Over at RGE Monitor, they are hosting a Davos Debate.  Ramkishen S. Rajan and Kenneth A. Reinert, co-editors of The Princeton Encyclopedia of the World Economy, have posted a Memo for Davos in which they write, “While globalization may be a means of promoting economic development, it has clearly increased economic insecurity and contributed to rising social discontent in many countries. Under the Washington Consensus, a simple formula guided economic policy: globalization was good for growth, and growth is good for the poor. With globalization now unraveling, it is time to revisit this mantra.”

They call on the participants at Davos to consider five things–

• The world is highly interdependent. Consequently, recovery is a collective good.

• We must reconsider the balance between financial liberalization and regulation, and reduce the incentives to take outsized risks.

• Despite the distraction of the financial crisis, the real economy—the actual production of goods and services–still matters.

• We must revisit the issue of regional and global financial coordination and what, if any, role the International Monetary Fund (IMF) in particular should play in future crises.

• The poorest among us will need to be protected.