The World Needs a New Vision of Openness

In: Political Economy of Globalization and China's Options

Abstract

Present economic globalization is a capital-led globalization. The asymmetric global mobility of different factors of production has resulted in their imbalanced economic returns, which determines the inherent defects of globalization. The way out, however, is not to abandon globalization, but to build up a new form of globalization. A new vision of openness characterized by freedom without transgression of rules, tolerance without indulgence, openness with order and inclusiveness, and consistency between efficiency and fairness, is necessary to guide globalization. Such a new vision should focus on achieving proper balance in the process of globalization between labor and capital, dynamism and stability, state and nation, mainstream and plurality, freedom and regulation, national sovereignty and global governance, and science and technology and humanistic spirit.

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