Global Economy, Global Justice: Theoretical Objections and Policy Alternatives to Neoliberalism

in

Publication Type:

Book

Authors:

Demartino, G.

Source:

Routledge (2000)

URL:

http://www.amazon.com/Global-Economy-Justice-Alternatives-Neoliberalism/dp/0415224012/ref=sr_1_2/104-9758216-9796705?ie=UTF8&s=books&qid=1176061580&sr=8-2

Abstract:

This volume rejects the claim of neoclassical economics that the global, market-based economy emerging today represents the highest possible stage of economic development. In place of global neoliberalism, the book calls for new policy regimes that promote global equality.

Global Economy, Global Justice explores a vital question that is suppressed in most economic texts: "What makes for a good economic outcome?" Neoclassical theory embraces the normative perspective of "welfarism" to assess economic outcomes. This volume demonstrates the fatal flaws of this perspective -- flaws that stem from objectionable assumptions about human nature, society, and science. Exposing these failures, the book obliterates the ethical foundations of neoliberalism.

George DeMartino probes heterodox economic traditions and philosophy in search of a suitable, viable alternative to welfarism. Drawing on the work of Amartya Sen, DeMartino proposes the egalitarian principle of the "global harmonization of capabilities" to guide economics. This principle provides a basis for resisting oppression the world over while nevertheless demanding respect for cultural diversity. DeMartino puts this principle to work adjudicating contemporary debates over global policy regimes, and completes the book with a set of deeply egalitarian global policies for the year 2025.

The engaging prose of Global Economy, Global Justice will appeal to those seeking to understand the intersection between economics and political philosophy. Its focus on the normative foundations of contemporary policy disputes makes it unique in the literature on globalisation.

Table of Contents:

  • Introduction
  • PART I Normative matters
  • Neoclassical theory and welfarism
  • Welfarism and the market
  • Distributive justice and economic heterodoxy
  • PART 2 Global neoliberalism
  • Whose values, whose rules?
  • Contesting competitiveness
  • The trade debate
  • PART 3 Rethinking global policy regimes
  • Global economic policies for the year 2025
  • Notes
  • Bibliography
  • Index