In the wake of World War II, a number of institutions designed to
promote a liberal global economic and geopolitical order were
established-the International Monetary Fund, the General Agreement
on Tariffs and Trade (forerunner of the World Trade Organization),
and the World Bank in the economic sphere, and the United Nations
in the geopolitical realm. Although these organizations were far
from perfect, their actions promoted rising living standards and
political freedoms for all. Liberalism thus reengineered
represented a fundamental bet on the supremacy of democracy and the
market economy, and spurred the transformation of North America,
Western Europe, and Japan into prosperous societies, each with a
large and vibrant middle class and a social safety net. Now,
however, this liberal geopolitical and economic order is under
attack. The free movement of goods, services, money, people, and
information that once formed the recipe for progress under
liberalism is blamed by many for rising inequality, mass
migrations, and the declining legitimacy of political parties, as
well as the fragmentation of global superpower relations.
Nationalism, xenophobia, and populism continue to advance at the
right and left ends of the political spectrum, eroding the moderate
middle ground. In Rude Awakening, Mauro F. Guillen argues for an
improved international arrangement to provide for stability and
prosperity. He offers key considerations that a reinvented global
liberal order must address-from finding a balance between markets
and governments to confronting present realities, such as rapid
technological change and social inequality, to recognizing that
Europe and the United States can no longer attempt by themselves to
steer the global economy. Rude Awakening affirms the potential of
liberalism still to provide a flexible framework for governments,
businesses, workers, and citizens to explore and make necessary
compromises and coalitions for a better future.
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