Transformation and Emerging Markets

Transformation and Emerging Markets

Transformation and Emerging Markets

Transformation and Emerging Markets

Excerpt

This study argues that the economics and history of the closing years of the 20th century may turn out to be called the era of transformation. Nation-states have lost most of their room for maneuver in the transnationalization of finance and investment that now affects them all. In the European Community and in future imitations of that association elsewhere, nation-states will also lose some formal powers. The most effective of European social democracies have had to modify their policies, and in Scandinavia have been voted out of power. An economically sustainable social democracy may be beyond the reach of any one nation-state. In fact, many analysts conclude that any political and economic reforms which take only the nation-state as a starting point are doomed. The question, then, is how to square the transnational economy with national identity and the nation-state. Increasingly, the responsibilities of the nation-state have to be transferred to more powerful world entities. It may be that middle-sized nation-states of the kind that exist in Europe and elsewhere are too small to deal with large problems and too large to deal with the small ones.

Two developments, moreover, have served to reinforce the growing movement to integrate world markets. One, of course, is the fall of communism. The other is the ability and willingness of businesses to internationalize their activities to maximize profits and minimize costs.

I would like to express appreciation to Dr. Carol Bullock for assistance in completing this study.

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