Globalization vs. State Autonomy

Paper Summary:

The paper raises and answers the following questions. What is the scope of state autonomy in an age of "globalization"? Can states realistically achieve stability, autonomy, development and prosperity? How does the design of the international monetary system and the rules/norms of the international financial system impact the role of the state? What is the relationship between national-state and multi-national corporations?

From the Paper:

"Responses to the question of the scope of state autonomy within the context of globalization differ tremendously because the response ultimately reflects the responder's own attitude towards, and definition of, globalization. For some economists, such as Prof. Robert Wade, globalization has severely curtailed state autonomy to the extent which states are virtually incapacitated when confronted with a domestic financial or monetary crisis. In essence, the governance of financial markets has largely transferred from states to those international institutions and actors which, and who, function to order and manage the global financial and monetary systems. Theoretically speaking, that transference is justified by the overall aim of coordinating economic activity among and between states so as to reduce financial crisis and ensure the implementation of an economic agenda which moves towards economic growth and stability. However, as Wade points out, that aim has not been fulfilled as is evidenced in the fact that crises have increased. It is within the framework of financial and monetary systems that are increasing characterized by instability and susceptibility to shock resulting in crisis, that the issue of the scope of state autonomy acquires special significance."

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