Traveller's Teacup

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Sayonara Global Economy?


Lots of interesting stuff going down at the moment, particularly with global finance. The below repost by Jim Quinn via The Burning Platform blog, is quite interesting and is endorsed by the fun and infamous financial markets blog Zero Hedge enjoyed widely by Wall Streeters.

In some of the globalisation work I’m reading, there is lots of reflection to be had on this. In this networked information age, we are slowly becoming uprooted and our sense of belonging is becoming a mix of local and planetary (an assemblage of trans-national societies?). We are becoming dis-embedded from the local through the dominant institutional standardization of our localised situated knowledge in the name of better management (scientific classification, economics reductionism, cybernetic informatisation). As some of the political transformations of globalization are playing out, it will be interesting to see how political fragmentation and the subsequent identity politics (consider the rise in cosmopolitanism/fundamentalism) will manifest. Held and McGrew’s observation of the “democratic deficit of globalisation” may well ring true in current global politics, if so will we see a re-embedding of political allegiances towards more familiar and trusted local and traditional values (empowering local political structures and causing a legitimacy crisis of the state?)? Or perhaps to go further, as Holland suggests in his book ‘Nomad citizenship’, a more complicated yet to be theorised co-ordination of multi-allegiances to information network clusters modulated by trust (amongst other things). An interesting question in all of this political and economic change… “who do you trust?”

Happy Gregorian 2015th Year!

Read Sayonara global economy


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