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Globalization and Stagnation

MacEwan discusses the economic conditions of world capitalism, and problems related to globalization. 1. The current neoliberal globalization is not the same as the general, historical spread of capitalism. 2. When globalization has been associated with rapid growth, that growth has had historically specific causes and cannot be attributed to globalization per se. 3. When globalization generates inequality, it tends to undermine growth. 4. When globalization has been most effective as a foundation for economic growth, a firm institutional basis for international stability has existed. Capitalism needs growth because it cannot tolerate any far-reaching redistribution of income. Yet it is the great maldistribution of income that gives ties to our most severe social problems — everything from street crime and homelessness to racial conflict and meaningless work. A left agenda that gives prominence to the redistribution of income would make far more sense than an emphasis on economic growth.

economy, global, international economics, NAFTA, capitalism, economic growth, economic policy, economic conditions

Citation: Social Justice Vol. 23, Nos. 1-2 (1996): 49-62