Can We Do Better? Globalization from the Perspective of the Economics of Belonging

This paper develops an original framework for evaluating globalization based on the Economics of Belonging. It argues that economic systems should be assessed according to five interconnected objectives: economic growth, economic stability, the distribution of income, the distribution of capabilities, and the expansion of belonging itself. From this perspective, contemporary globalization presents a paradox. Humanity has achieved unprecedented levels of economic interdependence while making only limited progress toward institutional, social, and emotional integration. Markets have become global, but belonging remains largely national. The article introduces the concept of the Global Belonging Deficit, defined as the gap between humanity’s level of economic integration and its much lower levels of institutional, social, political, and emotional integration. This deficit helps explain many contemporary global challenges, including financial instability, geopolitical fragmentation, migration tensions, weak global governance, and difficulties in addressing climate change and technological disruption. Unlike conventional approaches that focus on efficiency, inequality, institutions, or capabilities, this article interprets globalization as a possible next historical stage in the expansion of human belonging. Human history is understood as a gradual enlargement of circles of belonging, from families and tribes to cities, nations, and regional communities. Globalization represents humanity’s first attempt to organize economic life at a planetary scale. The paper compares the Economics of Belonging with the approaches of Stiglitz, Rodrik, Piketty, Milanovic, Sen, North, and Ostrom and argues that its distinctive contribution lies in addressing a different question: What is the historical aim of globalization? The article concludes that globalization should no longer be understood merely as the internationalization of markets but as a broader historical project aimed at transforming economic interdependence into a genuine human community of belonging.