Discussions of the threat to liberal democracy have neglected perhaps the most surprising source that is one of the major arcs of history of the last three decades: globalization. It promised the promotion of liberal democracy encapsulated in neoliberal economics whose components include free movement of capital and finance, free trade, free movement of people, and the free transfer of ideas through social media. While globalization has achieved many of these four freedoms, it has also fostered its precise opposite: a borderless world that has stripped the principal source of political democracy – the nation state -- of much of its political and economic legitimacy for the liberal democracy that created globalization. Governments became weakened by the very fraying of its borders wrought by a globalization they promoted.
The post COVID-19 world presents a new opportunity to deepen the corporate plans of capturing global governance and ensuring it serves the interests of corporate business and profits instead of putting in place policies for the wellbeing of humanity. It is urgent to unmask this global and systemic trend by showing how it operates in key sensitive sectors as well as taking the challenge to generate peoples power towards building a strong public and participatory governance for a world beyond the health, climate, inequality and democracy crises. Is there a future for another multilateralism?
No stakeholder-based global governance system comes close to matching the democratic legitimacy of a citizen-based and nation-state-based governance system, but there are ways global governance can and should be reformed.
Over the last 30 years, finance capital has become dominant in the leading capitalist economies, outstripping the industrial elite in power and influence. This development has led to the increasing subjection of the productive sector to the volatile dynamics of the financial sector.
How much change in the existing patterns of geo-political and geo-economic relations will the rise of the global South countries bring? And just how should this ‘rise up’ be measured? Furthermore, does the selective rise of some countries mean that the weight and power of the South as a whole will rise up?
The World Economic Forum’s Global Redesign Initiative is perhaps the best reflection of how corporations and other elites envision the future of governance. It calls for marginalising intergovernmental decision-making with a system of multi-stakeholder governance, but what does this mean for democracy, accountability and the rule of law?
TNI is appalled at revelations that the Argentine intelligence services prepared illicit files on our institute and our researchers, mainly Luciana Ghiotto, at the time of the WTO and G20 meetings in Buenos Aires in 2018. TNI has been an observer to UN institutions since 1974 and to the WTO since 2001.