National States Sovereignty, Democracy and Global Financial Markets: The European Issue - Sovranità nazionale, democrazia e finanza globale: la questione europea

Edoardo Reviglio and Franco Bassanini
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Edoardo Reviglio: Cassa depositi e prestiti S.p.A., Postal: Via Goito, 4 - 00185 Roma - Italy ,, http://www.cassaddpp.it/
Franco Bassanini: Cassa depositi e prestiti S.p.A., Postal: Via Goito, 4 - 00185 Roma - Italy

Economia Internazionale / International Economics, 2014, vol. 67, issue 1, 79-109

Abstract: Since the emergence of representative democratic states, national sovereignty is based on the rule of law and the sovereignty of the people: sovereignty is exercised by the people through democratic representative institutions, with a limited use of instruments of direct democracy. Consequently, the relationship between financial markets and State sovereignty came to be the relationship between finance and representative democracy. But democratic institutions are normally contained within national borders, while financial markets are now global. The relationship between finance, sovereignty and democracy has thus become highly problematic. - Con la nascita degli stati democratici e rappresentativi, la sovranità nazionale si basa sulle leggi e la sovranità del popolo: quest’ultimo la esercita tramite istituzioni democratiche rappresentative, con un uso limitato degli strumenti di democrazia diretta. Di conseguenza la relazione tra mercati finanziari e sovranità nazionale si è trasformata in relazione tra finanza e democrazia rappresentativa. Ma mentre le istituzioni democratiche operano generalmente entro i confini nazionali, i mercati finanziari sono diventati globali. La relazione tra finanza, sovranità e democrazia è pertanto molto problematica.

Keywords: National Sovereignty; Global Financial Market; Democracy (search for similar items in EconPapers)
JEL-codes: E44 F02 G15 (search for similar items in EconPapers)
Date: 2014
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