Published in International Affairs, July 1997
“There is considerable confusion and hyperbole about globalization. Disagreements range over whether it is a process or an end-state, over the degree to which it is happening or has already reached, and over its implications for the power and the ultimate survival of the state. By examining the micro-foundations of globalization, the pressures that firms feel from their more diverse stakeholders, this article attempts to rectify and to look beyond the simplistic, often implicit, assumption that firms gain, while states lose, from globalization. Both firms and governments face heightened risks and both need new skills to deal with them.”
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Reproduced with permission of Wiley (was Cambridge University Press at date of publication) and Chatham House