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In this article, Immanuel Wallerstein tries to anticipate the evolution of world conflicts and structures over the next decades. In his analysis, he identifies three main cleavages which structure future global conflicts: the triadic cleavage between the United States, Europe and Japan, who compete economically; the North-South cleavage between core zones and the periphery of the world economy; and, finally, the cleavage between what he calls the "Spirit of Davos" and the "Spirit of Porto Alegre" as a conflict between alternative images of the future world order. The structure and the dynamics of each cleavage are analysed and their evolution over the next decades is anticipated.
The paper analyzes the impact of financial globalization on corporate governance systems. While shareholder systems are relatively unaffected by globalization pressures, the burden of adjustment rests primarily on stakeholder systems, owing to their dominant non-market forms of coordination. Convergence theory therefore expects a transformation of stakeholder systems towards shareholder systems, whereas the ‘hybridization thesis’ argues for a combination of elements from shareholder and stakeholder systems as a result of globalization. The ‘Varieties of Capitalism’ approach expects stability in corporate governance systems and a continuation of differences between them.