This paper has been inspired by a suggestion made by Margaret Canovan that liberalism should be understood as a … 'project to be realized'. It argues that we should follow Canovan by having an expendet account of what 'liberalism' might be …

We analyze whether or not the globalization of capital, "disciplines" governments and improves governance. We … demonstrate that globalization affects governance, by increasing a country's vulnerability to sudden capital flight. This … "golden straitjacket". However, globalization may also "overdiscipline" governments - resulting in a perverse impact on …