Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.


The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist (ed. OUP Oxford, 2012) - ISBN: 9780191634253

Dani Rodrik Quotes

Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'....

Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'....

Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'....

Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'....