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Feasible Globalizations

In the times we are living, there seems to be three main political, social and economic models that affect the idea of achieving a real global economy. These are nation-state systems, democratic political systems and afull economic integration. However, according to Mr. Rodrik the coexistence of these three models results impossible, or better said utopian. He argues that we could have at the most a combination of two of them, but never all three of them together for their coexistence would only create instability and a confrontation of interests. He solidly supports this argument analyzing past and current events that have taken place and expose the failure of promoting a fully integrated global economy. We will shortly summarize these examples and comment on them. Finally we will review the alternative proposed by Mr. Rodrik, the preservation of some limits on integration along with some ruling system that would orderly look for the achievement of an attainable integration, which we have considered to be somehow ambitious.
One of the pillars of this paper's argument exposes that markets need to be defined by a range of non-market institutions in contradiction to the mainstream idea that markets should be let to run freely with a minimum amount of intervention. Some functions that are to be performed by these institutions consist of creating, regulating, stabilizing and legitimating markets. Without theses institutions, he argues, markets would hardly strive, for they are not self-regulating, self-stabilizing or self-legitimating. They do a bad job, if any, at regulating anti-trust, providing transparent information, setting prudential limits or even raising awareness toward health, safety and the environment. However, people must understand that one model of an institutionalized economy is no better than the other as far as they all can assure market participants that they can retain the fruits of their investments. One exam…

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