Neo-globalization Revisited: The Contours of a New Global Economic Order

Disruption induces disequilibrium. Today’s global economy is the case in point.  Powerful sources of disruption are undermining classic premises of global economic equilibrium and, in the process, changing the contours of the world economy. Long cherished globalization premises of free market, open economy, small government, private initiative, and deregulation are being challenged. Sources of this challenge are numerous. There are government and corporate debt, extreme individualism, high industry concentration, slanted income and wealth distribution, self-serving industry practices, and above all self-centered trade policies. What has gone wrong and is there a way out of this dark environment is the focus of this article. The article addresses the need and premises of a Neo-globalization. It addressed, as a point of start, the failures of the existing paradigm and moves on to address premises for a Neo-globalization.