Mr. Engler describes the efforts of the greatest economic engine in the world (still), known to many as the United States, to determine and control the future of developing countries, whether by cloaked capitalism (Clinton-Blair third way neo-liberalism) or fiat (G.W.Bush aka Teddy Roosevelt). But, as he documents, that effort is failing, whatever its motivation, as the United States loses control not only of its economic fiefdoms in South and Latin America but of its own population, as its efforts to control the world incur domestic debt and keep its own middle class stagnant and the poor yet more impoverished. Like the history of its predecessors, the British, French, Dutch and Flemish empires, it is a modern ride on the Appian Way with the real reasons for the fall of the empire explained, unlike that other book which explained every battle of the Roman Empire but left the reader wondering why it actually failed. As with Americans, new to this outcome, the Brits and others have yet to acknowledge their diminished, yet mostly comfortable status as now just a nation. But Americans, unused to their diminished supermacy, are certainly feeling its effects.
Mr Engler looks at the details, the intracacies of finance and their implications for the target countries, but his thesis is the nature of a changing world where economic development and, moreover, its native control, in the Southern American hemisphere (Chile, Argentina, Brazil, Venezuela, Boliva, Cuba) engenders independence and dooms (despite the WTO and the World Bank) a century of American hegemony. His discussion of debt cancellation, the H&R Block of international finance, more than his other examples, reveals the vulnerability of North American attempts to control fledgling South American governments. While Engler's focus is the popular movements in Central and South America, he does consider the East, never under the American thumb, but quarantined by the West, with China now holding most of America's debt the United States incurrs trying to keep its power everywhere. Our economic dependence upon the East that the Unites States has never had to entertain in a marketplace it had always exploited, but now readily accepts, whatever the consequences, as long as a buck can be made does not bode well for capital owners of the homeland. Oh, it must make those bulwarks of British Imperialism, the last vultures of the underdeveloped world, just shudder the thought of those despicable yellow people in implicit control. They and we can commisserate over our oriental tea.
Oh, you can bet there will be consequences. And Engler, knowing that the closer one gets to an issue, the more one loses the luxury of unbridled ideology, takes issue with the conclusions of commentators and analysts, both right and left, providing a studied guide to where the road may lead in the deep, deep woods of the twenty-first century.