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April 5, 2017 | Economic Policy | By admin | 0 Comments

By Jeffrey A. Hart

Gobalization and Governance is an neutral assortment written for researchers and scholars of political technological know-how and diplomacy, overseas political financial system or global politics.

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Together with the permissive conditions of a world system broken into separate, national “sovereignties” and technological change that reduces the costs of communication and transportation, this governance structure provides the foundation for globalization. In turn, there are immense sources of inertia in our present form of global governance. If some more hierarchic form of global governance were to emerge, it would encroach upon and possibly undermine the conditions necessary for globlization.

Gills, editors, Transcending State-Global Divide: A Neostructuralist Agenda in International Relations, Boulder, GO: Lynne Reinner. H. (1937) “The Nature of the Firm,” Economica IV: 386–405. Cohen, Benjamin J. (1996) “Phoenix Risen: The Resurrection of Global Finance,” World Politics 48 (January): 268–96. Crawford, Sue E. and Elinor Ostrom (1995) “A Grammar of Institutions,” American Political Science Review 89:582–600. J. Powell, editors (1991) The New Institutionalism in Organizational Analysis, Chicago, IL: The University of Chicago Press.

Further, as suggested by McGinnis in this volume, for any governance system to survive in the long run, it must build legitimacy. This is often done by redistributing some of the gains of collective action from winners to losers. Globalization processes, with their emphasis on quick changes in production technologies and increased exposure to foreign trade, will create many losers. Consequently, institutionalized mechanisms for redistribution or side-payments are required. The existing governance institutions, particularly the state, may be better placed to provide such redistributive services than any new ones.

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