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Ch. 1, The Hidden Promise: Liberty Renewed

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1 Ch. 1, The Hidden Promise: Liberty Renewed
Micklethwait & Wooldridge (Excerpted from Micklethwait & Wooldridge, “The Hidden Promise…,” in A Future Perfect: The Essentials of Globalization, Heinemann, 2000)

2 *The benefits of GL are not only economic, but also political and cultural

3 Benefits of GL not only economic, but also political and cultural
Increases efficiency & prosperity Puts limits on government power Promotes freedom “the most fundamental freedom of all – the freedom to define our identities”

4 “A measured defense of globalization”
Yes, GL increases inequality--but “the winners hugely outnumber the losers” Yes, GL can make bad government worse--but focus should be on improving governance Yes, GL weakens nation-states--but they remain the fundamental unit in modern politics

5 nation-state a state that derives its political legitimacy from serving as a sovereign entity state sovereignty is control/authority over a territory the state is a political entity the nation is a cultural entity "nation-state" implies that the two geographically coincide, and this distinguishes the nation-state from the other types of state, which historically preceded it the nation is the identity attached to a state in everyday terms, we usually say “country” to refer to a nation-state

6 Economic benefits GL makes us richer – or makes enough of us richer to make it worthwhile GL is not a zero-sum game

7 zero-sum game a situation in which a gain by one party must be matched by a loss by another party (a person or side) GL is positive sum – there’s more wealth to go around

8 Political benefits GL puts limits on the power of governments
 lowers opportunities for corruption and crony capitalism GL spreads political culture based on liberty to areas that have been longing to embrace it for years

9 crony capitalism a pejorative term for an allegedly capitalist economy in which market success is determined by connections between business & government e.g, favoritism in granting of gov’t contracts, special tax breaks, exemption from regulation, distribution of permits, etc. (Stiglitz 2002, Globalization and its Discontents)

10 Those who say GL just means a "change of master”-replacing corrupt gov’ts w/ ruthless TNCs-are wrong
Increased availability of capital and technology favors small companies Of course, current business elites who benefit from status quo feel threatened by GL GL gives them more competition That’s why many elites try to restrict it

11 Cultural benefits GL undermines the "tyranny of place"
Gives people freedom to define their own identities This gives rise to battle between liberals and communitarians

12 Liberals vs Communitarians
For communitarians, the community/ group takes priority over the individual worry that GL weakens communities, reduces local, face-to-face interaction, fostering anomie

13 anomie briefly, a social condition characterized by weak social norms, or lack of moral regulation e.g., the protagonist in the film, "Up in the Air"

14 GL worthwhile, on economic, political, and cultural grounds
GL may not be delivering the “liberal dream,” but it's delivering enough to make it worth pressing forward and worth defending on more than just narrow economic grounds Giving birth to an economy closer to the classical theoretical model of capitalism (low government intervention, perfect information, etc.)

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