Harold James

 

On his book The Creation and Destruction of Value: The Globalization Cycle

Cover Interview of November 09, 2009

Lastly

Globalization depends on being able to achieve and maintain trust over long distances, between strangers, in situations that are full of legal uncertainty.  The financial crisis has already produced an increased emphasis on the state and its role in regulating business activity.  The renationalization of financial and business life is likely to produce new conflicts and clashes, and to heighten the level of uncertainty.

In the world of globalization, many people make assumptions about common values, but these are often not articulated fully, and when they are articulated, they frequently provoke a fierce reaction.  The only way of dealing with a collapse in values is to rebuild values.  Regaining trust is a long and arduous process.  That is why when globalization is broken, it is not easy to put it together again.  We will look for “communities of virtue,” but inevitably we will not find them at once.  The globalization cycle will start again, but it will not start up immediately.


© 2009 Harold James