Global Economic Governance: Between a New Compromise or Integration

Maria-Eleni Voutsa () and George Borovas
Additional contact information
Maria-Eleni Voutsa: University of Thessaly
George Borovas: University of Macedonia

A chapter in Economy, Finance and Business in Southeastern and Central Europe, 2018, pp 179-193 from Springer

Abstract: Abstract Globalization moves within the limits of the set of governance mechanisms and institutions function. The market has a tendency to exceed the limits of the nation-state but also need global institutional arrangements to ensure sustainable operation. There is an inherent paradox in globalization. It is what Dani Rodrik has named as “trilemma” of modern times. Three key elements defining globalization are free markets, national sovereignty, and democratic legitimacy. But they cannot combine all three resultants parallelly, creating the “political triangle of incompatibility.” The imbalances of the modern system of economic governance are not only due to the wrong policies but mainly in combination weakness that can provide all three objectives simultaneously. Currently, globalization is trapped between this combination, in an unfinished selection, leading to instability. In order to overcome this problem, the world community should either choose a new compromise, like that of Bretton Woods, or to complete its institutionalization, going to an “international economic association.” In this paper, we will study the opportunities and challenges of these prospects.

Keywords: Globalization; Bretton Woods; Economic governance (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-319-70377-0_13

Ordering information: This item can be ordered from
http://www.springer.com/9783319703770

DOI: 10.1007/978-3-319-70377-0_13

Access Statistics for this chapter

More chapters in Springer Proceedings in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().