A sweeping case that a new age of economic localization will reunite place and prosperity, putting an end to the last half century of globalization—by one of the preeminent economic journalists writing today

“This invaluable book is as bold in its ambitions as it is readable.”—Ian Bremmer, New York Times bestselling author of The Power of Crisis

ONE OF THE BEST BOOKS OF THE YEAR: Kirkus Reviews

At the dawn of the twenty-first century, Thomas Friedman, in The World Is Flat, declared globalization the new economic order. But the reign of globalization as we’ve known it is over, argues Financial Times columnist and CNN analyst Rana Foroohar, and the rise of local, regional, and homegrown business is now at hand.
 
With bare supermarket shelves and the shortage of PPE, the pandemic brought the fragility of global trade and supply chains into stark relief. The tragic war in Ukraine and the political and economic chaos that followed have further underlined the vulnerabilities of globalization. The world, it turns out, isn’t flat—in fact, it’s quite bumpy.
 
This fragmentation has been coming for decades, observes Foroohar. Our neoliberal economic philosophy of prioritizing efficiency over resilience and profits over local prosperity has produced massive inequality, persistent economic insecurity, and distrust in our institutions. This philosophy, which underpinned the last half century of globalization, has run its course. Place-based economics and a wave of technological innovations now make it possible to keep operations, investment, and wealth closer to home, wherever that may be.
 
With the pendulum of history swinging back, Homecoming explores both the challenges and the possibilities of this new era, and how it can usher in a more equitable and prosperous future.

"A sweeping case that a new age of local economic growth will reunite place and prosperity, putting to an end to the last half century of globalization-by one of the preeminent economic journalists writing today. At the dawn of the twenty-first century, Thomas L. Friedman declared globalization the new economic order in The World Is Flat. But the reign of globalization as we've known it-driven by the United States, China, and big multinational companies-is over, argues Financial Times columnist and CNN analyst Rana Foroohar, and the rise of local, regional, and home-grown business is now at hand. It's time to admit that old-fashioned globalization has failed, says Foroohar. From the bare supermarket shelves to the shortage of PPE supplies and ventilators, the pandemic brought the fragility of global trade and supply chains into stark relief. It's evident that a neoliberal philosophy prioritizing efficiency over resilience and profits over local prosperity has produced massive inequality, perilous economic insecurity, and distrust in the institutions of today. But the pendulum of history is swinging back, powered by place-based economics and a wave of technological innovations-from decentralized manufacturing and digital currencies to the internet of things and blockchain-making it possible to keep operations, investment, and wealth closer to home. Through extensive reporting, Foroohar paints a vivid portrait of how place-based economics is taking hold in virtually every sector from coast to coast. She tours the "vertical farms" upending Big Agriculture, meets the entrepreneurs bringing the textile industry back to the Carolinas, visits the small- and medium-sized businesses making use of 3D printing to revolutionize everything from manufacturing to housing, introduces us to the businesspeople and policymakers fighting corporate monopolies and big state power, and shows us why the global economy need not be a winner-take-all game. We can still make things at home-creating a more stable, sustainable, and self-sufficient economy in the process. In Homecoming, Foroohar explores the possibilities of this new era, and how it can usher in a more equitable and prosperous future for all Americans"--