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Will the Nation-State Survive Globalization?

Courtesy Reuters

DEFINING GLOBALIZATION

A specter is haunting the world's governments -- the specter of globalization. Some argue that predatory market forces make it impossible for benevolent governments to shield their populations from the beasts of prey that lurk beyond their borders. Others counter that benign market forces actually prevent predatory governments from fleecing their citizens. Although the two sides see different villains, they draw one common conclusion: omnipotent markets mean impotent politicians. Indeed, this formula has become one of the clichés of our age. But is it true that governments have become weaker and less relevant than ever before? And does globalization, by definition, have to be the nemesis of national government?

Globalization is a journey. But it is a journey toward an unreachable destination -- "the globalized world." A "globalized" economy could be defined as one in which neither distance nor national borders impede economic transactions. This would be

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