Economic Governance in the Age of Globalization

Economic Governance in the Age of Globalization

Economic Governance in the Age of Globalization

Economic Governance in the Age of Globalization

Excerpt

"Four years ago, journalist Richard Swift arrived in the fields of western
Ghana, where cheap cocoa is harvested to be shipped to Switzerland.
The journalist carried some chocolate bars in his backpack. The native
harvesters had never tasted chocolate before. They loved it."

—Eduardo Galeano (2003)

"Without social equity, economic growth cannot be sustained. Without
enlarging the real opportunities available to all citizens, the markets will
work only for the elites. This means providing everyone with access to
education, health care, decent work, and—as the new Brazilian presi
dent Lula has pointed out—with at least three meals a day.

—James D. Wolfinsohn (2003)

A reading of globalization at the start of the twenty-first century needs to reconsider such concepts as stateness, sovereignty, governance, efficiency, and social justice. I undertake this task here within a framework combining elements of critical theory drawn from mainline political economy, Gramscian and materialist understandings of the international political economy (throughout ipe will be used for the international political economy which is "out there" and IPE to denote the academic study of the ipe) drawing on classical institutionalism and other strands of heterodox political economy. It is about the disjuncture between understandings of the world political economy among elites, social movements of global civil society, mainstream social scientists, and critical realists. The project is motivated by concerns for improved income distribution, an inclusive pattern of sustainable development, good governance, financial stability, fair treatment of less powerful countries currently discriminated against by the most powerful ones, labor and democratic rights, appropriate reform and regulation of the global financial system, increased and properly targeted foreign aid and debt relief, and a host of other goals which are widely shared.

I examine conflicting approaches to economic and financial rule making and enforcement mechanisms and at the key actors: transnational corporations, nongovernmental organizations (NGOs), and global state economic . . .

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