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Global Governance Revisited

Global Governance Revisited. Lamy, “Global Governance: Getting Us Where We All Want to Go and Getting Us There Together” Wilkinson, “Global Governance for Whom?” Lairson, “The Global Financial Crisis and the Restructuring of the World Economy”. Reforming global governance:.

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Global Governance Revisited

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  1. Global Governance Revisited Lamy, “Global Governance: Getting Us Where We All Want to Go and Getting Us There Together” Wilkinson, “Global Governance for Whom?” Lairson, “The Global Financial Crisis and the Restructuring of the World Economy”

  2. Reforming global governance: • Need for equity/justice in a more integrated global economy (interdependent world) • Need for leadership, legitimacy (ownership), efficiency, coherence (but “coherence starts at home”) • New players, shifting balance of power – increased influence of developing countries, divergent interests • Many global organizations – based on “openness, transparency, stability, and sustainable development” • “By and large, this system has worked”? • The smallest WTO member state can block unfavorable decisions (need for consensus)? • Global problems – but citizens and governments are not yet prepared to cede sovereignty • Need to overcome the existing democratic deficit – discuss global issues at the domestic level; the interests of citizens must find better representation by the international community (subtitle)

  3. For whom? • Good progress – global institutions have become more representative, “more reflective of new global power realities” • Focus on the horizontal dimension of the democratic deficit in intergovernmental organizations – the decision-making process is still far from democratic? • Vertical aspect – “an inverse relationship between the extent of public representation in global policy making and its impact on everyday lives” (“states in which citizens’ interests are best represented in global policy making are seldom on the receiving end of that policy”)? • General crisis of democratic governance?

  4. Restructuring of the global economy: • Shifting of production to China and other developing countries • Hypertrophy, influence, deregulation of US financial industry (finacialization) – no conspiracy? accelerated after 1989? • Increasing inequality within the US, expansion of consumption and credit • Growing global imbalances • Need for “structural adjustment” in US and China • US – need for shared sacrifices, new industrial policy, investment in workers (increased competitiveness) • Powerful interests blocking adjustment in US – more likely in China? • Continuing US decline, global tensions/conflict? • Role of strong political leadership?

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