In this chapter, we focus on the regulation and governance of global economic, social, and cultural processes. Consistent with our overall approach, we see globalization as constituted by political decisions in the first place. Free trade, open capital borders, migration, and the internationalization of the entertainment industry, where they exist, all resulted from explicit political decisions. In short, globalization is not the result of blind and uncontrolled technological forces; quite the opposite – globalization is endogenous to politics. Second, once in place, globalization is not a self-regulating process. Markets at the global level can become imbalanced just as they can at the national level. They can suffer from insufficient demand, under- or over-investment, trade imbalances, excessive debt, currency speculation, fraud, ...
Globalization and Governance
Globalization and governance