ABSTRACT
Globalization has become the most over-used and under-specified term in the international policy sciences since the passing of the Cold War. It is a term that is not going to go away. More recently globalization has come to be associated with financial collapse and economic turmoil. Our ability to satisfy Keynes’ three requirements under conditions of globalization is as remote now as at the time he was writing. Neither markets nor the extant structures of governance appear capable of providing for all three conditions at once. Globalization has improved economic efficiency and it has provided enhanced individual liberty for many; but in its failure to ensure social justice on a global scale, it also inhibits liberty for many more.
