This paper has a simple theme: namely, that many of the major interpreters of neoliberal globalisation are more influenced by their own – mostly deterministic – world views and ideologies than they are of the need for a holistic, critical scrutiny of the dominant tendencies of modern capitalism. The first section analyses some of the major works in favour of neoliberal globalisation, paying special attention to their emphasis on the positive tendencies of the system, and the perspectives that colour the story. The second section examines some of the major works against neoliberal globalisation, where they centre on the negative aspects of global capitalism and the Washington consensus, under serious influence of a one-sided ideology. The next section illustrates that these respective positions are merely different sides of the same coin. A truly endogenous view of neoliberal globalisation recognises that the positives are inextricably linked with the negatives; they are holistically generated together in the fusion of systemic reproduction. Using the values and perspectives associated with an interdisciplinary, critical view of the system is a better method of comprehending neoliberal globalisation than a deterministic, one-sided evaluation of the facts as is more commonly utilised. The governance implications are then analysed, paying particular attention to the conflicts and instabilities that require resolution.
Get full access to this article
View all access options for this article.
References
1.
AhmedH.MillerS. (2000). “Crowding-out and crowding-in effects of the composition of government expenditure”Contemporary Economic Policy, 18(1), 124–133.
2.
AlbertiA. (Forthcoming). “Globalization”, in O’HaraP. (ed) International Encyclopedia of Public Policy: Governance in a Global Age. Oxford and New York: Routledge.
3.
BelloW. (2003). “The crisis of the globalist project and the new economics of George W. Bush”New Labor Forum, Fall, 33–50.
4.
BrownD. (2002). Insatiable is Not SustainableWestport, Connecticut, Praeger.
5.
BurtonM.NesibaR. (2004). “Transnational Financial Institutions, Global Financial Flows and the International Monetary Fund”, in O’HaraP. (ed) Global Political Economyand the Wealth of Nations: Performance, Institutions, Problems and Policies. London and New York, Routledge.
6.
Cato Institute. (2004). “Cato Institute”Cato Journal, 23(3), inside back cover.
7.
ChangH.GrabelI. (2004). Reclaiming Development: An Alternative Economic Policy ManualLondon & New York, Zed Books.
8.
DavidsonP. (2004–05). “A post Keynesian view of the Washington Consensus and how to improve it”Journal of Post Keynesian Economics, 27(2), 207–230.
9.
de BriunA. (2003). “State Entrepreneurship” in de BruinA.DupuisA. (eds), Entrepreneurship: New Perspectives in a Global AgeAldershot, Ashgate.
10.
DickenP. (2003). Global Shift: Reshaping the Global Economic Map in the 21st CenturyLondon & New Delhi, Sage Publications.
11.
DobbM. (1973). Theories of Value and Distribution since Adam SmithLondon and New York, Cambridge University Press.
12.
DuttA. (2004). “Uneven Development, Convergence and North-South Interaction”, in O’HaraP. (ed) Global Political Economy and the Wealth of Nations: Performance, Institutions, Problems and PoliciesLondon and New York, Routledge.
13.
ElsnerW. (2003). “Global Industrial Policies”, in ToolM.BushP. (eds) Institutional Analysis and Economic Policy, Boston and London, Kluwer Academic Publishers.
14.
Fukuda-ParrS. (2003). “New threats to human security in the era of globalization”Journal of Human Development, 4(2), 167–179.
GarrettG. (2001). “Globalization and government spending around the world”Studies in Comparative International Development, 35(4), 3–29.
17.
GhoshB. (Ed) (2001). Global Financial Crises and Reforms: Cases and Caveats. London & New York, Routledge.
18.
GrennesT. (2003). “Creative destruction and globalization”, Cato Journal, 22(3), 543–558.
19.
HerreroA.RioP. del. (2003). Financial Stability and the Design of Monetary PolicyMadrid, Bank of Spain, Working Paper.
20.
HughesJ.Mac DonaldS. (2002). International Banking: Text and Cases. Boston & San Fransisco, Addison Wesley.
21.
HellerP. (1996). “Social capital as a product of class mobilization and state intervention: industrial workers in Kerela, India”World Development, 24(6), 1055–1071.
22.
IMF. (International Monetary Fund) (2004). World Economic Outlook: The Global Demographic Transition. Washington DC, IMF.
23.
ISR. (Institute for Social Research.) (2000). World Value Surveys, 1981, 1990, 1995–97Ann Arbor, University of Michigan. (Purchased on CD from Australian National University, Research School of Social Sciences.)
24.
ISR. (2004). World Value Surveys, 1999–2000Ann Arbor, University of Michigan. (Purchased from Australian National University, Research School of Social Sciences.)
25.
