The World's Worst Bet: How the Globalization Gamble Went Wrong (And What Would Make It Right)

by David J Lynch

Overview

“A singularly—thrillingly—persuasive chronicle of globalization’s spectacular rise and fall.” ―Evan Osnos, National Book Award–winning author of Age of Ambition

The triumphant globalization that began in the 1990s has given way to a world riven by conflict, populism, and economic nationalism. In The World’s Worst Bet, David J. Lynch offers a trenchant, fast-paced narrative of the rise and fall of the greatest engine of prosperity the world has ever known. Lynch explains what went right, what went wrong, and what needs to change to preserve the benefits of global integration and to build prosperity for all Americans. 
 
Lynch brings a deep understanding of the forces affecting Americans’ lives to his portrayal of a fascinating cast of characters: presidents and policymakers; factory workers whose anger over lost jobs reshaped a nation’s politics; and the anti-globalization warriors of the right and left. Their stories show how the United States made a bad bet on globalization, gambling that it could enjoy its benefits while ignoring its costs: dislocated workers, vulnerable supply chains, and the rise of a powerful rival. With trillions of dollars now at stake, The World’s Worst Bet explains the failings of the past and offers an insightful guide to the opportunities of the future.
 
 

Product Details

ISBN-13:	9781541704060
Publisher:	PublicAffairs
Publication date:	09/09/2025
Pages:	416
Product dimensions:	6.40(w) x 9.60(h) x 1.38(d)

About the Author

David J. Lynch is the global economics correspondent of the Washington Post. The recipient of the National Press Foundation's Hinrich Award for Distinguished Reporting on Trade in 2021, Lynch has reported from more than sixty countries for the Post and earlier in his career with the Financial Times of London, Bloomberg News, and USA Today. He lives in Vienna, Virginia. 

Editorial Reviews

Lynch has given us a singularly—thrillingly—persuasive chronicle of globalization’s spectacular rise and fall. He not only explains the unwinding of a promise but also offers a vital warning about the next great upheavals in the global economy. Without a fair, humane commitment to the least fortunate, we may find that Lynch’s piercingly clear history is, in fact, a prophecy.”—Evan Osnos, National Book Award–winning author of Age of Ambition

“A painfully convincing history of how both political parties decided that worldwide free trade was a good thing.... It’s a discouraging story skillfully told by Lynch, global economics correspondent for the Washington Post.”—Kirkus

“A fascinating and sobering assessment of globalization. David Lynch built his career through careful investigations around the world, enabling him to combine first-hand observation with careful economic analysis. What has gone wrong with the world’s trading system? Are we facing a temporary disruption to what will ultimately prove to be an unstoppable process of economic and financial integration? Or is today the start of a deeper roll-back and a retreat into… what exactly? There are no easy answers, but Lynch offers an insightful and honest perspective. Anyone who seeks prosperity in the global economy of tomorrow should read this book.”—Simon Johnson, winner of the Nobel Prize in Economics

“The era of hyper-globalization is ceding to hyper-nationalism because America's elites failed to help its losers. Grasping how and why the US has swung from Clinton to Trump in such short order takes an experienced, wise and deeply probing reporter like David Lynch. Journalists of Lynch's caliber are a rare thing. Read him on why Trump's cure is worse than the disease but can be fixed only if we grasp how we created this mess in the first place. An important book.”—Edward Luce, commentator and columnist, Financial Times

“How did we get globalization so wrong? In The World's Worst Bet, David Lynch explores how America embraced a model of globalization that hollowed out our industrial base, enabled China's rise, and set the stage for a destabilizing political backlash at home. The World's Worst Bet is essential reading for understanding the structure of the world economy and the shape of our politics.”—Chris Miller, New York Times–bestselling author of Chip War

From the Publisher

2025-06-13
A new world order.

As the last century ended, a popular Washington consensus held that the market had all the answers and that bringing China into the global trading system would cement a peaceful future. That seemed to work out until it didn’t. It’s a discouraging story skillfully told by Lynch, global economics correspondent for theWashington Post. He reminds us that America’s industrial production has been declining since the 1950s and that automation, not foreign competition, remains the biggest factor. Obsessed with cutting costs, American businesses were already moving to Mexico and other nations, but everyone thrilled to China, which had discarded “Maoist idiocy” to open a titanic market to world entrepreneurs. The world was getting richer, and the world’s richest nation could only benefit by trading in this immense, supposedly free market. Giving President Clinton most of the credit, Lynch describes his 1990s crusade for globalization. Business leaders and congressional Republicans were enthusiastic. Labor unions and Democrats were not, but many were won over by promises of government benefits and retraining for laid-off workers. This never happened. Almost everyone agreed that a free market would bring democracy to China; increasingly prosperous citizens would demand it as they had in other nations (Spain, Taiwan, South Korea, Chile). This also didn’t happen, but globalization did make the U.S. wealthier. From 2000 to around 2015, inflation and prices were low, but the 2.4 million jobs lost created great resentment, along with the feeling that China was playing dirty and muscling in on our status as world leader. The political climate soon turned uniformly anti-China. Lynch dismisses President Trump’s solutions, which emphasize tariffs and jingoism. Lynch’s own proposals for international cooperation and a generous safety net are political poison today.

A painfully convincing history of how both political parties decided that worldwide free trade was a good thing.

Kirkus Reviews