chapter  9
Governance in a globalizing world 2000
ByROBERT O. KEOHANE AND JOSEPH S. NYE JR.,
Pages 26

Globalization will affect governance processes and be affected by them. Frequent financial crises of the magnitude of the crisis of 1997-99 could lead to popular movements to limit interdependence and to a reversal of economic globalization. Chaotic uncertainty is too high a price for most people to pay for somewhat higher average levels of prosperity. Unless some aspects of globalization can be effectively governed, it may not be sustainable in its current form. Complete laissez-faire was not a viable option during earlier periods of globalization and is not likely to be viable now. The question is not – will globalization be governed? – but rather, how will globalization be governed?