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Mobile Europe. Ettore Recchi. Solidarity Transformed. Mark S. Assets, Livelihoods, And Social Policy. Moser Caroline; Dani Anis A. Phone Clones. As Drezner shows, state size still matters. The great powers--the United States and the European Union--remain the key players in writing global regulations, and their power is due to the size of their internal economic markets.
If they agree, there will be effective global governance. If they don't agree, governance will be fragmented or ineffective. Drezner, however, argues that leading states are still in control of the world economy, fashioning regulatory agreements -- as they have in the past -- when functional demands exist and their interests converge.
Globalization merely increases the rewards for the major powers for coordinating their policies -- and they tend to do so unless the domestic "adjustment costs" are too great. Drezner shows that it is control of their own large domestic markets that give major states the ability to wield power in the global economy. His main contribution, however, is to explode a popular notion of globalization and thereby to set an agenda for the study of global regulatory politics.