GLOBALIZATION, THE STATE SOVEREIGNTY DECLINE AND THE 2007/2008 ECONOMIC CRISIS: THE NEED TO CREATE A GLOBAL ECONOMIC GOVERNANCE SYSTEM

Resumo

This paper shows that there is a strong bond between theglobalization phenomenon, state sovereignty decline and theconformation of the 2007/2008 economic crisis. In this sense, this paperunderlines that state sovereignty weakening increased the globaleconomic flow. Hence, the paper emphasizes the need to create a globaleconomic governance system and therefore highlights the importanceof setting up rules and approaches for market regulation and to let thecontrol of the global economic flows more effective. Finally, this paperadvocates that this global economic governance system shall be basedon a multilateral schedule and represent the interests of states,populations and markets.