Globalization and National Economic Welfare

Economic problems, from corporate fraud and bankruptcies to the high social costs of the adjustments that globalization imposes on individual countries, are becoming increasingly international, and consequently, demand action at the supranational level. Yet the effective institutional framework for dealing with these problems remains national. In contrast to the neo-liberal approach, the author argues that the; state, as the only form of organization that has the power to reconcile conflicts of interest nationally and internationally, has a critical role to play in ensuring that globalization does not end in failure and war.