Development Beyond Market-led Globalization

Abstract

Björn Hettne asks whether a more genuine development thinking is on its way back after three decades dominated by globalism: the ideology of market-led globalization as the only path to global welfare. It is argued that the global crisis has been a catalyst for discursive change, but since real change also implies political and societal change, the question is what kind of world-order trends that will accompany the emerging discourse on global development. This is a comprehensive concept going far beyond economics. Hettne looks at different post-Westphalian scenarios for global governance. He argues that it is not yet clear if we are heading for a global concert of great powers, pursuing conventional realist power politics, or towards cooperating regions, based on inclusive global ethics. The latter implies transcendence of Westphalian international diplomacy, centred on the supremacy of national interests. He explores what this great transformation means for possible future global governance proposing that global ethics is essential for a sustainable world order.