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The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist

Author

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  • Rodrik, Dani

    (Rafiq Hariri Professor of International Political Economy, John F. Kennedy School of Government, Harvard University, USA)

Abstract

For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik's argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.

Suggested Citation

  • Rodrik, Dani, 2012. "The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist," OUP Catalogue, Oxford University Press, number 9780199652525.
  • Handle: RePEc:oxp:obooks:9780199652525
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    Cited by:

    1. repec:eee:crpeac:v:26:y:2015:i:c:p:141-156 is not listed on IDEAS
    2. Vladimir Mau & Sergey Ulyukaev, 2015. "Глобальный Кризис и Вызовы Экономической Политики Современной России (Global Crisis and the Economic Policy Challenges of Modern Russia)," Working Papers 126, Gaidar Institute for Economic Policy, revised 2015.
    3. Ranveig Drolsum Flaten & Indra de Soysa, 2012. "Globalization and Political Violence, 1970--2008," International Interactions, Taylor & Francis Journals, vol. 38(5), pages 622-646, November.
    4. Sambuddha Ghatak, 2016. "Challenging the State: Effect of Minority Discrimination, Economic Globalization, and Political Openness on Domestic Terrorism," International Interactions, Taylor & Francis Journals, vol. 42(1), pages 56-80, January.
    5. Rolph Van Der Hoeven, 2014. "Full Employment Target: What Lessons for a Post-2015 Development Agenda?," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 15(2-3), pages 161-175, July.
    6. Kowalski, Tadeusz, 2013. "Globalization and Transformation in Central European Countries: The Case of Poland," MPRA Paper 59306, University Library of Munich, Germany.
    7. Martin Kniepert, 2017. "Bringing Institutions into Economics when Teaching Economics as a Minor Subject," Working Papers 702017, Institute for Sustainable Economic Development, Department of Economics and Social Sciences, University of Natural Resources and Life Sciences, Vienna.
    8. repec:taf:rsocec:v:75:y:2017:i:1:p:1-25 is not listed on IDEAS
    9. repec:taf:promet:v:34:y:2016:i:2:p:85-94 is not listed on IDEAS
    10. Francesco Lancia & Alessia Russo, 2016. "Public Education And Pensions In Democracy: A Political Economy Theory," Journal of the European Economic Association, European Economic Association, vol. 14(5), pages 1038-1073, October.
    11. Van Noort, S., 2017. "Causes and Effects of Private Property Rights Security," Cambridge Working Papers in Economics 1746, Faculty of Economics, University of Cambridge.
    12. A. Marx & E. Bécault & J. Wouters, 2012. "Private Standards in Forestry. Assessing the Legitimacy and Effectiveness of the Forest Stewardship Council," Chapters,in: Private Standards and Global Governance, chapter 3 Edward Elgar Publishing.
    13. Janelle Pötzsch, 2012. "Market and Society—Are They Really Separate Spheres?," Challenge, Taylor & Francis Journals, vol. 55(4), pages 50-62.
    14. Gregor Schwerhoff & Ottmar Edenhofer, 2014. "The Globalization Paradox Revisited," CESifo Working Paper Series 4878, CESifo Group Munich.
    15. Thomas Leoni, 2016. "Social investment: A guiding principle for welfare state adjustment after the crisis?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 43(4), pages 831-858, November.
    16. Mau, Vladimir & Ulyukaev, Sergey, 2015. "Global Crisis and the Economic Policy Challenges of Modern Russia," Published Papers dok23, Russian Presidential Academy of National Economy and Public Administration.
    17. Laura CAROLI & Nicola GENGA & Alvaro IMBERNON & Iulian STANESCU, 2014. "Towards A New European Polity? Social Democrats And The 2014 Ep Elections," Journal of Community Positive Practices, Catalactica NGO, issue 2, pages 81-114.
    18. Wang, Jinxian & Van Vliet, Olaf, 2014. "Social assistance and minimum income benefits: Benefit levels, replacement rates and policies across 33 countries, 1990-2009," MPRA Paper 66464, University Library of Munich, Germany.
    19. repec:mes:ijpoec:v:44:y:2015:i:3:p:228-247 is not listed on IDEAS
    20. repec:kap:jbuset:v:146:y:2017:i:4:d:10.1007_s10551-016-3256-x is not listed on IDEAS
    21. Sebastian Dellepiane & Niamh Hardiman, 2013. "The politics of fiscal effort in Spain and Ireland: Market credibility versus political legitimacy," Working Papers 201321, Geary Institute, University College Dublin.
    22. Thomas Leoni, 2015. "Welfare state adjustment to new social risks in the post-crisis scenario. A review with focus on the social investment perspective," WWWforEurope Working Papers series 89, WWWforEurope.
    23. Noort, S., 2018. "The Importance of E ective States: State Capacity and Economic Development," Cambridge Working Papers in Economics 1821, Faculty of Economics, University of Cambridge.

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