The world into the 21st century: Globalization, market capitalism and sustainability

20. Yüzyılın başlarında, dünyanın karşı karşıya kaldığı iktisadi ve siyasal bunalımlara aranan çözüm, pek çok ülkede, temel araç olarak planlamayı kullanan kamu müdahaleciliğinde bulunmuştur. Yüzyılın sonlarına doğru teknolojideki, özellikle bilişim teknolojilerindeki hızlı gelişmeler, mali piyasaların küresel ölçekte entegrasyonuna yol açmış, uluslararası ticarette hızlı bir artışın yaşanması ve bölgesel entegrasyonların gelişmesi gibi daha pek çok alanda yeni olgular ortaya çıkartmıştır. 1980'ler ve izleyen yıllar, küresel ölçekte bir entegrasyona yönelen kapitalist piyasa ekonomisinin yükselişine tanık olmuştur. Bazılarına göre bu, dünya tarihinde yeni bir aşama, ya da onların deyişiyle "tarihin sonu" olarak görülmüş; küreselleşen kapitalizmin yeryüzündeki tüm sorunları çözeceği beklentisi egemen olmuştur. Piyasa ekonomisinin, iklim değişikliği gibi ciddi olumsuzluklar yaratan pek çok küresel soruna çözüm bulabilmek bir yana bunların nedeni olduğunun fark edilmesi için çok zaman geçmesi gerekmemiştir. 21. Yüzyılın hemen başlarında mali piyasalarda patlak veren ve hızla reel sektöre de yayılarak küreselleşen bunalımla birlikte ortaya çıkan gelişmeler, bir kez daha kapitalist piyasa ekonomisinin sorunların çözümü değil kaynağı olduğunu göstermiştir. Bu çalışmanın amacı, başlıca küresel sorunları, bunların yansımalarını ve gelecekteki olası sonuçlarını analiz etmek ve dünyayı daha yaşanabilir kılmak için gerekli politikaları tartışmaktır.

21. Yüzyılın başında dünya: Küreselleşme, kapitalizm ve sürdürülebilirlik

The solution to the economic and political crises of the earlier decades of the 20th century was sought and found in state intervention through planning, as it was the case in many countries. However, towards the end of the century, technological progress and rapid innovations especially in the field of information technologies, have led to the global integration of financial markets and changing trends in many fields such as the rapid increase in international trade and growing interest in regional integrations. 1980s and the aftermath has been the period of rising capitalist market economy, trying to integrate globally. For some, it was a new phase in the world history or rather was the "end of the history", and globalizing capitalism was going to solve all the problems on earth. Soon it was increasingly realized that the market economy was causing some global problems with fatal consequences such as the climate change. Moreover, with the global crisis originating from the financial markets and spreading to all sectors during the second half of the first decade of the 21st century, it became apparent that the globalizing capitalism was not capable of handling all the problems on earth. The aim of this paper is to analyze some major global problems, their repercussions, their probable future consequences and to discuss policies towards a more livable world.

