The Economics of Global Peace

Obregon, Carlos (2022): The Economics of Global Peace. Published in:

Abstract

This book presents the reasons for which, given the globalization brought about by the ICT revolution, both liberalism and realism are ill suited as guides for international relations. And it argues in favor of a third option: institutionalism. The liberal ideal of progress and peace, brought about by free markets and democracy in all the countries, will not be the future of the world. And realism is restricted to the discussion of the balance of power, leaves aside the integrative and the economic international systems and generates very unstable solutions. Institutionalism is not a panacea either, there are no ideal solutions. But strong global institutions are required in a globalized world. These institutions will never work in an optimal way; they will always be challenged by the interests of the powerful countries. Institutionalism will not end military conflicts around the world, and global progress will continue to be challenged by populist nationalisms. But institutionalism is a call for a change of direction. It is a call to leave aside ideological proposals that only serve, at best, to guide us to wrong global policies, and at worst to disguise national imperialistic interests. It is a call to be congruent with the globalization brought about by the ICT revolution. The world is facing a gigantic technological opportunity, and it must reap its benefits as much as possible. Institutionalism is a call to free ourselves from rigid ideologies, and to promote ideological tolerance. The institutional proposal is based on four pillars: 1) Allowing the ICT technology to display its beneficial potential, through maximum possible economic interdependence. 2) Creating stronger international institutions – including the ones directed at expanding the global middle class - capable to guarantee mutual trust and serve as a forum to negotiate national economic interests. 3) Fostering ideological tolerance. 4) Developing a global demilitarization and nuclear control strategy that guarantees safety, and a balance of powers, at a low economic cost. Institutionalism, it is argued, is today the best possible route to guide international relations.

• Item Type: MPRA Paper
• Language: English
• Keywords: globalization, Carlos Obregon, ICT, revolution, liberalism, realism, institutionalism, progress, peace, Carlos Obregón, democracy, balance, power, economic, international systems, global institutions, military conflicts, global progress, ideological proposals, ideas, imperialistic interests, ICT revolution, technological opportunity, ideologies, middle class, demilitarization, nuclear, international relations
• Subjects: C - Mathematical and Quantitative Methods > C0 - General > C00 - General; F - International Economics > F0 - General > F00 - General; F - International Economics > F0 - General > F01 - Global Outlook; F - International Economics > F0 - General > F02 - International Economic Order and Integration; F - International Economics > F1 - Trade > F10 - General; F - International Economics > F1 - Trade > F12 - Models of Trade with Imperfect Competition and Scale Economies ; Fragmentation; F - International Economics > F1 - Trade > F15 - Economic Integration; F - International Economics > F1 - Trade > F19 - Other; F - International Economics > F2 - International Factor Movements and International Business > F20 - General; F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements; F - International Economics > F2 - International Factor Movements and International Business > F22 - International Migration; F - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms ; International Business; F - International Economics > F2 - International Factor Movements and International Business > F29 - Other; F - International Economics > F3 - International Finance > F30 - General; F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration; F - International Economics > F3 - International Finance > F37 - International Finance Forecasting and Simulation: Models and Applications; F - International Economics > F3 - International Finance > F38 - International Financial Policy: Financial Transactions Tax; Capital Controls; F - International Economics > F3 - International Finance > F39 - Other; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F50 - General; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F51 - International Conflicts ; Negotiations ; Sanctions; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F52 - National Security ; Economic Nationalism; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F53 - International Agreements and Observance ; International Organizations; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F55 - International Institutional Arrangements; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F59 - Other; F - International Economics > F6 - Economic Impacts of Globalization > F60 - General; F - International Economics > F6 - Economic Impacts of Globalization > F61 - Microeconomic Impacts; F - International Economics > F6 - Economic Impacts of Globalization > F62 - Macroeconomic Impacts; F - International Economics > F6 - Economic Impacts of Globalization > F63 - Economic Development; F - International Economics > F6 - Economic Impacts of Globalization > F64 - Environment; F - International Economics > F6 - Economic Impacts of Globalization > F65 - Finance; F - International Economics > F6 - Economic Impacts of Globalization > F68 - Policy; F - International Economics > F6 - Economic Impacts of Globalization > F69 - Other; G - Financial Economics > G0 - General > G00 - General; G - Financial Economics > G0 - General > G01 - Financial Crises; G - Financial Economics > G0 - General > G02 - Behavioral Finance: Underlying Principles; G - Financial Economics > G2 - Financial Institutions and Services > G20 - General; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors; H - Public Economics > H0 - General > H00 - General; P - Economic Systems > P0 - General > P00 - General

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