New rules for global markets : public and private governance in the world economy / edited by Stefan A. Schirm.

Format:

Book

Contributor:

Schirm, Stefan A., 1963-

Language:

English

Subjects (All):

International economic relations.

Commercial policy.

Foreign trade regulation.

State, The.

Regionalism.

International business enterprises.

International trade agencies.

International organization.

Corporate governance.

Physical Description:

xix, 265 pages : illustrations ; 23 cm

Place of Publication:

Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2004.

Summary:

The spread of financial crises and trade conflicts show the necessity of a new political architecture for the world economy. As cross-border economic flows and private actors' mobility grow, national economic policy and international organizations do not seem to live up to expectations. What kinds of rules will shape globalization in the twenty-first century? The book explains the need for new rules and discusses the divergence of national attitudes towards global economic governance. It covers the role of states in negotiating international trade, in regulating banks and in promoting trilateralism. It investigates the role of business by assessing its increased power in writing the rules for self-regulation and in influencing the public sphere. Also, international organizations are analysed as standard setters and regional institutions are examined as blueprints for public and private authority on a global scale. The book answers the question on how the changes brought by globalization are addressed on national, regional, multilateral and transnational levels.

Contents:

Part I Causes and Strategies of Global Economic Governance

1 The Divergence of Global Economic Governance Strategies / Stefan A. Schirm 3

The global economy and its crises 4

Proposals for global economic governance 7

Why do governmental attitudes to global economic governance diverge? 11

How can we evaluate global economic governance proposals? 15

2 The Stability of International Financial Markets: A Global Public Good? / Heribert Dieter 23

Are stable financial markets a global public good? 26

Could a Tobin tax provide financial stability? 30

The role of the IMF: should it become a global lender of last resort? 34

Exchange rate regimes and the trilemma of international finance 37

3 Democratization, Financial Crises and Global Governance / Jorg Faust 45

Time inconsistency, financial crisis and democratization 47

Empirical evidence 51

Conclusion: global governance and big bills on the sidewalk 57

Part II States as Actors in Global Economic Governance

4 Governance by Negotiation: The EU, the United States and China's Integration into the World Trade System / Hubert Zimmermann 67

Global governance and international negotiations 68

The case study 71

Negotiating China's accession to the WTO: The EU 73

Negotiating China's accession to the WTO: the USA 77

The EU and the USA as international negotiators: some observations 81

5 The Resilience of National Institutions: The Case of Banking Regulation / Andreas Busch 87

Globalization and the role of the state 88

Convergence or divergence? 89

State regulation of the banking sector 91

The sources of change and their national filters 99

6 Global Governance: From Fordist Trilateralism to Neoliberal Constitutionalism / Christoph Scherrer 109

Theoretical approaches to American foreign economic policy making 110

Neo-Gramscian approaches 111

Project world market: the liberalization of US foreign economic policy 115

Trilateralism: a response to Nixon's unilateralism 117

The limits of trilateralism 118

The new trilateralism as global constitutionalism 120

Symbolic politics: social clauses 123

The 'complex interdependence' of 'double hegemony' 126

Perspective 127

Part III Private Business as an Actor in Global Economic Governance

7 The Role of Business in Global Governance / Doris A. Fuchs 133

Forms of the 'new' political role of business 134

Assessing power 136

The three-dimensional analysis of the power of business in global governance 140

8 Transnational Private Authority and Corporate Governance / Andreas Nolke 155

Locating transnational private authority in the study of global economic governance 155

State of empirical research on transnational private authority 157

Corporate governance as a neglected issue of transnational private authority (research) 158

State of theories on transnational private authority 161

Elements of an alternative approach: transnational policy networks and varieties of capitalism 162

Coordination service firms and corporate governance 163

Conclusion and issues for further research 170

9 Corporate Social Responsibility in Global Economic Governance: A Comparison of the OECD Guidelines and the UN Global Compact / Lothar Rieth 177

Corporate social responsibility 179

Regulation of TNCs in global politics 180

Public and private authority in global politics 182

Governance mechanisms in global politics 183

Governance mechanisms in practice: OECD Guidelines vs UN Global Compact 185

Part IV International Organizations and Regional Institutions

10 Mechanisms of Global Trade Governance: The 'Double Standard' on Standards in the WTO / Sieglinde Gstohl, Robert Kaiser 195

Trade vs non-trade concerns in the WTO 195

Introducing standards in the WTO agreements 198

Spreading standards through WTO case law 201

Inscribing environmental and labour standards in WTO agreements? 203

Conclusion: durable 'double standard' on standards 208

11 ASEAN +3: The Failure of Global Governance and the Construction of Regional Institutions / Dirk Nabers 215

Puzzle: cooperation in East Asia 216

Method: identity-building in international politics 218

Analysis: interests and identities in East Asia 223

12 New Regionalism and Global Economic Governance / Manuela Spindler 235

Business actors and global governance: do corporations rule the world? 236

Order and the global political economy 239

The postwar order and old regionalism 240

Global business actors, new regionalism and the construction of global order 241.

Notes:

Includes bibliographical references and index.

ISBN:

1403932646

OCLC:

53099104