Public Values

Globalizers lose their faith

Even former proponents full of doubt as crises ripple through system built on shaky pillars.

by Dani Rodrik, Toronto Star

July 23, 2008 — The world economy has seen globalization collapse once already. The gold standard era – with its free capital mobility and open trade – came to an abrupt end in 1914 and could not be resuscitated after World War I. Are we about to witness a similar global economic breakdown?

The question is not fanciful. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it rests on shaky pillars.

Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only "weakly embedded." There is no global anti-trust authority, no global lender of last resort, no global regulator, no global safety nets and, of course, no global democracy.

In other words, global markets suffer from weak governance, and therefore from weak popular legitimacy. . .

Links and sources
  Globalizers lose their faith, by Dani Rodrik, Toronto Star, July 23, 2008

Posted: August 14, 2008

Categories:
  Politics
  Voices of privatization

Public Values (PublicValues.ca) is a project of the Golden Lake Institute and the online publication StraightGoods.ca


Public Values
 
HOME
CONTACT US
SEARCH
FREE BULLETIN
FRANÇAIS
Search PublicValues.ca
Donate to PublicValues.ca
News
Research
Politics
Campaigns
Health care
Public services
Natural resources
Energy
Education
Front lines
Voices of privatization
Feedback and dialogue
Visit StraightGoods.ca
About Us
Donations
Newswire/RSS
What is framing?
Monday, December 11, 2017
Updated frequently
To view photo captions, run your mouse over the photo
 
Bookmark and Share

© Golden Lake Institute/PublicValues.ca, 2007-11
PublicValues.ca owns copyright on all staff-written articles.
We encourage others to freely distribute material from this website but, without explicit permission,
Web publishers may only use short excerpts that also include credit to us and a reference to our site for the full article.
This site is managed by the Golden Lake InstituteVisit Golden Lake Institute Website and Straight Goods NewsVisit Straight Goods News Website
For comments or suggestions, please contact the PublicValues.ca Editor
For technical issues, please contact the PublicValues.ca Webmaster