Pregledni rad
WELFARE AND GOVERNANCE CRISES OF NEOLIBERAL GLOBALIZATION: THE NEW INSTITUTIONAL ECONOMICS PERSPECTIVE
Pinar Yardimci
; Selçuk University Foreign Trade, Silifke-Taşucu Vocational School, Turkey
Zeynep Karaçor
; Selçuk University Economics, Faculty of Economics and Administrative Sciences, Turkey
Sevilay Konya
; Selçuk University Foreign Trade, Taşkent Vocational School, Turkey
Sažetak
This paper focuses on why the debate over neoliberal globalization is so popular around the world at the beginning of the 21st century and investigates the new instituonal economics responses. Crises are not new to capitalism, but we all have been witnessing devastating economic, social, cultural, and political fluctuations in the global economic order. Classical welfare economics ignores distributional effects of theory and morality. Global poverty, inequality, unemployment, unfair trade, migration, environmental disasters etc. are paradoxes or evils of neoliberalism and not sustainable for future of humanity. In order to explain evolution of major causes of the conflicts related to globalization historically, we review a wide range of the literature and analyze the recent discussions of controversial topics on global welfare and governance implications of neoclassic economic thought. The study concludes that there is a growing consensus on the inedequacy of welfare economics in global society. Technological progress and corporate-led economic globalization in real World result in economic nationalism. Retreat from globalisation may be the beginning of a new phase of capitalism. The new instituonal economics says that institutions and social order matter on well-being and development. So we should rethink losers and winners from neoliberal globalization and reshape rules of global economic order in favor of global losers.
Ključne riječi
New Institutional Economics; Globalization; Neoliberalism
Hrčak ID:
187393
URI
Datum izdavanja:
9.10.2017.
Posjeta: 2.033 *