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  1. 1. April 23, 2012
  2. 2. Changes in the Global Economy since1989 End of the Cold War Acceleration of Globalization September 11 Rise of Neo-Liberalism  Washington Consensus  Welfare to Workfare  Empowerment and personal responsibility replaced protection of the vulnerable in rationale for government social programs Financial Crisis of 2007-8 Rise of China and India
  3. 3. The Euro Crisis What is the future of the Euro Austerity protest in Italy Zone? Is austerity the answer to current difficulties? Is Greece just the tip of the iceberg? Sarkozy defeated in the first round of French presidential elections in 2012, may not be reelected G20 pledged $430 billion for IMF
  4. 4. Attention turns to Spain
  5. 5. What comes next in the study ofInternational Political Economy? How to deal with growing volatility of world financial markets How to deal with the growing power of MNCs and other transnational actors How to preserve and expand democratic governance in the face of growing vulnerability of the system to major disruptions (military, economic, and terrorist) How to reconcile the global interests in economic growth and environmental protection
  6. 6. A Renewed Focus on the Local Globalization makes it difficult for governments to protect local communities and regions from its negative effects (especially under the influence of neo-liberal ideas) In industrialized countries, environmental concerns are producing a greater focus on local issues In developing countries, social safety nets were too thin to begin with; increasing the burden on local communities Governments everywhere have been scaling back their efforts to help the vulnerable
  7. 7. What are the Issues that Both SidesHave to Address? Inability of either globalization or localism to overcome forces that lead to domestic violence and war Redefining the role of local and national governments, along with international governance institutions, so that the global economy can produce better results Continued poverty in the Fourth World and elsewhere Threats to the environment (e.g. climate change)
  8. 8. Recent Concerns Global financial crisis may lead to a return to greater regulation of financial markets Other types of regulation may become more acceptable also:  Anti-trust and competition policies  Environmental regulations to deal with global climate change and toxic waste  Relaxation of intellectual property enforcement to deal with AIDS and other global pandemics Renewed focus on education and infrastructure
  9. 9. Who is thinking about thesethings? Just a few names… Saskia Sassen Suzanne Berger William Easterly Hernando de Soto Joseph Stiglitz
  10. 10. Saskia Sassen Professor, Sociology, University of Chicago Books:  Cities in a world economy  Deciphering the Global: Its Spaces, Scales and Subjects video  The Global City: New York, London, Tokyo Focuses on emerging social practices
  11. 11. Suzanne Berger Professor, Political Science, MIT Books:  National Diversity and Global Capitalism  How We Compete video Focuses on the political economy of globalization and particularly on convergence
  12. 12. William Easterly Argues against panaceas Argues for proper structuring of group incentives Formerly employed by World Bank Now professor at NYU Video Bill Gates hated his books
  13. 13. Hernando de Soto Peruvian economist Head of Institute for Liberty and Democracy in Lima Focuses on the role of property rights Book:  The Mystery of Capital: Why video Capitalism Triumphs in the West and Fails Everywhere Else
  14. 14. Joseph Stiglitz Former chief economist of the World Bank turned critic of the IMF after the Asia Crisis Argues the IMF mismanaged globalization video Too focused on inflation and fiscal rectitude Neglected economic growth and employment