![]() ![]() The original trilemma argues that it is not possible for countries to maintain, simultaneously, independent monetary policies, fixed exchange rates and open capital accounts. This is, at best, a starting point because it does not quite recognize the complexity, let alone the dialectics of the relationship. It is possible to consider the relationship between the process of globalization in the world economy with political democracy in nation states in terms of a simple analytical construct, which is the standard trilemma from open economy macroeconomics. ![]() In sum, my argument is that the relationship between globalization and democracy is dialectical and does not conform to ideological caricatures. The essential next step is to consider whether political democracy within countries might exercise some checks and balances on markets and globalization, which also provides a closure. But this provides an incomplete picture because the causation runs in both directions. It leads into a discussion on how globalization might constrain degrees of freedom for nation states and space for democratic politics. It then analyzes the relationship between market economy and political democracy in a national context to show that it is interactive, so that such an approach is useful for an understanding of the international context. In reality, of course, the relationship is neither linear nor characterized by structural rigidities. It begins with a simple analytical construct derived from economics that suggests trade-offs between globalization, the nation state and democratic politics. In this essay, I explore the relationship between globalization and democracy. In a large number of these countries, however, dictatorial regimes are subject to increasing question, as aspirations for democracy are rising everywhere. Some are entrenched, while some are under siege. And it is not as if authoritarian regimes have vanished. Of course, elections are not always free and fair. The geographical spread of democracy is striking across Asia, Latin America and Africa. Nevertheless, it represents a vast change from authoritarian regimes that characterized the developing world until three decades ago. Such democratic politics is mostly about electoral democracy in some form, even if people do not always have the political rights or political freedoms that democracies should ensure for their citizens. This epoch of globalization has also witnessed the spread of political democracy across countries in the developing world and in the transition economies. There can be little doubt that the whole is different from, if not greater than, the sum total of the parts. Its implications and consequences are not confined to the economy alone but extend to polity and society. Trade and Development, Cheltenham: Edward Elgar.). 'Globalization and Development Strategies', in John Toye ed. But globalization is a multi-dimensional phenomenon ( Nayyar, 2003 Nayyar, Deepak (2003). ![]() More precisely, it can be defined as a process associated with increasing economic openness, growing economic interdependence, and deepening economic integration in the world economy. But politics remains national.įor economists, globalization refers to the expansion of economic transactions and the organization of economic activities across political boundaries of nation states. The gathering momentum of globalization, during the last quarter of the twentieth century and the first decade of the twenty-first century, has coincided with the spread of political democracy across the world. ![]()
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