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Changes in the Global Economy since1989 End of the Cold War Acceleration of Globalization September 11 Rise of Neo-Liberalism Washington Consensus Welfare to Workfare Empowerment and personal responsibility replaced protection of the vulnerable in rationale for government social programs Financial Crisis of 2007-8 Rise of China and India
The Euro Crisis What is the future of the Euro Austerity protest in Italy Zone? Is austerity the answer to current difficulties? Is Greece just the tip of the iceberg? Sarkozy defeated in the first round of French presidential elections in 2012, may not be reelected G20 pledged $430 billion for IMF
What comes next in the study ofInternational Political Economy? How to deal with growing volatility of world financial markets How to deal with the growing power of MNCs and other transnational actors How to preserve and expand democratic governance in the face of growing vulnerability of the system to major disruptions (military, economic, and terrorist) How to reconcile the global interests in economic growth and environmental protection
A Renewed Focus on the Local Globalization makes it difficult for governments to protect local communities and regions from its negative effects (especially under the influence of neo-liberal ideas) In industrialized countries, environmental concerns are producing a greater focus on local issues In developing countries, social safety nets were too thin to begin with; increasing the burden on local communities Governments everywhere have been scaling back their efforts to help the vulnerable
What are the Issues that Both SidesHave to Address? Inability of either globalization or localism to overcome forces that lead to domestic violence and war Redefining the role of local and national governments, along with international governance institutions, so that the global economy can produce better results Continued poverty in the Fourth World and elsewhere Threats to the environment (e.g. climate change)
Recent Concerns Global financial crisis may lead to a return to greater regulation of financial markets Other types of regulation may become more acceptable also: Anti-trust and competition policies Environmental regulations to deal with global climate change and toxic waste Relaxation of intellectual property enforcement to deal with AIDS and other global pandemics Renewed focus on education and infrastructure
Who is thinking about thesethings? Just a few names… Saskia Sassen Suzanne Berger William Easterly Hernando de Soto Joseph Stiglitz
Saskia Sassen Professor, Sociology, University of Chicago Books: Cities in a world economy Deciphering the Global: Its Spaces, Scales and Subjects video The Global City: New York, London, Tokyo Focuses on emerging social practices
Suzanne Berger Professor, Political Science, MIT Books: National Diversity and Global Capitalism How We Compete video Focuses on the political economy of globalization and particularly on convergence
William Easterly Argues against panaceas Argues for proper structuring of group incentives Formerly employed by World Bank Now professor at NYU Video Bill Gates hated his books
Hernando de Soto Peruvian economist Head of Institute for Liberty and Democracy in Lima Focuses on the role of property rights Book: The Mystery of Capital: Why video Capitalism Triumphs in the West and Fails Everywhere Else
Joseph Stiglitz Former chief economist of the World Bank turned critic of the IMF after the Asia Crisis Argues the IMF mismanaged globalization video Too focused on inflation and fiscal rectitude Neglected economic growth and employment