Contributions to Political Economy (2005) 24,1–12 ON GLOBALISATION AND GOVERNANCE; SOME ISSUES The increasing mobility of capital and the integration of production and markets through the foreign operations of multinational corporations (MNEs), notably foreign direct investment (FDI), puts to task the validity of extant economic theory on a number of important issues, not least that of governance. Sixty years ago, Polanyi (1945) drew attention to the tensions created by the com- modiﬁcation of money, land and labour and the inevitable reaction of society against this process of the market order, to include the need by government to protect labour and land from this commodiﬁcation process. The potential need for global governance of globalising capitalism was noted many years ago by, for example, Hymer (1970, 1972), who noted the contradiction of an increasingly mobile capital and/through the MNEs, alongside the relative immobility of labour; and the centralised corporate governance of MNEs, together with the rather locally-based governance of localities, regions and nations. Moreover, the schism between the development of democratic institutions within many nations, together with the rather limited accountability of organisations of global governance, such as the IMF and the World Bank, and the tensions between ‘democracy’ and effectiveness
Contributions to Political Economy – Oxford University Press
Published: Aug 1, 2005
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