ABSTRACT
A specter is haunting the economies of the world-the specter of globalization. Reminiscent of the Communist Manifesto, many tracts on globalization identify an inevitable process that will dramatically and permanently transform the economies and polities of the world, rendering irrelevant old relations of production and, perhaps, the nation state itself. Globalization’s sharpest critics are convinced that the expansion of trade and economic integration constitute a disaster characterized by the loss of manufacturing jobs in nations like the United States, growing inequality both nationally and globally, and a tradeinduced regulatory race to the bottom with unparalleled environmental costs. In sharp contrast, the celebrants of globalization see a process that will bring a new world of unprecedented prosperity, endless consumer choices, and a dramatic diminution of the state. For neoliberals, this new world has been possible only because so many nations have discovered the benefits of free trade and rejected the interventionist state.
