Why Democracy, States and Global Markets Cannot Exist (Essay Sample)

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Option 1
Dani Rodrik explains why democracy, global markets, and states cannot coexist. This can as well be termed as globalization paradox. Since the Great Depression in 1930s, the financial fix is a severe predicament that continues in the present world. In addition, there are new and multiple types of geo-political and geo-economic, and multifarious worldwide changes and unparalleled aftershocks in the Euro zone. In this book, Rodrik focuses on creative ways of challenging rampant discussions on the effects and content of the logical consensus that endures the prevailing replica of globalization. The book unveils Rodrik’s reflection on globalization and the implications and connections of the rapport between forces of markets, states and globalization in a swiftly changing world.
In order to bring out his point clear, he explains new form of globalization (neo-globalization); and also makes attempts to theorize the in-built conflict of interest between economic globalization, national determination, and democracy. This is supported by a caution over the viability and desirability of globalization, and the fact that discussions for a free trade and global economy might not at all times be advantageous. The book contains twelve chapters that expound the theme of globalization since its foundation in the 17th century, as well as issues of neo-liberalism or market fundamentalism in the current world. The book reflection point revolves around fundamental trilemma: "that people cannot concurrently pursue national self-determination, democracy, and economic globalization. Provide excess power to governments, and you have protectionism. Excess freedom is given to the markets, and there is an unsteady world economy with minimal political and social support from those it is supposed to help" (Rodrik, p.200).
What might be termed as a substitute to the "shaky pillars" of globalization procedure, Rodrik engages and reveal new ideas on the notion of "smart globalization, not maximum globalization." In order to support his conceptual arguments in the book, he incorporates various events such as 1997 East Asian Financial Crisis among other World Trade Organizations conferences. He also highlights the hazard associated with unregulated hyper-competition and globalization. This is a very significant book that unveils the major critical aspect facing the progressively globalizing world. Rodrik questions the current notion on the globalization discussions, calling for a reconsideration of enduring molds and advances explanations why people should be focused to tackle the dangers and risks brought about by globalization (Rodrik, p. 202-203).
The enduring sustainability of economic globalization is questionable hence there should be necessary steps to control the current developing procedure of economic integration to ensure that every individual benefit from the same. However, Rodrik does not explain where the change should come from; though it provides a platform for public discourse. "Political Trilemma of the World Economy" is a vital chapter in this book. In this chapter, Rodrik proposes that there cannot exist democratic politics, hyper-globalization, and national sovereignty concurrently (Rodrik, p.200-201). Rodrik cast-off the idea of global governance and also propose that democracy cannot be compromised; hence, he is left with national sovereignty option. He also provides that global regulations and standards are not only impractical, but also undesirable.
In addition, he proposes that democratic legitimacy restraint makes sure that global governance will result to the general denominator, a system of ineffectual and weak rules (Rodrik, p. 204). Rodrik resolution to solidify the economic stance is a criticism of hyper-globalization. Rodrik also argues that hyper-globalization plan "gives predominance to the needs of multinational enterprises, big banks and investment houses over other social and economic objectives" (p. 206). Rodrik notion of a sustainable globalization backed up by a light frame of global regulations reveals the approach to a well-adjusted prosperity as people fight to counter major issues in finance, labor markets, and trade.
Distinct societies have diverse preferences and needs regarding the arrangement of the instructions supposed to ensure markets operates effectively, dem...