Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.
Dani Rodrik (2012). “The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist”, p.13, OUP Oxford
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