Toward a Political Economy of Regime Values, Ethics, and Institutions in a Context of Globalization and Hypermodernity

Abstract

In this article, we discuss the recent ascendancy of the market state and its consequences for regime values, ethics, and institutions. Three types of market states—entrepreneurial, managerial, and mercantile—are outlined, along with their primary ethical basis and associated public values. We then turn to a discussion of globalization and hypermodernity, which we argue characterize the current global cultural context. Difficult as it may be to imagine, we suggest that a global response is likely the only way to address worldwide governance challenges and offer three trajectories that—even if vigorously pursued—seem likely only to ameliorate our global challenges at best.