Globalization and Democracy

1
Globalization and Democracy?

• Barber, Shrunken Sovereign
• Johnson, The Quiet Coup

2
The end of sovereignty and democracy?

• Two forces undermining sovereignty/democracy/liber
  ty
• consumerism (from productivist to consumerist
  capitalism)
• globalization (faith in the free market)
• Milton Friedman Every act of government
  intervention limits the arena of individual
  freedom directly and threatens the preservation
  of freedom indirectly.
• Mill, Smith need to restrain the vultures
  protect the security of the whole society
• Hobhouse The restraint of the aggressor is the
  freedom of the sufferer.
• Roussault, Mill true liberty requires political
  participation

3
Economic democracy?

• Quiet coup US political institutions
  influenced by a new financial oligarchy
• Campaign funding ideological hegemony
  personal connections
• Result financial deregulation, non-transparent
  public subsidies for banks (moral hazard)
• Policy advice nationalize and break down large
  banks downsize the financial oligarchy
• Dealing with uncertainty?