Global governance

The issue now is what form globalization should take

  • 13 July 1999

Writing in the International Herald Tribune, Reginald Dale says most people now accept that globalization is here to stay. The issue now is what form it should take, and what are its economic rules and its political guidelines and constraints. Similarly, proponents of globalization have changed their tune - conceding that a global economy will not automatically lead to rising prosperity for everyone.

“The question now often asked by free-traders is how to take care of the victims of globalization without endangering the gains from enhanced competition and economic efficiency,” Dale says.

According to the IHT columnist, the issues now being worked on by the world’s financial leaders include such priorities as how to ensure better standards of governance, including greater accountability and ‘transparency’ and less corruption, both for corporations and financial institutions and for national governments.

“The consequence is that global capitalism and private enterprise are going to become even more firmly entrenched as the ‘best practices’ of the industrial countries are spread around the world – not least because investors will demand the highest standards of accounting and corporate and governmental disclosure.”