The Myth of Regional Economies' Homogeneity and Human Wellbeing: John Gray's Analysis of Economic Modernization.

According to the theory of economic modernization, regional economies will ultimately be harmonized in a global free economy and that this global free market that will ensure the socioeconomic interests of all. Through an inquiry into the development of the free market in the mid-19th century of England, John Gray argues that it is not reasonable to expect that all regional economies will follow the same pattern due to their diverse social and political conditions. For Gray, the idea of homogeneity of regional economies is rooted in enlightenment theory that takes the idea of universal civilization for granted, and he develops a critique of this idea of economic modernization. This paper focuses on his critique and explores how human economic wellbeing through homogeneity of economies is utopic, explaining that fostering mutual cooperation to facilitate regional economic growth is necessary for human economic wellbeing on a global level. Mutual corporation is not possible without legitimate and moral ground, and this paper suggests that a broad-based human values system can serve as this moral ground for mutual cooperation. By constructing an economic system based on this ground, economic wellbeing can be achieved in the true sense. [ABSTRACT FROM AUTHOR]