Globalization: Threat or Salvation?

Abstract

Globalization is transforming trade, finance, employment, migration, technology, communications, the environment, social systems, ways of living, cultures and patterns of governance. The growth of technology and globalization mutually reinforce each other. Much of the process of globalization is historically not unprecedented, but the technology, the setting and certain features are new. International interdependence is growing, and to some extent, and partially, so is international integration. But it is accompanied by the disintegration and fragmentation of other parts. Is globalization a threat to humanity, or its salvation? Markets have to be embedded in a framework that enables their productive energies to flourish and to be used for socially and ecologically sustainable development. The reduced power of national governments combined with the spread of worldwide free markets and technological innovation without a corresponding authority to regulate them and hold them accountable has contributed to the marginalization of large regions and groups of people.