Global Liberalism and Political Order: Toward a New Grand Compromise?

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Steven Bernstein, Louis W. Pauly
SUNY Press, 2012 M02 1 - 246 pages
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Many years ago, John Gerard Ruggie coined the phrase embedded liberalism to describe the grand post-1945 political compromise between free-market liberalism and domestic political interventionism that stabilized the multilateral economic order. In Global Liberalism and Political Order, leading scholars of political economy and international relations assess the challenges facing today s increasingly interdependent world as globalization redefines the old political order. They address the unraveling and/or reinvention of a grand compromise in global governance from a variety of theoretical perspectives and issue areas, including trade, finance, networked governance, North-South relations, and the environment. Focusing on the foundations of political authority at the global level, the contributors imagine the implications of success or failure for international economic order and political stability. Ruggie, whose work inspired many of this book s scholars, contributes a chapter on the prospects for a new global as opposed to international grand bargain.

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PART II Power and Authority in Global Governance
PART III Integration and Fragmentation in Global Governance
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Page 47 - Constitution, the principles concerning the fundamental rights which are the subject of those conventions, namely: a. freedom of association and the effective recognition of the right to collective bargaining; b.
Page 178 - Trade policy measures for environmental purposes should not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade.
Page 116 - In modern social life, the notion of lifestyle takes on a particular significance. The more tradition loses its hold, and the more daily life is reconstituted in terms of the dialectical interplay of the local and the global, the more individuals are forced to negotiate lifestyle choices among a diversity of options.
Page 116 - The ethic of individual self-fulfilment and achievement is the most powerful current in modern society. The choosing, deciding, shaping human being who aspires to be the author of his or her own life, the creator of an individual identity, is the central character of our time. It is the fundamental cause behind changes in the family and the global gender revolution in relation to work and politics. Any attempt to create a new sense of social cohesion has to start from the recognition that individualism,...
Page 111 - is one of the best-documented facts in the sociological study of business" (ibid., p. 495). And, in a more recent presentation of his theory of embeddedness, he states that "economic institutions do not emerge automatically in response to economic needs. Rather, they are constructed by individuals whose action is both facilitated and constrained by the structure and resources available in social networks in which they are embedded
Page 112 - ... changes in the monetary and trade regimes against some ideal of orthodox liberalism, then we are bound to be disappointed if not shocked by recent trends. But we are also bound to be misled. For orthodox liberalism has not governed international economic relations at any time during the postwar period. My starting point, of course, is the institutional nexus of embedded liberalism. Within this framework, it will be recalled, multilateralism and domestic stability are linked to and conditioned...
Page 101 - ... contained in the Millennium Declaration, demands a new partnership between developed and developing countries. We commit ourselves to sound policies, good governance at all levels and the rule of law. We also commit ourselves to mobilizing domestic resources, attracting international flows, promoting international trade as an engine for development...

About the author (2012)

Steven Bernstein is Associate Professor of Political Science at the University of Toronto and the author of The Compromise of Liberal Environmentalism.

Louis W. Pauly is Canada Research Chair in Globalization and Governance and Professor of Political Science at the University of Toronto. He is the author and editor of many books, including Complex Sovereignty: Reconstituting Political Authority in the Twenty-First Century (coedited with Edgar Grande).

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