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1 Multilevel Governance and Democracy in Global Financial Regulation

By Tony Porter

Abstract

In the past decade, ironically, at the very moment that the victory of democratic states over rival forms of political organization was being widely celebrated, severe concerns about the quality of democracy in these same states were also gaining an unprecedented level of prominence. The signs of these concerns were varied: street protests against globalization and corporate rule; worries in the European Union about democratic deficits; political theorists questioning the assumption of their field that democratic politics is organized nationally (Held, 1995); and an increased emphasis on questions of legitimacy by those involved in global policy processes (Porter, 2000). Common to these concerns is the feeling that key aspects of policymaking have become more distant from the mechanisms that traditionally have ensured democratic accountability at the domestic level, including elections and legislatures. Elsewhere, Coleman, I, and others have identified four competing sources of authority that are undermining traditional democratic mechanisms (Coleman and Porter, 2000; Porter 2001; Cutler, Haufler and Porter, 1999). These are supranational authority (the migration of policymaking capacity to international institutions); private authority (involving business associations and practices); technical authority (involving scientific and technical expertise) an

Year: 2011
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