Making It, Issue 7: Governing a Globalized World. August 2011

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Never has the world been more interdependent, never has it been more shaped by technological, economic and social progress – and never has it been more vulnerable to economic and environmental shocks and political failure. Our global economic, social and political systems have been under great pressure for a while, and the future appears uncertain. As the financial crisis evolved from a credit crunch affecting mortgages in certain developed countries to a worldwide calamity encompassing financial, manufacturing and service activities, we have taken a turn towards a situation of even greater global fragility and risk.

Popular perceptions of globalization are getting more and more polarized between those who see it as a source of freedom and new opportunities, and those who associate it with rising inequality and injustice.

We clearly live in a multi-polar world. It is no longer possible to isolate the complex risks and fragilities that we face, nor is it possible to find national solutions to global challenges. They require a diversified and multi-polar response.

As we stand at a crossroads of global policy and governance, this issue of Making It: Industry for Development offers a selection of some of the best contributions to the growing debate. These include the keynote article by Professor Dani Rodrik, in which he embarks on a fascinating journey into the globalization paradox, and a candid interview with former UN Deputy Secretary-General, Mark Malloch Brown, in which he gives his views on how to stay “one step ahead of failure’’ during “a century of continuous change and likely drastic upheaval”.

Aside from articles addressing the main theme, there are also discursive contributions that question mainstream economists’ approaches, debate the pros and cons of nuclear power, and look at the economic progress of Bangladesh.