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Society And Market In The Era Of Globalization

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Chapter Summary

This chapter considers the meaning of the terms "society" and "market", and the need for markets to be institutionalized and legitimated. Obligatory norms and recommendatory guidelines today come from many sources: from states, from groupings of states, and from worldwide bodies such as the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank. The markets create profound inequalities both within and between societies, how one can determine what limits ought to be placed on markets? Since economic institutions are inseparable from culture, this is the "site" where the public will have to decide what is "society", what is the "market", and what will be the relation between them. The IMF deals with both economically developed and developing countries, initially relied for the most part on the performance requirements.

Keywords: International Monetary Fund (IMF); labor market; society; World Bank; World Trade Organization (WTO)



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