Globalization: a theoretical reflection
Purpose – The purpose of this paper is to evaluate and situate globalization within the context of different theoretical perspectives, with a view to developing a theoretical framework for understanding and interpreting this phenomenon.Design/methodology/approach – In the light of historical and empirical evidence, this paper uses the idea of parallax to explore, synthesize and interpret globalization. Evidence is marshalled in order to enable comparative assessments on the merits of the globalized system to take place.Findings – A materialist approach is identified as appropriate for aiding and deepening our understanding of the processes at work. It best captures the complexities and contradictions in the global economy.Originality/value – This paper develops a critique that locates globalization within the process of accumulation and teases out its attendant crises and efforts to restore profitability. The materialist approach developed here may be successfully applied in a holistic manner.
Banking and the Customer: A Neo-Institutional Reconfiguration
The article provides an alternative approach to previous dynamics of relationship amongst key actors in the banking industry. It sees the re-emergence of the global banking industry from the ruins of the last financial crisis as an opportunity for its reconfiguration. This reconfiguration was premised on a neo-institutional inquisition that finds accommodation for strategic choice, institutional theory and legitimacy; before placing these theories within the context of banking. This generated a conceptual outcome in a customer legitimacy model called legitimacy pyramid for the banking industry. This is a proposition for banking industry re-configuration to move beyond a dialogue of regulator cum banks and embrace a ‘trialogue’ that recognise the customers’ voice and accords it primacy. Keywords: b anking, financial crisis, legitimacy, bank customer, neo-institutional theory
Can Climate Change be Reversed under Capitalism
This contribution seeks to examine the prospects for tackling climate change in a world dominated by capitalist economies. Since climate change is a relatively new phenomenon, we have to review the successes and failures of such economies in addressing other environmental issues. This review reveals a mixed picture, but the evidence suggests that once an issue is raised in the public consciousness the prospects for effective action are quite good as long as there is openness and transparency. Experience certainly indicates that the prospects are better in capitalist than in centrally planned economies. In the case of climate change the magnitude of the changes needed is immense and time is now running out. Studies indicate that convergence in living standards between the North and the South through development is possible with strict carbon targets, but it will need agreement on the allocation of rights and, furthermore, a system in which either such rights are traded or a common carbon tax is imposed. Such a system must be seen as fair by all parties and these parties must trust each other and the institutions they set up. That is where the biggest problems still lie.