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Governing Incomplete Globalization
(Abstract)
In the last thirty years we have witnessed a process of deepening globalization, moving towards a world where production, trade and investment know no frontiers. If and when such a process will be completed, the world will operate as a single state. At that point we should have and would expect fully fledged global institutions, such as: a world government; global (as well as local) taxation and public expenditure re-distributing resources world-wide and catering for global public needs; a world central bank managing a single world currency and acting as lender of last resort; public agencies financing and promoting regional economic development, public authorities taking care of competition or the environment, and various other institutions of global governance. In today's world, globalization is notable not only for its fast progress but - for better or worse - also for its incompleteness. There are still trade blocks, multiple currencies, unilateral aid; global governance institutions are missing or rudimentary and ineffective. This state of affairs reduces the net benefits actually obtained from globalization and fails to distribute fairly its gross costs and benefits across countries and groups. The development of new and stronger institutions of global governance is necessary to eliminate or at least reduce current widespread opposition to this kind of globalization.
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