April 26, 2011

Changes in the Global Economy since 1989End of the Cold War Acceleration of GlobalizationSeptember 11Rise of Neo-Liberalism

Washington ConsensusWelfare to WorkfareEmpowerment and personal responsibility replaced

protection of the vulnerable in rationale for government social programs

Financial Crisis of 2007-8

What comes next in the study of International Political Economy?How to reconcile the global interests in

economic growth and environmental protection

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)

A Renewed Focus on the LocalGlobalization 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 Sides Have to Address?Continued poverty and misery of the Fourth

WorldInability 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

What comes next in the study of International Political Economy?How to reconcile the

global interests in economic growth and environmental protection

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)

Recent ConcernsGlobal financial crisis may lead to a return to

greater regulation of financial marketsOther types of regulation may become more

acceptable also:Anti-trust and competition policiesEnvironmental regulations to deal with

global climate change and toxic wasteRelaxation of intellectual property enforcement

to deal with AIDS and other global pandemicsRenewed focus on education and

infrastructure

Who is thinking about these things?

Saskia SassenSuzanne BergerWilliam EasterlyHernando de SotoJoseph Stiglitz

Saskia SassenProfessor, Sociology, University

of ChicagoBooks:

Cities in a world economy Deciphering the Global: Its

Spaces, Scales and SubjectsThe Global City: New York,

London, TokyoFocuses on emerging social

practices

video

Suzanne BergerProfessor, Political Science,

MITBooks:

National Diversity and Global Capitalism

How We CompeteFocuses on the political

economy of globalization and particularly on convergence

William EasterlyArgues against panaceasArgues for proper structuring of group

incentivesFormerly employed by World BankNow professor at NYUVideoBill Gates hates his new book

Hernando de SotoPeruvian economistHead of Institute for

Liberty and Democracy in Lima

Book:The Mystery of Capital:

Why Capitalism Triumphs in the West and Fails Everywhere Else

video

Joseph StiglitzFormer chief economist of the World Bank

turned critic of the IMF after the Asia CrisisArgues the IMF mismanaged globalizationToo focused on inflation and fiscal rectitudeNeglected economic growth and employment

video