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Over the past quarter century the global economy has come to exert an almost transcendental importance in our lives and societies. While the term “globalization” is generally used to describe this transformation, heated controversies abound over the significance and extent of globalization. Not even established economists and defenders of the neo-liberal order agree on how to assess the current era, while liberals, social democrats and those on the left are divided over how to interpret and respond to globalization.1 Our position is that globalization marks an entirely new epoch in the world’s economic history. As such it requires a shift in our weltanschauung, the very way we view the world, its politics, societies and economies. To understand this epochal shift, we need to situate it in relation to other fundamental transformations in the history of capitalism. Firstcametheageofdiscoveryandconquest.Capitalism,emerging from its feudal cocoon in Europe, began its outward expansion, symbolized by Columbus’s arrival in the Americas. This was the epoch of mercantilism and primitive accumulation, what Marx referred to as the “rosy dawn of the era of capitalist production.” Next came the birth of industrial capitalism, the rise of the bourgeoisie, and the forging of the nation state. This epoch spanned what Eric Hobsbawm calls in his seminal historical works the ages of revolution, capital, and empire.2 It is keynoted by the French revolution and the eighteenth-century manufacturing revolution in England.
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GLOBALIZATION AND POSTMODERN POLITICS
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