___

ACEMOGLU, D., ROBINSON, J.A. and VERDIER, T. (2012), "Can't We All Be Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World," Massachusetts Institute of Technology Department of Economics Working Paper 12-22, Retrieved [April 12, 2015] http://ssrn.com/abstract=2132939.
AKKERMAN, D., CASTALDI, C. and LOS, B. (2007), "Do 'Liberal Market Economies' Really Innovate More Radically than 'Coordinated Market Economies'? Hall & Soskice Reconsidered," Research Memorandum GD-91, Groningen Growth and Development Centre.
ARNOLD, M. (2007), "Blair Urged to Back Hedge Fund Curbs," Financial Times, May 28, 2007.
ASIAN DEVELOPMENT BANK (ADB) (2014), "Key Indicators for Asia and the Pasific," 45th Edition, Special Chapter: Poverty in Asia: A Deeper Look, Retrieved [June 3, 2015] URL: http://www.adb.org/sites/default/files/publication/43030/ki2014-special-chapter_0.pdf
BACKSTRAND, K. (2006), "Democratizing Global Environmental Governance? Stakeholder Democracy after the World Summit on Sustainable Development," European Journal of International Relations, 12(4): 467-498.
BANK FOR INTERNATIONAL SETTLEMENTS (BIS) (2009), Guide to the international financial statistics, Basel, Switzerland. Retrieved [November 16, 2015] URL: https://www.bis.org/ifc/publ/ifcb35e.pdf
BOSTON CONSULTING GROUP (2015), Global Wealth 2015: Winning the Growth Game, Retrieved [June 16, 2015] URL: https://www.bcgperspectives.com/content/articles/financial- institutions-growth-global-wealth-2015-winning-the-growth-game/?chapter=2
BRADSHAW, J. and MAYHEW, E. (2011), "The Measurement of Extreme Poverty in the European Union," European Commission DG for Employment, Social Affairs and Inclusion, Retrieved [June 7, 2015] URL: http://ec.europa.eu/social/main.jsp?catId=756&langId=en.
CINGANO, F. (2014), "Trends in Income Inequality and its Impact on Economic Growth," OECD Social, Employment and Migration Working Papers No. 163, OECD Publishing, Paris.
CLAESSENS, S., ARICCIA, G.D., IGAN, D. and LAEVEN, L. (2010), "Lessons and Policy Implications from the Global Financial Crisis," IMF Working Paper WP/10/44.
COHEN, B. (2006), "Urbanization in developing countries: Current trends, future projections, and key challenges for sustainability," Technology in Society, 28 (2006) 63-80.
CREDIT SUISSE RESEARCH INSTITUTE (2014), Global Wealth Report 2014, Credit Suisse AG, Zurich.
EUROPEAN UNION INSTITUTE FOR SECURITY STUDIES (EUISS) (2011), Citizens in an Interconnected and Polycentric World-Global Trends 2030, Corlet Imprimeur, Paris.
FUKUYAMA, F. (1992), The End of History and The Last Man, Free Press, New York.
GEEWAX, M. (2007), "Powerful Hedge Funds a Puzzle for Congress," Cox News Service, March 14, 2007.
GORE, A. (2013), The Future, Random House, New York.
HALL, P.A. and SOSKICE, D. (2001), "An Introduction to Varieties of Capitalism," Varieties of Capitalism: The Institutional Foundations of Comparative Advantage in Peter A. Hall and David Soskice (eds.), Oxford University Press, Oxford.
INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE (IPCC) (2014), Climate Change 2014: Synthesis Report, R.K.Pachauri and L. Meyer (eds.), IPCC, Geneva.
INTERNATIONAL MONETARY FUND (IMF) (2015) World Economic Outlook Database.
KOTZ, D.M. (2009), "The Financial and Economic Crisis of 2008: A Systemic Crisis of Neoliberal Capitalism," Review of Radical Political Economics, 41(3), 305-317.
LAEVEN, L. and VALENCIA, F. (2010), "Resolution of Banking Crises: The Good, the Bad, and the Ugly," IMF Working Paper WP/10/146.
LAEVEN, L. and VALENCIA, F. (2012), "Systemic Banking Crises Database: An Update," IMF Working Paper WP/12/163.
LUCARELLI, B. (2009), "The Demise of the Neoliberalism," Real World Economics, 51(1), 48-54.
MECKSTROTH, D. (2015), "China Solidifies Its Position as the World's Largest Manufacturer," Manufacturers Alliance for Productivity and Innovation, Arlington, USA. Retrieved [November 7, 2015] URL: https://www.mapi.net/blog/2015/09/china-solidifies-its-position- world%E2%80%99s-largest-manufacturer
NATIONAL INTELLIGENCE COUNCIL (2012), Global Trends 2030: Alternative Worlds Retrieved https://www.dni.gov/files/documents/GlobalTrends_2030.pdf [December 13, 2012] URL:
