This essay examines the controversy over the attempt to establish rules governing global capital flows in the Multilateral Agreement on Investment (MAI), which became a target of “antiglobalization” activism. Making sense of the activists' concerns about the MAI requires understanding how the emergence of transnational standards in contemporary globalization constitutes an exercise in power. I develop the concept of “network power” to explain the way in which the rise of a single coordinating standard for global activity can be experienced as (...) coercive, as it eclipses alternative standards and abrogates the genuinely free choice among different conventions. Using a network‐power analysis, I reinterpret the controversy over the MAI as a concern about the processes by which neoliberal globalization is being brought about. (shrink)

Widespread recognition that economic inequality has been growing for forty years in most of the developed world, and in fact has tended to grow across most of the history of modern economies, shows that the period 1945-1973, when inequality of wealth and income shrank, was a marked anomaly in historical experience. At the time, however, the anomalous period of equality seemed to vindicate a long history of optimism about economic life:that growth would overcome meaningful scarcity and usher in an egalitarian (...) and humanistic period that could almost qualify as post-economic. This has not been the experience of the last four decades. In this intellectual history of the anomalous period, we trace the main lines of that optimism and its undoing. (shrink)