The Social Economics of Globalization

There is general agreement on the moral values that globalization should serve. These are widespread prosperity and economic growth, ecological sustainability, and cultural diversity. Proponents believe that neoliberal globalization will achieve these goals, while the critics believe that globalization undermines them. An institutionalist theory that recognizes the reality of economic power and choice posits that globalization enhances the power of the business sector at the expense of the government and moral–cultural sectors. Policies for redressing this imbalance are discussed.