From the Nation-State to a World Society: An Institutional Reading of Globalization

Abstract:

This article highlights the inadequacy of classical and neoclassical theories for understanding the set of changes experienced by economic systems in their process of development. The institutional dimension concerning the issue of well-defined rules (through the introduction of economic policies) and involving all stakeholders in the regulatory process (starting from the firm), seems to better interpret micro- and macro-economic aspects of the evolving capitalist model. This means questioning the complicated economic governance and society in the transition from the nation-state to a world society (or world state).

Keywords::

• conventionalist
• globalization
• institutionalist
• nation-state
• world society (world state)

JEL Classification Codes::

• B12
• B13
• B15
• B21

Additional information

Notes on contributors

Alessandro Morselli

Alessandro Morselli is a professor of international economic policy at the Department of Law and Economics University of Rome Unitelma Sapienza. The author thanks the editor and two anonymous referees for their helpful suggestions that greatly improved this article.