A Companion to the Philosophy of Technology

The Global Political Economy and Technology

Technology is a necessary but not sufficient condition for globalization. A variety of national and international laws, policies, practices must also be in place. The most important conditions include the dominance of capitalist markets, increasing influence of international financial markets over national policies, a decreasing influence of the State over international finance and commerce, privatization of services, deregulation of economic activities, and an increasing role of private actors and business corporations in social and economic life.

The most powerful and important organization dealing with global economic regulations among nations is the World Trade Organization (WTO). The purpose of the WTO is to provide a negotiating forum for nations to form agreements to lower trade barriers to ensure that trade flows as freely and predictably as possible. In addition to trade in goods and services, the WTO regulates banking and finance, intellectual property, dispute settlement, and trade policy reviews. For the 150 member nations, the WTO is the most influential institution of international commerce.

The WTO aims to lower trade barriers such as customs duties, import bans or quotas, as well as limits to non-tariff trade barriers that nations may implement and enforce, such as domestic laws regulating product standards and liability, environmental protections, use of tax revenues for public services, and other domestic laws regulating ...