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False Dawn
The Delusions of Global Capitalism

Professor John Gray (2002)
London School of Economics

In this short extract from John Gray's book 'False Dawn' he develops a powerful analysis of the deepening instability that global free-market capitalism creates.

Gray's central message is that the break neck pursuit of American-styled laissez-faire free market capitalism with its emphasis on highly deregulated markets engineered and supervised by weak nation states is based upon a number of false premises and half truths. It will not lead to the utopia of a single, super-efficient, wealth-generating global market that the free-market fundamentalists promised, but its opposite: a sort of permanent anarchy.

Gray's analysis shows how globalised markets throw all types of capitalism -not least the free-market varieties - into flux. This creates anarchic global markets that destroy old capitalisms and spawn new ones, while subjecting all too unceasing instability. In concluding his thinking on the current state of global capitalism Gray considers that 'like other twentieth-century utopias, global laissez-faire - together with its casualties - will be swallowed into the memory hole of history'.

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John Gray
False Dawn - The Delusions of Global Capitalism
Granta Books, London, 2002, Price UKú8.99
Pages: 211 - 218
ISBN 1862075301



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