A Just New World Order in the Global Finance

This study attempts to address that in search of a just new world order in the global finance what should be the proper national, regional, and international responses to the global financial integration. At first glance, it analyzes the globalization of finance. The impact of globalization on state sovereignty is also demonstrated. In this regard, this study seeks to reconceptualize the traditional notion of state sovereignty. Here it highlights the increased interaction and interdependence between states and non-state actors in the global economy. Then, this study moves on to the anatomy of the dynamics of global governance through government networks- independent national regulatory agencies- among states in terms of trans-governmentalism. In the context of an increasingly global economy, it acknowledges the rise of trans governmental regulatory organizations in various areas and the achievements of these government networks, but it attempts to point to problems with the networks. With the investigation of the trans-governmental theory in light of global governance, this study identifies the features of trans-governmental financial regulatory organizations. Thereafter, the focus of this study shifts to the examination of international banking regulation and supervision under the auspices of the Basel Committee on Banking Supervision (Basel Committee). As noted, no other sector than banking has become more global in its operations, and thus more difficult to monitor and supervise it. As such, global convergence in banking has made greater strides than in any other financial sector. However, some skepticism has run over the argument that global standards in banking have been established by the international financial community\u27s concerns about the safety and soundness of the global financial system. