Markets, Politics and Globalization: Can the global economy be civilized?

Abstract

great deal of nonsense has been written and said about ization in recent years. Some has come from political right, JL jl some from political left, some from business and political leaders, some from nongovernmental organizations (NGOs) and people in streets. The term globalization has become so slippery, so am biguous, so subject to misunderstanding and political manipulation that it should be banned from further use, at least until there is precise agree ment as to its meaning. In particular, those involved in economic and political policymaking and debate must clarify their meaning and their messages in this sphere if they are to be taken seriously. The term globalization confuses two discrete phenomena. The first is shrinkage in space and in time that world has experienced in consequence of technological revolutions in transport, communica tions, and information processing. Although these developments have not affected all countries or people uniformly, world has for many become a much smaller place. References to our global village or spaceship Earth or, more prosaically, the economy capture reality that actions and decisions in one part of world have greater impact on other parts of humanity and do so with greater speed than was experienced in years past. The behavior of world's inter related twenty-four-hours-a-day financial markets typifies this trend. This new globalization has bred more detailed and up-to-date knowl edge of people's activities. But income and wealth imbalance have also created totally unbalanced information flows and what C. R Snow has described as ultimate obscenity: rich sitting in comfort of their living rooms watching other people starve on color television. This new technology-driven globalization is new reality to which we all

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