Paper presented at the Carnegie Council in February 2000.
Globalization has increasingly disconnected one single element—
networks of production and finance—from what had been an overall system of
institutional relations, and sent it off on its own spatial and temporal
trajectory. This has produced disequillibria in the world political economy,
which will persist unless and until the strictly economic sphere is embedded
once more in broader frameworks of shared values and institutionalized
practices.
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