Mac EwanA. (1999). Neo-Liberalism or Democracy? Economic Strategy, Markets, and Alternativesfor the 21st CenturyLondon and New York, Zed Books.
26.
MarxK.EngelsF. (1848). “Manifesto of the Communist Party”, in MarxK.The Revolutions of 1848: Political Writings Volume 1Harmondsworth, Penguin, 1973.
27.
MeadowsD.RandersJ.MeadowsD. (2005). Limits to Growth: The 30 year UpdateLondon, Earthscan.
28.
MyrdalG. (1929). The Political Element in the Development of Economic TheoryNew York, Simon and Schuster, 1954. Translated from the original German by Paul Streeton.
29.
NESF. (National Economic Social Forum) (2003). The Policy Implications of Social CapitalForum Report No. 28. Dublin, Government Publications.
30.
NooteboomB. (2002). Trust: Forms, Foundations, Functions, Failures and FiguresCheltenham, UK & Northampton, US, Edward Elgar.
31.
OcampoJ.ParraM. (2004). The Commodity Terms of Trade and their Strategic Implicationsfor DevelopmentWorking Paper of the Economic Commission for Latin America and the Caribbean (ECLA), Santiago, Chile.
32.
O’HaraP. (2000). Marx, Veblen and Contemporary Institutional Political Economy: Principles and Unstable Dynamics of CapitalismEldershot, UK, Edward Elgar.
33.
O’HaraP. (2001). “Ideology” in O’HaraP. (ed), Encyclopedia of Political EconomyLondon and New York, Routledge, paper edition.
34.
O’HaraP. (2004a). “Cultural contradictions of global capitalism”Journal of Economic Issues, 38(2), 413–420.
35.
O’HaraP. (2004b). “The War on Terrorism, Political-economic Contradictions and Policy Issues” in O’HaraP. (Ed), Global Political Economy and the Wealth of Nations: Performance, Institutions, Problems and PoliciesLondon and New York, Routledge.
36.
O’HaraP. (2005). Growth and Development in the Global Political Economy: Social Structures of Accumulation and Modes of RegulationOxford and New York, Routledge.
37.
PaxtonP. (2002). “Social capital and democracy: an interdependent relationship”American Sociological Review, 67(1), 254–277.
38.
PutmanR. (2000). Bowling Alone: The Collapse and Revival of American CommunityLondon & New York, Simon & Schuster.
SamuelsonP. (2003). “Where Ricardo and Mill rebut and confirm arguments of mainstream economists supporting globalization”Journal of Economic Perspectives, 18(3), 135–146.
41.
SapsfordD.BalasubramanyamV. (2003). “Globalization and the Glass Ceiling Hypothesis” in BlochH. (ed) Growth and Development in the Global EconomyNorthampton, US and Aldershot, UK, Edward Elgar Publishing.
42.
SchulmeisterS. (2000). “Globalization without global money: the double role of the dollar as national currency and world currency”Journal of Post Keynesian Economics, 22(3), 365–395.
43.
SchumpeterJ. (1950). Capitalism, Socialism and DemocracyThird Edition. New York, Harper & Row, 1975.
44.
SchumpeterJ. (1949). “Science and ideology”American Economic Review, March. Reprinted in SchumpeterJ.Essays on Entrepreneurs, Innovations, Business Cycles and the Evolution of CapitalismNew Brunswick, USA and London UK, Transaction Publishers, 1991. Edited by ClemenceRichard V..
45.
StiglitzJ. (2002). Development Policies in a World of Globalization. Paper presented at a seminar to celebrate the fiftieth anniversary of the Brazilian Economic and Social Development Bank (BNDES), Rio de Janeiro, Brazil.
46.
StiglitzJ. (2003). “Globalization and the economic role of the state in the new millennium”Industrial and Corporate Change, 12(1), 3–26.
47.
UNCTAD. (United Nations Conference on Trade and Development.) (2004). World Investment Report 204: The Shift Towards ServicesNew York and Geneva, United Nations.
WeberC. (2000). “Government purchases, government transfers, and the post-1970 slowdown in U.S. economic growth”Contemporary Economic Policy, 18(1), 107–123.
50.
WeedeE. (2004). “The diffusion of prosperity and peace by globalization”The Independent Review: A Journal of Political Economy, IX(2), 165–186.
51.
WilliamsonJ. (2000). “What should the World Bank think about the Washington Consensus?”World Bank Research Observer, 15(2), 251–264.
52.
WolfsonM. (1994). Financial Crises: Understanding the Postwar U. S. Experience. Second Edition. Armonke, New York, M.E. Sharpe.
53.
World Bank. (2004). World Development Indicators Online Database (Subscription), http://www.worldbank.org/data (Accessed 12 February 2005.)
