The nation-state system, democratic politics, and full economic integration are mutually incompatible. Of the three, at most two can be had together. The Bret ton Woods/GATT regime was successful because its architects subjugated internati onal economic integration to the needs and demands of national economic manageme nt and democratic politics. A renewed 'Bretton-Woods compromise' would preserve some limits on integration, while crafting better global rules to handle the integration that can be achieved. Among 'feasible glablization,' the most promi ing is a multilaterally negotiated visa scheme that allows expanded (but tempora ry) entry into the advanced nations of a mix of skilled and unskilled workers fr om developing nations. Such a scheme would likely create income gains that are larger than all of the items on the WTO negotiating agenda taken together, even if it resulted in a relatively small increase in cross-border labor flows.
*Published:
Della Giusta, Marina, Uma S. Kambhampati, and Robert Hunter Wade (eds.) Critical Perspectives on Globalization, Globalization of the World Economy series, vol. 17. An Elgar Reference Collection. Cheltenham, U.K. and Northampton, Mass.: Elgar, 2006.
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