Since the imposition of free market policies in the 1980s, globalization has come to represent an ideological battle between those who favor economic growth and deregulation through the growing power of multinational corporations, versus those who prefer a more sustainable and democratic approach to international development, socio-economic justice, and the securing of basic human rights and needs.
Neoliberal capitalism has paradoxically increased the power of governments to intervene, but only for the sake of competitiveness in the global economy. It is now time for the state to once again take responsibility for the social consequences of policy action, says Albena Azmanova.
There is some concern that financial transaction taxes may reduce investment flows and remittances to the global South. These concerns are unfounded and ignore the significant positive outcomes such taxes will generate for developing countries, says a fact sheet by the Institute for Policy Studies.
If the world’s leading policymakers were to design a new global economic order, they would have to concede that markets require regulation in order to produce fair outcomes. It is time to keep globalisation in check with a robust and democratic system of governance, says Dani Rodrik.
The financial crisis has exposed the weaknesses of many traditional
economic models, yet economists still appear reluctant to venture out
of their comfort zone. Given
the complexity of the evolving economic system we need a broader, multidisciplinary approach to the study of economics, writes Sheila Dow.
Communities around the world are experiencing the downside of economies made vulnerable by their reliance on globalisation. In response, people are attempting to re-root economic and social activity at a local level in order to become more resilient, say John Cavanagh and Robin Broad.
Free trade and the rise of the corporation have ushered in a new political and economic reality – globalization. The global economy has thrived, but the drive for ever-increasing profits has some worrying side effects, writes Craig Bowman.
Continual economic growth is ultimately unsustainable, but in the current system a failure to increase Gross Domestic Product is destabilising. Could a transition to a socially stable ‘steady state economy’ solve this dilemma? By Rob Dietz.