Showing posts with label discontent. Show all posts
Showing posts with label discontent. Show all posts

Monday, March 01, 2021

Keynes had come to believe that the problem was really much simpler: Unemployment was a breeding ground for fascism. It created dangerous political instability and a source of anger that could easily be weaponized. The terms of trade might help or hurt efforts to establish international goodwill, but tariffs or no tariffs, the legitimacy of an international economic order depended entirely on whether it did, in fact, provide for mutual prosperity.

Zachary D.Carter in The Price of Peace

Friday, November 27, 2020

Democracy or Globalization?

Global markets suffer from weak governance and are therefore prone to instability, inefficiency, and weak popular legitimacy…. If you want more and better markets, you have to have more (and better) governance.  Markets work best not where states are weakest, but where they are strong.... Even though it is possible to advance both democracy and globalization…this requires the creation of a global political community that is vastly more ambitious than anything we have seen to date or are likely to experience soon.  It would call for global rule making by democracy…. Democracies have the right to protect their social arrangements, and when this right clashes with the requirements of the global economy, it is the latter that should give way. 

Dani Rodrik, The Globalization Paradox: Democracy and the Future of the World Economy