ECONOMIC SOVEREIGNTY

Abstract: In this paper we analyze one aspect of the standard thesis that the globalization process leads towards desovereignization. For the purposes of this paper we have adopted a narrow definition of globalization as a process of global expansion of capital, primarily financial. The classic design of sovereignty of a nation state is compromised due to the proliferation of capital, and states are becoming less able to resist the power of multinational corporations, both in terms of taking over resources and imposing political decisions. This fact raises the question of the subject of sovereignty: whether governments represent the interests of citizens (people) who, as the source of sovereignty, transfer the executive power to the government or governments must adjust to the interests of anonymous centres of economic power. If the latter is the case, then we obviously encounter a new kind of sovereignty: economic sovereignty.