Globalisation is considered a success story. Following the fall of the Berlin Wall and the dissolution of the political divides between East and West Germany, nothing seemed to stand in the way of peaceful cooperation between people everywhere. Under the precepts of economic liberalism, by removing institutional obstacles to international trade and capital flows, a spontaneous global order would emerge, and the dream of a world populated by free and prosperous global citizens would eventually come true.But in the wake of the worldwide financial crisis that began in 2007-2008, in the world of an ongoing Euro-Crisis, Trump and Brexit, it has become apparent that the great liberal project has failed. Neoclassical liberal economic theory has shown itself to be fundamentally incapable of explaining the dynamics of a market economy and in guiding economic policy in developed as well as in developing countries.Given the continuing dominance of that discredited theory today, the world lacks a viable conceptual framework for global cooperation among nations, and appropriate national economic policies. With this book, the authors show how such a framework can be built on the basis of a modern and empirically sound economic theory.

Heiner Flassbeck is a German economist. He was State Secretary (Deputy Minister) in the German Federal Ministry of Finance during 1998-1999 and Chief Economist of the United Nations Conference on Trade and Development (UNCTAD) from 2003 to 2012.

Paul Steinhardt has held management positions at German banks and their subsidiaries in Germany and abroad. Together, Flassbeck and Steinhardt publish Makroskop magazine.

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