On The Edge, Living With Global Capitalism

Edited by Will Hutton and Anthony Giddens Vintage £8.99 (UK)

Trade grows every year, living standards rise, life expectancy increases and the ideological war between socialism and capitalism was won by the latter . . . so what could possibly go wrong for the global system?

Will Hutton and Anthony Giddens argue that the system is potentially dangerous - on the edge - reminding us of the capacity of financial markets to crash and cause chaos.

In the absence of any alternative, Hutton and Giddens say we need to see how the capitalist system can be improved. On The Edge is a collection of essays looking at various dimensions of the globalisation phenomenon, including contributions from guru George Soros and journalist Polly Toynbee.

The book kicks off with a wide-ranging debate between Hutton and Giddens, using a question-and-answer format that is lively and illuminating. Globalisation is not just about technological revolution, it goes deeper than that. Hutton and Giddens say we are witnessing a process of fundamental change in economic and social structures that demands a new understanding of capitalism.

In a hard-hitting contribution, Vandana Shiva looks at the environmental ruin being visited on the Third World. She argues that globalisation and liberalised trade create growth by destroying the environment and local, sustainable livelihoods.

The book finishes with a summary from the editors that distills the arguments of the contributors and points to an alternative. Basically, the problems and challenges of globalisation demand a global response.

On The Edge is an interesting exploration of what is happening in the world today and is refreshing for its critical perspective of a system that is the best we are going to get for the foreseeable future.

jmulqueen@irish-times.ie