Global Nomadism and Moral Standards

Abstract

This chapter examines the dimension of globalization in economics and politics with regard to the Governance Ethics. It highlights the fundamental challenges of moral order for economy in and of a global world. Globalization requires stable cooperative relationships as a precondition. Cooperation however requires sufficient rules of the game and their implementation, which exist only incompletely at the global level. It is argued that under these conditions the values and virtues of individual and collective economic actors, who are decisive actors in the process of globalization, acquire a fundamental importance. The chapter examines factors of the governance of economic transactions, namely the ideas and conceptions on morality which should apply in economic exchange (internal self-commitment regimes and informal institutions) and the legal framework and its establishment and enforcement (formal institutions and organizational mechanisms of coordination and cooperation), which could potentially remedy the institutional and organizational deficit of globalization.