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Proliferation of Free Trade Agreements and Currency Conflicts, by K.N.Harilal

Global governance is taking over hitherto unreached spaces of policy making including internal policies of nation-states and even those of local governments. It is undertaken with the overriding objective of facilitating global accumulation of capital. Globalisation of governance, however, cannot be a smooth process because of its obvious contradiction with the institutions of democracy. Democracy, if it is genuine, cannot undermine all other interests including those of labour, gender, environment, local capital, etc., to favour the interests of transnational monopoly capital. Yet, because of the competition to woo capital, the nation-states, and governments at various levels, are under pressure to favour monopoly capital even at the expense of other interests. But, the success of capital is fast eroding its social constituency…

 

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