Dani Roderik: The Globalization Paradox December 2011 WRR

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<strong>The</strong> history of globalization viewedthrough the prism of a trilemmaHyperglobalizationInadequate regulationInadequatelegitimacyNationalsovereigntyDemocraticpoliticsBretton Woods compromiseProblems of the post-1990 model: push for hyper-globalization withoutthe institutional infrastructureWTO + financial globalizationFailures of legitimacy where global rules went too far (trade) and ofregulation where they didn’t go far enough (finance)
<strong>The</strong> fundamental problem of the worldeconomy Imbalance between reach of markets (global) and scopeof their governance (mostly national) What will a real capitalism 3.0 look like? Temptation: a global version of capitalism 2.0 Global governance: global regulation, global standards, globalsafety nets, etc. But impractical Places too much faith on the supply of global “leadership” andwillingness of countries to give up sovereignty And more importantly, undesirable Diversity in national preferences and needs E.g., corporate taxation, scope of welfare state, trade-off betweenfinancial innovation and financial stability, developing countrieses’need to promote structural transformation
Page 1 and 2: The Globalization ParadoxDani Rodri
Page 3 and 4: The evolution of capitalism: versio
Page 5 and 6: The evolution of capitalism: versio
Page 7 and 8: The history of globalization viewed
Page 9: The history of globalization viewed
Page 13 and 14: The political trilemma of theworld
Page 15 and 16: Implications of EU’s s incomplete
Page 17 and 18: The political trilemma of the world
Page 19 and 20: The subtle tension between democrac
Page 21 and 22: Globalization can enhance democracy
Page 23 and 24: The regional/global governancealter
Page 25: Global governance light A set of tr

Dani Roderik: The Globalization Paradox December 2011 WRR

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