Global Breakdown

A global society does not mean a global state. To abolish the existence of states is neither feasible nor desirable; but insofar as there are collective interests that transcend state boundaries, the sovereignty of states must be subordinated to international law and international institutions.We live in a global economy, but the political organization of our global society is woefully inadequate.

We are bereft of the capacity to preserve peace and to counteract the excesses of the financial markets. Without these controls, the global economy, is liable to break down

George Soros, The Crisis of Global Capitalism (1998)