Governance in a Global Economy: Political Authority in Transition

Abstract

Contemporary debate over globalization casts its political effects as both revolutionary and contradictory. Globalization, it is claimed, drains political authority from nation-states, long the dominant form of political organization in world politics. The state's monopoly of familiar governance functions erodes as authority migrates down to newly empowered regions, provinces, and municipalities; up to supranational organizations; and laterally to such private firms and transnational nongovernmental organizations (NGOs) that acquire previously “public” responsibilities.