Electronic Resource
Oxford, UK and Boston, USA
:
Blackwell Publishers Ltd
Business strategy review
10 (1999), S. 0
ISSN:
1467-8616
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
This second of the annual Stockton Lectures starts by reflecting on the achievements of the founding fathers of the modern world economy in the immediate aftermath of World War II. Their legacy has been increasing interdependence and globalisation. Peter Sutherland argues that these have had a positive impact almost throughout the world and that these positive consequences of the market economy system do not necessarily have to be associated with increasing gaps between the rich and poor. He makes the case for multinationals to show commitment to what he calls “the common good” (as opposed only to shareholder returns). He examines the fundamental contradiction between free trade and national sovereignty and argues for more supranational (rather than just intergovernmental) decision-making and implementation. However, he also emphasises that some areas are not appropriate for integration or supranational action, most notably tax and workers’ rights. These should remain within the domain of national governments. He concludes by discussing threats to the world economy posed by the tension between the US and the EU on trade-related issues, and argues that inappropriate use of the WTO process threatens to destroy the whole system which has yielded so many economic benefits worldwide since 1945.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/1467-8616.00110
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