Of course, the practice has been different — the permanent members of the Security Council of the UN have a veto and many international economic organizations (the International Monetary Fund, the World Bank) are run on the principle of one-dollar-one-vote (voting rights are linked to paid-in capital).
this period is when capitalism has done the best: the fastest growth, the lowest degree of inequality, the highest degree of financial stability, and — in the case of the advanced capitalist economies — the lowest level of unemployment in the 250-year history of capitalism.
Since the late 1970s, the world’s economy and dominant nations have been marching to the tune of (neoliberal) globalization, whose impact and effects on average people’s livelihood and communities everywhere are generating great popular discontent, accompanied by a rising wave of nationalist and anti-elitist sentiments. In the unique and exclusive interview below, two leading minds of our time, linguist and public intellectual Noam Chomsky and Cambridge University economist Ha-Joon Chang, share their views on these essential questions. Is globalization then simply a neutral, inevitable process of economic, social and technological interlinkages, or something of a more political nature in which state action produces global transformations (state-led globalization)?
Should progressives and radicals rally behind the call for the introduction of a universal basic income? Polychroniou: Globalization is usually referred to as a process of interaction and integration among the economies and people of the world through international trade and foreign investment with the aid of information technology.
During the first Liberal era, roughly between 18, we relied upon steamships and wired telegraphy, but the world economy was on almost all accounts more globalized than during the far less liberal period in the mid-20th century (roughly between 19), when we had all the technologies of transportation and communications that we have today, except for the internet and cellular phones, albeit in less efficient forms.
The reason why the world was much less globalized in the latter period is that, during the period, most countries imposed rather significant restrictions on the movements of goods, services, capital and people, and liberalized them only gradually.