Globalization, Governance, And Democratic Participation
The world has changed radically in only a few decades, which has had an important consequence for the legal regulation of our national societies. A report presented in 1995 by the Commission on Global Governance, entitled Our Global Neighborhood, revealed that the international community was, at that time, aware of the revolutionary change introduced by the process of globalization. In 1998, James Wolfensohn, director of the World Bank, at the instigation of the economist and Nobel Prize winner Joseph Stiglitz, proposed-without success-a new vision for development in the twenty-first century. Stiglitz and Wolfensohn's idea was to implement strategies linking economic policies and information with various structural and social aspects in society. They pleaded for a Comprehensive Development Framework, a balanced, human-integrated process resting on a global approach for development.
There are several major developments and effects of globalization. These include (1) change in the models of production; (2) new capital markets with investment flows beyond national frontiers and control; (3) increase in multinational companies with transnational exchange; (4) regional free trade associations and other economical blocks; (5) increase in privatization and decline in the role of the state; (6) ascendancy of neoliberal concepts in economic relations; (7) worldwide promotion of democracy and human rights; and (8) emergence of transnational actors.
Whether one accepts that globalization is a radically new economic process or not, it is central to recognize its repercussions not only in the area of the economy and finance, but also in other fields of social and political life, including law. As for law, the main effect produced by globalization is an increase in legal norms at the supranational and international levels. Since the political and legal philosophy of the sixteenth to nineteenth centuries, state law has been the principal mode of...