The Committee on Global Thought is a proud co-sponsor of:
Is Global Capitalism Governable?: Exploring the legal, social, and economic complexities of governance in the 21st century
After the collapse of the socialist system, there seem to be no viable alternative to capitalism: A system based on private ordering of economic relations backed and arbitered by state-law and state courts, respectively. The quest for further economic and financial integration has fueled legal change and adaptations that enabled private parties to engage in transnational economic activities. Countries opened their borders for trading goods and to capital flows with few restrictions placed on volume, origin, use, or exit. They increased the options for private parties to choose the law of jurisdictions that best suited their needs and sanctioned new entity structures, financial intermediaries and assets that emerged within the gaps left by existing rules and regulations. The global capitalist system that has emerged from this interplay of state law and private legal ordering has reached a level of complexity that defies conventional governance approaches. Indeed, one might ask whether global capitalism has become ungovernable.