Globalization and the Transition to Egalitarian Development

The single most important fact about the contemporary pattern of global economic integration is that it is being guided by a predominant commitment to neoliberal economic policies. Considering both the global North and South, this paper examines three basic problems resulting from neoliberal globalization: the expansion of the "reserve army of labor" (the "Marx problem"); increased financial instability and corresponding fluctuations in aggregate demand (the "Keynes problem"); and a diminishing capacity for governments to promote stability and norms of social solidarity (the "Polanyi problem"). The paper advances an alternative egalitarian policy approach for the contemporary era, guided by the writings of Keith Griffin.