Liberalism: The Dichotomy Between Economic Liberalism and Political

Liberalism: The Dichotomy Between Economic Liberalism and Political

Miller Leon

Tallinn University of Technology

КЛЮЧЕВЫЕ СЛОВА: LIBERALISM, GLOBALIZATION, BUSINESS ETHICS, GLOBAL ECONOMY

АННОТАЦИЯ:
In Japanese a word for economics has two syllables: “Kei” meaning governance that brings about harmony and “Zai” meaning to bring about the well-being of people. The resurgence of efforts to strengthen normative structures for the globally interdependent economic system by means of global governance raises important questions about the principles necessary for establishing the global common good. Efforts to make global regulatory structures more substantial are now being initiated because in the light of repeated financial crisis it is necessary to construct pragmatic economic policy regulations which will provide future stability for the global financial system. We also assume that the intent of a regulatory body will be to outline principles connected with reassuring that the market operates in ways which will not hurt the global public interest. Certainly the principles that inspire global financial regulatory policy must be broad enough to include diverse cultural perspectives reflected in the global community. The assembly of nations comprising a financial governance regime will be made up of diverse states not all of which subscribe to a free market economy. The ethics shaping international regulations must reconcile the various convictions on what are considered to be appropriate motivating factors for human transactions. In this respect normative structures must also prescribe a balance between competiveness, interdependence and the transnational linkages that were thought to be the most promising sources for profit and prosperity in the globalized world. Thus, to ensure that freedom and rights are not jeopardized and that the best interest of the public is assured we must remember that the effectiveness of practice is first and foremost a matter of the adequacy of principles.