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From Satanic Mills to Machine Learning - Western Technology and Global Markets in the 19th and 20th Centuries (Hardcover)
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From Satanic Mills to Machine Learning - Western Technology and Global Markets in the 19th and 20th Centuries (Hardcover)
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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.
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