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Foreign Policy
Winter 1998–99
Articles
Since their beginnings, multinational corporations have been controversial. But in recent years, transoceanic megamergers, the explosive growth of newborn corporate giants, the emergence of multinational corporations operating in sectors such as hairdressing or office cleaning, and the rise of Third World competitiors have undermined long standing stereotypes about multinationals.
The world economic powers are about to face off in the ultimate postfinancial crisis grudge match. In one corner stands the United States—eager to liberalize capital flows so that its economic boom keeps on booming. In the other stands the tag team of Asia and Europe—keen on regulation and stability over uncontrolled investment. The final outcome will have a profound impact for years to come.
What stands in the way of the global spread of English? Some dyspeptic French culturecrats? A few hundred million Chinese? Given how greatly English has profited from globalization, it seems inevitable that they’ll come around, right? Au contraire: English will have its run, but the future is multilingual.
“The world is in the grip of an acute financial and political crisis. This crisis, if left unchecked, will lead to the disintegration of the global capitalist system.” If that statement sounds alarming, then consider the source: billionaire investor George Soros. It’s not too late to fix the system, Soros argues, but time is running out.
Every competing model of modern capitalism—American, Asian, European, and everything in between—has claimed to offer the secret to perpetual economic growth. They were all wrong. And if you think that your economy (wherever you might live) is immune to the global financial crisis, then you’re in for a rude awakening.
When the Soviet Union collapsed, Russia and Cuba went their separate ways. One nation embraced free market capitalism; the other stubbornly clung to communism. Now, nearly a decade later, against all expectations, the Cuban economy is gathering momentum while the Russian economy lies in tatters. Can Moscow learn a thing or two from Fidel Castro?
Military analysts foresee a not-so-distant future when new warships, automated drones, and long-range airpower will allow U.S. armed forces to lash out rapidly, intercontinentally, and lethally from the safety of American soil. But the so-called Revolution in Military Affairs ignores several enduring geopolitical realities, not to mention a few laws of physics.
Book Reviews