This essay explores ways in which democracy must be reformed in order to meet the new requirements posed by globalisation. I will argue that the main problem is not how to conceive a blueprint of a global democratically structured government, and define its tasks. The main problem is rather to find out how we could come from here to there. To come closer to an answer, the chapter analyses who or what it is what blocks the road towards global democracy, and why. In concluding, it shall mention some new developments which possibly allow to open a new window of opportunity. European governments will have an especially important part to play here, together with civil society.
This Report, Democracy in the Light of Globalisation (WDEV Special Report, 2/2007) is reserved for subscribers with username and password. To read the Report please log in >>> here or pick your subscription >>> here. To order the Report separately by e-mail (as pdf file by e-mail) click >>> here.
Race to a New Bretton Woods + Time for UN to Act + Stiglitz' New Economic Compact + China's Agrarian Reforms + Transparency Deficit of IMF and World Bank
Since the financial meltdown began in mid-September, the bond markets of most of the region have been hit, as well as most of their stock markets and a number of currencies. Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States?
On 11 October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released the Generally Accepted Principles and Practices (GAPP) that would guide the governance and accountability framework of sovereign wealth funds (SWFs).
For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods - a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously.
The timing has been perfect: In the middle of October, the Central Committee of the Communist Party of China approved a reform proposal that will allow farmers to lease or transfer their land rights. Called a "historic" decision by some observers, the Chinese government announced it as Chinas contribution to counter the financial crisis.
The 2008 US Presidential election was historic itself owing to the candidates' profile. But the timing of the elections as the U.S. and global economy are in the midst of the worst financial crisis and recession in decades reminds us of the Great Depression era and the 1980s recession.