Global Players – Global Markets
International Institutions and Global Governance series
Edited by John-ren Chen
Chapter 2: Global Capitalism: The Moral Challenge
John H. Dunning1 INTRODUCTION It is just over 14 years since the fall of the Berlin Wall, and the burgeoning of the Internet and e-commerce. These events, the one political and the other technological, coupled with the extensive liberalisation of cross-border markets, and the advent of several new players on the world economic stage, heralded a new era for the global community. In the last decade, a plethora of scholarly and popular monographs and articles have explored the implications of this phenomenon, popularly referred to as ‘globalisation’. In the beginning, there was nothing but praise for it; then, in the mid-1990s, its downsides began to be highlighted. More recently there has been a ‘backlash’ against the ‘backlash’, fuelled in part by the tragic events of 11 September 2001 and their aftermath. My reading of the latest contributions on the subject by such analysts as George Soros (1998, 2002), Thomas Friedman (2000) Paul Streeten (2001) and Joseph Stiglitz (2002), is that they are showing a much more realistic and balanced appreciation of the constraints and challenges of globalisation. I sense that there is a growing feeling that if we can ‘get it right’ (and ‘right’ includes the right way to globalise), global capitalism, as it is now emerging, can help achieve many of the economic and social aspirations which most people hold dear, better than any other alternative currently (and I stress currently) on offer. (Dunning, 2000; Friedman, 2000; Fukuyama, 1999; Sen, 1999). If we get it right. ‘If’ is clearly...
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