The Neo-liberal Infrastructure of Economic Globalisation
The changing social practices of economic globalisation have not emerged from thin air. For economic activity to be organised on a global basis, an appropriate political infrastructure is required to facilitate and legitimate transnational forms of economic activity. At Bretton Woods in 1944, the international economy of the post war period was stabilised by the arrangement that linked expanded world trade to welfare promotion at home. By contrast, during the 1970s, the emergence of a more disembedded global economy was paralleled by the development of new institutions, most notably the Group of Seven (G-7), and new roles for the Bretton Woods institutions aimed at promoting the global expansion of market forces. Economic globalisation also entails changes in the function and character of nation-states. Despite claims of hyperglobalisers, nation-states not only continue to exist, but are also crucial to the promotion of economic globalisation. Nonetheless, within economic globalisation the overriding purpose of the nation-state differs markedly from earlier conceptions of the state, such as the welfare state, that sought to protect the interests of domestic constituencies.
KeywordsEconomic Globalisation Market Force World Order Global Capitalism Competition State
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