Norms for evaluating economic globalization

Abstract

This article examines experience with global financial integration to identify norms for evaluating economic globalization. There are two perspectives regarding globalization: mainstream economics and personalist economics. The first perspective regards itself as value‐free even though its premises originate in individualism and utilitarianism. The second perspective originates in personalism and finds no fault with being value‐laden because there is no other way to proceed in evaluating economic globalization. Mainstream economics brings to bear a few principles from positive economics. Personalist economics employs a larger set of principles from normative economics. The authors hold fast to personalist economics as more relevant to evaluating economic globalization properly. Our argument rests on principles from personalist economics and two other sources: Universal Declaration of Human Rights; and John Paul II's public statements. We intend to contribute to the discourse on globalization using recent experience regarding financial integration to refine the norms for evaluating economic globalization.