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The significance of a world government in the process of globalization in the 21st century

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  • Moshirian, Fariborz

Abstract

This paper discusses the process of globalization and analyses those pressing global issues that have been unresolved due to the lack of an integrated global system and effective international institutions. It highlights a number of global issues that require global ethics and global action. The paper discusses how a globally integrated system, with a world government, a world parliament and a world central bank as its components, is no longer an idealistic concept. The paper highlights the dynamic gains of the transformation of nations and the future of this planet, once an integrated global system is in place. It analyses the challenges overcome during the integration of the US in the 19th century and the process of the formation of the EU in the 20th century. It argues that the creation of a globally integrated system, based on new and effective international institutions would be easier to implement than the formation of the US in the 19th Century or the EU in the 20th century, as we now have technology that did not exist in the 19th century and the process of globalization has already removed many previous financial, technological, cultural, language and other barriers to integration.

Suggested Citation

  • Moshirian, Fariborz, 2008. "The significance of a world government in the process of globalization in the 21st century," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1432-1439, August.
    • Handle: RePEc:eee:jbfina:v:32:y:2008:i:8:p:1432-1439
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    1. Pierfederico Asdrubali & Bent E. Sørensen & Oved Yosha, 1996. "Channels of Interstate Risk Sharing: United States 1963–1990," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(4), pages 1081-1110.
    2. Moshirian, Fariborz, 2007. "Global financial services and a global single currency," Journal of Banking & Finance, Elsevier, vol. 31(1), pages 3-9, January.
    3. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798.
    4. Moshirian, Fariborz, 2007. "Globalisation and the role of effective international institutions," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1579-1593, June.
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    Cited by:

    1. Moshirian, Fariborz, 2011. "The global financial crisis and the evolution of markets, institutions and regulation," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 502-511, March.
    2. Lee, Chien-Chiang & Wang, Chih-Wei & Ho, Shan-Ju, 2020. "Financial innovation and bank growth: The role of institutional environments," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).
    3. Lee, Chien-Chiang & Chiu, Yi-Bin, 2016. "Globalization and insurance activity: Evidence on the industrial and emerging countries," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 328-349.
    4. Moshirian, Fariborz, 2012. "The future and dynamics of global systemically important banks," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2675-2679.

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