Deep down, the crisis is yet another manifestation of what I call “the political trilemma of the world economy”: economic globalization, political democracy, and the nation-state are mutually irreconcilable. We can have at most two at one time. Democracy is compatible with national sovereignty only if we restrict globalization. If we push for globalization while retaining the nation-state, we must jettison democracy. And if we want democracy along with globalization, we must shove the nation-state aside and strive for greater international governance.So we must learn to accept that, in the immortal words of Meat Loaf, "two out of three ain't bad."
Monday, May 17, 2010
Rodrik on Greece
At Project Syndicate, Dani Rodrik writes: