Globalisation and global economic governance: Contextualising the interpretations and the debate. A review of literature

Abstract

As one of the most contentious and fascinating issues of modern times, globalisation is a notion in desperate need of conceptual clarification. By creating a theoretical framework and adding historical depth to the analysis of the globalisation thesis, this article attempts first to provide a contextual basis on which to weigh up the credence of globalisation as a process that is transforming the contemporary world economy. Secondly, it highlights the significance of global economic governance in performing both a somewhat regulatory function and a rather stimulating role in the advancement of globalisation. In essence, the article provides a survey of the literature concerned with theories and the historical context for globalisation and global economic governance. The third aim is to emphasise the importance of the debate surrounding globalisation and global economic governance. The evolution and outcome of this debate is seen to be a factor that will make a significant impact on the future direction of the world economy, mainly in terms of helping to shape leading economic thinking.