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Group Discussion 5: Democracy, Globalization and Economic
Disruption

Globalization is one of the most powerful forces on the global macro
economy. Globalization, on one hand, has created complex interdependent global
supply chains and financial services, decreased costs, increased productivity, helped
some countries emerge from poverty, and produced wealth and growth. On the
other hand, globalization has also caused economic disruption, economic crisis,
pollution, privatization, and declining social welfare. These things affect people from
the low to middle classes, and result in dissatisfaction with government and elites
in many countries around the world. A survey conducted by The Economist
Intelligence Unit (EIU) has shown us a downward trend in the democracy index
over the past 16 years, as seen in electoral processes and pluralism, civil liberties,
functioning government, political participation, and political culture. Globally this has
resulted in distortion of democratic values and support for populism and
authoritarian leaders.

This group aims to find how global economic volatility, which is
influenced by globalization, affects people’s satisfaction with their government in
both developed and developing countries. Why do people embrace populism and
authoritarian leaders who are against democracy? How can we reform globalization
so it serves not only global capitalism, but also accommodates the needs of the
majority of the world’s people.

Topics

1. Volatility in global economic order that is influenced by globalization
and national policy, and how rapidly changing economic problems affect democracy

2. Satisfaction with democracy in connection with economic problems
and their solutions under democratic government

3. Popularity of populism and authoritarian leaders who reject
democratic norms because of economic problems

4. Reformation of globalization for the majority of people, and
approaches to balancing economic development and sustainability of democracy

5. Fiscal administration and national security