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Global left turn

Martin Wolf and I come from similar backgrounds and agree about much in the globalisation debate. But while he regards liberal markets as sufficient, I think the globe needs a turn to social democracy

By David Held   January 2005

Martin Wolf, the chief economics commentator of the Financial Times, has written a remarkable but flawed defence of the global market economy: Why Globalisation Works: The Case for the Global Market Economy (Yale University Press). Wolf conceives globalisation in essentially economic terms. The book says little about the political, social, cultural and environmental aspects of globalisation, although he does argue that nation states remain the locus of political debate and legitimacy and that the best way to combine economic globalisation with political stability is via liberal democracy. But it is economic globalisation – meaning greater openness of trade, free movement…

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