Globalization in search of a future : the contemporary challenge to national policies

The globalization process formerly dominated by international trade and investment, is largely borne today by the reduction in the costs of information and communication processing, which altogether with the accumulation of knowledge and experience, deeply transforms the context for international transactions. This fast-paced global restructuring process raises some fundamental policy challenges. At the national level, it has made policy makers much more aware of the increased international implications of their policy actions. Policies that might appear "sustainable" within a national context may appear less so in an international one. On the other hand nation states remain the only actors that can help forge the new policy compromises that are needed. This holds not only for traditional macro-economic policy, but also for social, fiscal policy, social security and toolbox of policy instruments appears to be in need of some international counterpart.