Globalization and the stability of world order

Globalization brings dangers that result from the failure of governments to effectively govern markets, says Professor John Ikenberry of the University of Pennsylvania. The struggle between governments on the one hand and markets on the other defines the new reality, and governments will need to find new ways to cooperate and build regional and global institutions to manage this struggle. If the benefits of globalized markets are to be realized and sustained, new social bargains between industrial and developing countries will be needed and new international institutional mechanisms will have to be devised.