1993 Transformations in the Global Economy

Global security is now understood in economic terms, as indicated in headline stories such as the narrowly-averted trade war between the United States and the European Community; the internal financial and political disarray in Japan; the proliferation of arms sales; the economic collapse of the former Soviet Union; the famine in Somalia; the financial revolution in the global market for capital; and the global diffusion of technology. In the pursuit of security, what are the linkages? What potential exists for conflict or cooperation? What interests are uniquely national and which global?

This symposium was an inquiry into the evolving nature of modern economic sovereignty and the conduct, accountability, and transnational nature of the global economy.

Will the end of the Cold War mark the beginning of an era of the "battle of the capitalisms"? Has America been economically compromised by an antiquated pursuit of geopolitical hegemony? How will the world's intelligence agencies be involved in "economic warfare"? Will economic sanctions become more or less effective in international affairs? What is the future of GATT? Are "national" corporations obsolete? What is the future of China and Eastern Europe in the world economy? What are the universal possibilities of distributive justice? What is the relationship between democracy and development? What are the linkages between trade and development? What is the relationship between "hot money," capital flight and the international debt crisis? How will energy security be provided for?

Among the topics we examined were the changing and controversial U.S.-Japan relationship; the impact of the emerging European Community and the growing schisms within the proposed union; the tensions inherent in international technology transfers; the possibilities for new international economic regimes; the economic reconstruction of war-devastated areas; overcoming global poverty; the potential of ecological economics and sustainable development; and issues of conversion and dismantling the militarized Cold War economy.

Finally, we paid special attention to the implications of unregulated, untaxed and unaccountable sectors of the global political economy, epitomized by the activities of the Bank of Credit and Commerce International (B.C.C.I.) and the Banca Nazionale del Lavoro (B.N.L.).

We were especially pleased to present the inaugural Dr. Jean Mayer Global Citizenship Award to Dr. Amartya Sen, Lamont University Professor and professor of economics and philosophy, Harvard University, author of On Economic Equality, co-author of The Political Economy of Hunger, and 1998 Nobel laureate in economics. The award honors Dr. Jean Mayer -- President and Chancellor of Tufts University, 1976-93 -- a great friend of EPIIC throughout its first eight years. The award will be presented annually to the keynote speaker of EPIIC's international symposium.