 1999 Seattle WTO protests united left and right critics and shut down the ministerial.
- Lynch recalls how labor groups and protectionist industry figures teamed up, foreshadowing later populist coalitions.
