Globalization and the state
A feature article in the New York Times magazine for December 14, offers this observation about globalization.Higher Globalization, The
(Go to "H" in the alphabet of articles to find this one.)
"Until earlier this year, globalization was expected to make government steadily less important. Private flows of goods, capital and services made states seem puny things. Elected officials were thought to have less and less discretion when it came to making economic decisions. The International Monetary Fund, which offers a helping hand to states facing financial peril, saw its annual meetings become lonely affairs. Editorials in the financial press wondered if the fund had a mission left.
"The financial crisis tipped all this over in a hurry. As with security after 9/11, government came roaring back. Market-oriented central bankers in the developed economies suddenly began, in effect, nationalizing banks. The I.M.F. went from broken to heroic...
"Globalization, far from burying the state, now depended on states for rescue...
"The petro-states, as well as Singapore and other Asian states, above all China, are having their day, despite being threatened themselves by recession...
"Most of the cash-rich countries have state-dominated economies...
"Globalization was not supposed to depend on handouts from the state. But whatever form globalization takes next, it will not be despite governments but because of them..."
Labels: concepts, globalization, state
posted by Ken Wedding @ 8:10 AM
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