“The lawyers and cor­po­rate elites who draft and en­act the leg­is­la­tion and reg­u­la­tions that gov­ern glob­al­i­sa­tion are dis­con­nected from those who are sup­posed to im­ple­ment the poli­cies at the lo­cal level”

Financial Mirror (Cyprus) - - FRONT PAGE -

ben­e­fited most from glob­alised mar­kets.

So what is fu­el­ing in­equal­ity? To an­swer that ques­tion, we must con­sider what about glob­al­iza­tion is gen­er­at­ing re­turns for the wealthy.

A cen­tral as­pect of glob­al­i­sa­tion is the care­ful doc­u­men­ta­tion of the knowl­edge and le­gal tools needed to com­bine the prop­erty rights of seem­ingly use­less sin­gle as­sets (elec­tronic parts, le­gal rights to pro­duc­tion, and so on) into com­plex wholes (an iPhone), and ap­pro­pri­ate the sur­plus value they gen­er­ate. Clear and ac­ces­si­ble ledgers that faith­fully de­scribe not only who con­trols what and where, but also the rules gov­ern­ing po­ten­tial com­bi­na­tions – of, say, col­lat­eral, com­po­nents, pro­duc­ers, en­trepreneurs, and le­gal and prop­erty rights – are vi­tal for the sys­tem to func­tion.

The prob­lem is that five bil­lion peo­ple around the world are not doc­u­mented in na­tional ledgers in any­thing ap­proach­ing an or­gan­ised man­ner. In­stead, their en­tre­pre­neur­ial tal­ents and le­gal rights to as­sets are recorded in hun­dreds of scat­tered records and rules sys­tems through­out their coun­tries, mak­ing them in­ter­na­tion­ally in­ac­ces­si­ble.

Un­der these con­di­tions, it is im­pos­si­ble for the ma­jor­ity of hu­man­ity to par­tic­i­pate ef­fec­tively in their na­tional economies, much less the global one. With­out any means of

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