Global Turbulence, Global Deliberation, and the Neww New International Economic Order

Abstract

The paper aims to link the effects of global neoliberalism in the developing and developed worlds. The analysis is qualitative, connecting various topics in the literature. It demonstrates that the economic/financial, policy, and socio-political instabilities of the neoliberal era manifest in both the developing and developed worlds will likely culminate in a period of starker global disillusionment with the orthodoxy – driven by a protracted economic crisis in the Global North. Within this period, the conditions for strong deliberative impetus and political will over a New Bretton Woods regime (a re-embedding of capitalism from the bottom-up) would likely emerge, as heterodoxy supplants orthodoxy. For the Global South this presents an opportunity to ease the international economic architecture's constraints to structural transformation and diversification by proposing a new New International Economic Order. Every component in this thread of argument has present signs of its incipience. The conclusion is that the Global South must prepare itself to take advantage of this imminent global reformist environment.