Redefining role of government in a globalized economy

This essay puts forward the issue that fails to gather importance of the balanced role of government in a newly globalized economy. The process of globalization puts new demands to downsize government. Of course, government, quite similar to markets, has a variety of imperfections, leading to government failures. These are equally troublesome as market failures. In view of it, this essay makes an exercise of ‘reinventing government’ to craft better policies and better institutions being sincere to the social justice and democratic process.