Globalization was a wonderful idea. After the political division between East and West was overcome, nothing seemed to stand in the way of peaceful cooperation among all people. The liberal notion was that if all obstacles were removed, a spontaneous order would emerge, making the dream of a free and prosperous global citizen come true. However, after the great crisis, after Trump and Brexit, the project has failed. Liberal economic theory is fundamentally unsuitable for understanding the dynamics of a market economy and providing valid political recommendations. Today, there is no viable concept for either global cooperation among nations or appropriate national policy. The authors demonstrate how this can be achieved based on a modern economic theory.