A sweeping case that a new age of local economic growth will reunite place and prosperity, putting to an end to the last half century of globalization--by one of the preeminent economic journalists writing today At the dawn of the twenty-first century, Thomas L. Friedman declared globalization the new economic order in
The World Is Flat. But the reign of globalization as we've known it--driven by the United States, China and big multinational companies--is over, argues
Financial Times columnist and CNN analyst Rana Foroohar, and the rise of local, regional, and home-grown business is now at hand.
It's time to admit that old-fashioned globalization has failed, says Foroohar. From the bare supermarket shelves to the shortage of PPE supplies and ventilators, the pandemic brought the fragility of global trade and supply chains into stark relief. It is evident that a neoliberal economic philosophy prioritizing efficiency over resilience and profits over local prosperity has produced massive inequality, perilous economic insecurity, and distrust in the institutions of today.
But the pendulum of history is swinging back, powered by place-based economics and a wave of technological innovations--from decentralized manufacturing and digital currencies to the internet of things and blockchain--making it possible to keep operations, investment and wealth closer to home. Across the economy we now see companies being vertically integrated, and supply chains regionalized. All of it holds the promise that the health of our communities will be restored.
Through extensive reporting, Foroohar paints a vivid portrait of how place-based economics is taking hold in virtually every sector from coast to coast. She tours the "vertical farms" upending Big Agriculture and allowing people to live closer to where their food is grown. She meets the entrepreneurs bringing the textile industry back to the Carolinas and visits the small- and medium-sized businesses making use of new technologies like 3D printing to revolutionize everything from manufacturing to housing. She introduces us to the business people and policy makers fighting corporate monopolies and big state power. And she shows us why the global economy need not be a winner take all game. We
can still make things at home--creating a more stable, sustainable, and self-sufficient economy in the process.
In
Homecoming, Foroohar explores the possibilities of this new era, and how it can usher in a more equitable and prosperous future for all Americans.
