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Abdelal, Rawi
The Downfall of the American Order?, 05/2022Book Chapter
A newly liberal, deregulating international order was built to underpin a second great era of globalization during the 1980s and 1990s. The new order undermined the post-1945 social bargain: the compromise of embedded liberalism. The “resurgent ethos of liberal capitalism,” John Ruggie explained at the beginning of this process, threatened the compromise that had created a stable, prosperous West.¹ In this chapter, I argue that the politics of creating our current era of globalization were composed of transformations of both the left and the right in the developed world; their convergence created the new system. The new system delivered financial
