Keywords: common good, market failure, political failure, property rights, welfare theory, sustainable development
Globalisation versus sustainable development: a question of the common good
The notion of common good is not clearly defined. Globalisation as well as sustainable development refers to it. This paper recalls four main objections to globalisation, namely institutional contextualisation, experience from economic history, equity issues, and other normative assessments. It illustrates the concept of the common good by the exploitation of natural resources, and discusses its normative implications mainly in respect of property rights, market failures and political failures. It concludes with a warning: sustainable development cannot be reduced to sustainable growth.