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581 Annals Am. Acad. Pol. & Soc. Sci. 6 (2002)

handle is hein.cow/anamacp0581 and id is 1 raw text is: FOREWORD GLOBALIZATION: WHAT IT IS AND WHAT TO DO ABOUT IT Globalization and free trade have been our foreign economic policies since the end of the last world war, and it has been on the whole a positive thing. Globalization has been a pacifying influence in international order and in global industrial development, for instance, in the West's relations with Japan, in Europe, and now in China. Thus, globalization is preferable to the alternative. Nevertheless, whatever globalization may be, it should not come at the expense of the social gains of the past century. In recent years, govern- ment elites have tended to talk too much about free trade and not enough about social justice and stability. However, modern global development is not a function of the development of capitalism but rather of the managerial cor- poration. The evolution of the nature of capitalism under the influence of the modern corporation and its management structure is one in which the owner (and much of the reward) has gone to the background, giving rise to the mod- ern managerial corporation. The managerial corporation in turn has wanted influence in or over government-thus the shape of the present Bush admin- istration in the United States. When you hear it being said that we have entered a new era of permanent prosperity, you should take cover. Let us not assume that the age of slump, recession, and depression is past. Crisis is part of the system and its history, as so well expressed by Schumpter. In relation to the recent Asian and global crises of the past few years, I would begin with a warning-it is the greatest desire of those in finance that they be regarded as important and that those who are associated with them should think they are intelligent. However, financial crises are the result of stupidity and mismanagement, not of exploi- tation. So if stupidity is inevitable, then so are financial crises, and we should not confuse evil intentions or institutions with this. I recently criticized the International Monetary Fund (IMF) in one of its own publications. The IMF sees its objective as support of the banking and finance systems. Thus, it will be open to criticism until it sees its role as also sustaining the livelihood of ordinary people, that is, of the working classes. In factories such as those located in southeast Asian countries, the problem is to have standards that are not so much to the advantage of the corporations. The only possibility is to have an increasingly international standard of employment. In regard to globalization and global inequality, the very large number of the very poor, even within the richest of countries, is part of the unfinished business of the century and the millennium that must have high visibility and urgency. There is now a stirring discussion of inequality; I would like to see it intensified. In terms of global governance, I am in favor of policy in greater harmony, another step away from the great disaster of unleashed sovereignty of the 6

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