Sozialalmanach - Caritas Luxembourg

social protection. What these observers thus seem to advocate is perhaps best described as
a form of ‘embedded globalization’.
Periods of unsettled beliefs can thus inspire new politics. This we have learnt from the
experience of the Great Depression in the 1930s, as well as the crisis of stagflation in the
1970s and 1980s. After two decades of neo-liberalism, a critical re-imagining of economy
and society, including the role of public authority and political sovereignty, is underway. In
addition, there is a fundamental need to offer a better understanding of the international
constraints and possibilities for substantive concerted action, in a new world order of
‘embedded globalization’ where national governments remain in charge for regulating a
global economy. Even in the realm of international coordination, any sustainable solution
to the global crisis continues to rely heavily on domestic legitimacy. Nowhere is this political
challenge more apparent than in Europe.
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