GLOCALIZATION: AN EMERGING STRATEGY IN THE CONTEXT OF LOCAL-GLOBAL DIALECTICS AND THE WORLD BANK'S CONTRIBUTION

Abstract

Since the 1970s, the global economic system has been reshaped in the light of neo-liberal policies, and financialization has become widespread and deepened with monetary policies that replaced the Keynesian "Welfare State" approach. The transition of the economic system resulted in a corresponding alteration at the spatial dimension. This transformation, which was accelerated by the globalisation process, has rebuilt the local by introducing new models of governance. The study argues that the World Bank is one of the principal institutions that played a pivotal role in formulating the strategies for this transformation. The aim of the study is to show how the concepts of governance and glocalism, as the implementation strategies of neoliberal policies, are institutionalised and promoted through the World Bank. The study concludes that the World Bank is primarily characterised as a regulatory political entity rather than solely functioning as a technical organisation in the glocalization process, which refers to adapting global socio-economic systems to local or regional contexts.