OECD (2010), "The OECD ORBIS Database: Responding to the Need for Firm-Level Micro-Data in the OECD," Statistics Directorate Working Paper 2010/1, OECD Publications, Paris.
OECD (2012), Environmental Outlook to 2050: The Consequences of Inaction, OECD Publishing, Paris.
OECD (2015), In It Together: Why Less Inequality Benefits All, OECD Publishing, Paris.
OHMAE, K. (1990), The Borderless World: Power and Strategy in the Interlinked Economy, Harper Business, New York.
OHMAE, K. (1995), The End of the Nation State: The Rise of Regional Economies, Free Press, New York.
OXFORD POVERTY & HUMAN DEVELOPMENT INITIATIVE (OPHI) (2015), "Global Multidimensional http://www.ophi.org.uk/multidimensional-poverty-index/mpi-2015/. Poverty Index 2015," Retrieved [July 7, 2015] URL:
PIKETTY, T. (2014), Capital in the Twenty-First Century, Belknap-Harvard, London.
PISANI-FERRY, J. and SANTOS,I. (2009), "Reshaping the Global Economy," Finance and Development, March 2009, Volume 46, Number 1.
PSALIDA, L.E., ELSENBURG, W., JOBST, A., MASAKI, K. and NOWAK, S. (2009), "Market Interventions During the Financial Crisis: How Effective and How to Disengage?", Chapter 3 of Global Financial Stability Report 2009 October, International Monetary Fund, Washington D.C.
RAVALLION, M., CHEN, S. and SANGRAULA, P. (2007), "New Evidence on the Urbanization of Global Poverty," Policy Research Working Paper No.4199, The World Bank, Washington, D.C. wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2007/08/27/000158349_20070827 111606/Rendered/PDF/wps419901update1.pdf 2015] URL: http://www
REDDY, S.G. and MINOIU, C. (2007), "Has World Poverty Really Fallen?," Review of Income and Wealth, 53(3), 484-502.
REDDY, S. and POGGE,T. (2010), "How Not to Count the Poor" in S. Anand, P. Segal and J.E. Stiglitz (eds.), Debates on the Measurement of Global Poverty, Oxford University Press, Oxford.
RODRIK, D. (2011), "The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist," Oxford University Press, Oxford.
SORKIN, A.R. (2010), Too Big To Fail: Inside the Battle to Save Wall Street, Penguin Books, London.
STEIN, H. (2010), "Crises and the Bretton Woods Institutions and the Crises of the Bretton Woods Institutions" in P.Arestis, R. Sobreira and J.L. Oreiro (eds.), An Assessment of the Global Impact of the Financial Crisis, Macmillan Palgrave, Basingstoke.
STEIN, H. (2012), "The Neoliberal Policy Paradigm and the Great Recession," Panoeconomicus, 59- 4, 421-440.
STERN, N. (2006), The Economics of Climate Change: The Stern Review, HM Treasury, Cambridge University Press, Cambridge, UK.
STIGLITZ, J. E. (2006), Making Globalization Work, Penguin Books, London.
STIGLITZ, J.E. (2010a), "Risk and Global Economic Architecture: Why Full Financial Integration May Be Undeesirable," NBER Working Paper No. 15718, Cambridge, Massachusetts, Retrieved [July 2, 2015] URL: http://www.nber.org/papers/w15718.
STIGLITZ, J.E. (2010b), Free Fall: America, Free Markets and The Sinking of the World Economy, Norton, New York.
STIGLITZ, J. E. (2013), The Price of Inequality, Norton, New York.
THE ECONOMIST (2006), "Hedge Funds - Flare Up," 23 September 2006, 73-74.
UN (2012), The Future We Want, A/RES/66/288, United Nations, New York.
UN (2013), World Population Prospects: The 2012 Revision, United Nations, New York.
UN (2014a), Report of the Open Working Group of the General Assembly on Sustainable Development Goals, A/68/970, United Nations, New York.
UN (2014b), World Urbanization Prospects: 2014 Revision-Highlights, United Nations, New York.
VITALI, S., GLATTFELDER,J.B. and BATTISTON, S. (2011), "The Network of Global Corporate Control," arXiv:1107.5728 [q-fin.GN] 36p., Retrieved [November,08, 2011] URL: http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf
WORLD BANK (2011), Multipolarity: The New Global Economy, The World Bank, Washington, D.C.
WORLD BANK (2015), "Global Monitoring Report: Ending Poverty and Sharing Prosperity", A Joint Publication of the World Bank Group and the International Monetary Fund, The World Bank, Washington, D.C.