ICT and systemic time squeeze: The uncoordinated temporalities of globalization

The recent economic crisis (2008–2011) is coupled with a political crisis as well. This is due to a shift of the financial risk to political risk; the markets seem to press the democratic governments to risk their own social capital so that the former reduce the investment risk. The ability of the markets to achieve such a goal is realized by the global dependence on information and communication technology (ICT) networks that squeeze the time of interactions between the markets and the governments, thus causing a profound problem in the operations of democracies. This paper inspects those phenomena as manifestations of globalization and tries to examine certain solutions to those problems, from a systems theoretical perspective.