Parag Khanna: There have been efforts. The most famous is the toban tax, for example, which attempted to create an infinitesimally small tax on global capital flows.
The French have experimented with it, and they have decided on means that tax capital, they are taxing flight tickets a small percentage, and that’s going into a Poverty Alleviation sort of fund.
So there are ideas out there. I don’t know if one body can regulate any such thing. I think that smaller micro, volunteer efforts are going to yield more success and faster and more efficiently than any notion of a new institution or body or inter-governmental organization. I'll tell you why.
The reason is because globalization cannot be centrally controlled. So the United Nations and any other singular institution that wants to be the hub for an issue; now we are the center of where global securities regulated; this is where international traders are--these things will always fail because globalization cannot be controlled from a central point.
Central institutions, the way we think of them, the way we think of global governance, will fail until it adopts to globalization itself.
Recorded on: 3/3/2008