The global financial crisis, the State and economic democracy

Abstract

The problems the world is experiencing nowadays, particularly the serious global financial situation, are another clear sign of the inadequacy of the modern theoretical model. They might reflect a crisis in the Modern Constitutional State itself. Some recent examples, such as the complex of global food industries which has destroyed traditional seeds and has ended up creating a situation of food imbalance on the planet, the petroleum commercialized worldwide, the communications monopoly, and the manipulable virtual reality, demonstrate that the “internalization” of the Public Power of modernity will probably give way to a transnationalization of this same Public Power. Rethinking democracy at this time, particularly in its transnational aspect, is essential. The whole “awakened” world, affected by globalization, is increasingly certain that the only legitimate power is that in which investiture is decided by the majority, based on effective democratic instruments.

Key words: democracy, Transnationality, modern constitutional state, transnational state, financial crisis.