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Neoliberal globalization and domestic accommodation: Combining efficiency and legitimacy

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  • Hochul Lee

Abstract

Globalization is not a unique issue. The market economy has been constantly globalized since its formation in Europe in the late fifteenth century. However, its neoliberal nature is very contemporary. At the international level, measures to open more markets and to liberalize trade have been negotiated and incorporated into the rules of the WTO, the IMF, and the regional bodies of economic cooperation. At the domestic level, neoliberal reform packages have been tried or imposed externally particularly in East Asian countries after the financial crisis in the late 1997. This study defines the nature of neoliberal globalization and identifies its limitations and pressures upon domestic political economy. It also reviews briefly the 'third way' politics in Europe and another 'third way' experiment in China to find some critical lessons in responding to neoliberal reform pressures.

Suggested Citation

  • Hochul Lee, 2001. "Neoliberal globalization and domestic accommodation: Combining efficiency and legitimacy," Global Economic Review, Taylor & Francis Journals, vol. 30(2), pages 41-51.
    • Handle: RePEc:taf:glecrv:v:30:y:2001:i:2:p:41-51
    DOI: 10.1080/12265080108449819
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    References listed on IDEAS

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    1. Paul Krugman, 1986. "Strategic Trade Policy and the New International Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262610450, December.
    2. Dani Rodrik, 1998. "Has Globalization Gone Too Far?," Challenge, Taylor & Francis Journals, vol. 41(2), pages 81-94, March.
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