Full Description
Until the 1980s, most national economies were characterized by a clear hierarchy of norms both within the legal order and between public and private ordering. Transnational exchange was then governed by inter-governmental agreements aimed at articulating these national economic systems and associated public and private norms. Since then, this governance regime has experienced massive changes. A great number of new norm-makers and intermediaries now shape the incentives and sanctions that govern economic behaviors, resulting in complexity, unpredictability, inconsistencies, and innovations.
The Handbook addresses this complexity, through expert analysis and case studies from a multidisciplinary team of economists, sociologists, political scientists, international political economy specialists and historians. The volume is organized around the logic of questioning how international systems of exchange work. In the first section, the authors explore the micro foundation of cross border exchange and transnational contracts by analyzing how private ordering, networks of agents, along with governments and officials build and regulate (imperfect) markets. The discussion then explores the challenges of compliance with those norms and regulations, highlighting how market discipline and judicial sanctions combine, and how a "rule of law" tends to develop at the international level. The next section studies the governmental initiatives to organize markets and fix market failures in a world characterized by political fragmentation and imbalance amongst governments, and also between states and non-governmental actors. Finally, there's consideration of new modes of law-making, new forms of adjudication and dispute settlement, new vectors of accountability and of guarantee of commitments that combine to initiate emerging models of governance, which co-exist with traditional ones.
Contents
Introduction: A Bird's-Eye View of the Institutions of International Economic Governance
Eric Brousseau & Jean-Michel Glachant
PART I. The (Micro) Foundations of International Markets
Place Based Exchange Platforms
1. International Trade Finance from the Origins to the Present: Market Structures, Regulation and Governance
Olivier Accominotti & Stefano Ugolini
2. The Simplest Model of Global Governance Ever Seen?: The London Corn Market (1885-1914)
Jerome Sgard
3. The Medieval Expansion of Long-distance Trade: Adam Smith on the Towns' Escape from the Violent, Feudal Equilibrium
Barry R. Weingast
Organisations shaping markets
4. Markets for Knowledge: Intellectual Property, Organizational Arrangements, and International Governance
Brian S. Silverman
5 Transnational Business Governance through Private Standards
John Humphrey
6 The Governance of Global Agri-Food Value Chains, Standards, and Development
Johan Swinnen and Rob Kuijpers
Private and Public Ordering Interplaying
7. International Arbitration as a Tool of Global Governance: The Uses (and Abuse) of Discretion
Sophie Nappert
8. Contractual Arbitrage
Mitu Gulati, Stephen J. Choi & Robert E. Scott
9. Regulate in Haste, Repent at Leisure: Private and Public Orderings in OTC Derivatives Markets
Craig Pirrong
Epistemic Networks
10. Government by Relational Infrastructures: The Case of the Transnational Institutionalization of the European Unified Patent Court
Emmanuel Lazega
11. Policy Hubs and the Formation of Economic Regulatory Norms.
William E. Kowacic
PART II The Challenges of Compliance
Market-based Enforcement
12. Beyond Conditionality: How Contracts, Credit Ratings, and Credit Default Swaps Influence State Sovereignty
Bruce G. Carruthers, Erin Lockwood
13. The Credit Rating Agencies and Their Role in the Financial System
Lawrence J. White
Private Enforcement by (Digital) Intermediaries
14. Algorithmic Governance by Online Intermediaries
Niva Elkin-Koren & Maayan Perel
15. Digital Platforms and Antitrust
Geoffrey Parker, Georgios Petropoulos, and Marshall Van Alstyne
Judicial Enforcement
16. Corporate Liabilities. A Genealogy of Business Accountability under International Criminal Law
Kim Christian Priemel
17 The Political and Professional Economies of U.S. Global Criminal Enforcement
Samuel W. Buell
Economic Interdependences vs. National Sovereignty
18 Governing Proliferation Finance: Multilateralism, Transgovernmentalism, and Hegemony in the Case of Sanctions Against Iran
Grégoire Mallard
19 Courts, Sovereign Immunity, and Credible Commitment in Sovereign Debt Markets
W. Mark C. Weidemaier
PART III. Are Sovereigns Responding to Transnational Market Failures?
Leveling the Playing Field
20. Adapting regulation to globalisation: a typology of approaches to the internationalisation of regulation
Celine Kauffmann
21. International Regulatory Cooperation and Trade Agreements
Bernard Hoekman
22. Market Access, Harmonization, and Governance in Network Industries: The European Union and the World Trade Organization Compared
Lucila de Almeida
Economic Integration and Public Policies
23. Up, down, and sideways: the endless quest for EU's optimal multi-level governance
Andrea Renda
24. Building a single market with no single regulator: the case of the European electricity market
Jean-Michel Glachant
25. China's Integration into the Global Economic System: Institutional Idiosyncrasies and Emerging Patterns
Yuan Li & Markus Taube
Systemic Risks
26. Global Banking Regulation: the limitations of voluntarism
Howard Davies & Maria Zhivitskaya
27. Liquidity Swaps between Central Banks, the IMF, and the Evolution of the International Financial Architecture
Pauline Bourgeon & Jérôme Sgard
Bypassing Public Ordering
28. Regulating corruption in international markets: why governments introduce laws they fail to enforce?
Tina Søreide
29. The Corporation in a Globalised World: Relational, Structural, and Arbitrage as technique of Power in a Globalised World
Ronan Palan
PART IV. Alternative to Hierarchical Orders?
Hybrid Orders
30. Changing Capital Market Structure and Regulatory Challenges: Trends in Equity and Foreign Exchange Markets
Walter Mattli
31. States, Non-State Actors, and Economics in Global Health Governance
Jeremy Youde
32. Legitimacy as a Driver of the Competition between Institutions of Internet Governance
Eric Brousseau
Managing the Commons
33. Governance Beyond Governments: The Effort to Slow Climate Change
Paul C. Stern & Michael P. Vandenbergh
34. The Governance of International Spaces and Earth Systems: Solving Collective-Action Problems in the Absence of Public Authority
Oran R. Young
35. Three Waves of Cooperation: A Millennium of Institutions for Collective Action in Historical Perspective (Case Study: The Netherlands
Tine De Moor
Legal Pluralism
36. Party autonomy in a global context: the political economy of a self-constituting regime
Horatia Muir-Watt
37. The Legal Pluralism at the Heart of International Economic Governance
Paul Shiff Berman
38. Ways out of the globalization trilemma: Deliberating trade policy
Carsten Herrmann-Pillath
Postscript
39. Institutions of International Economic Governance: dynamics and Challenges
Eric Brousseau & Jean-Michel Glachant
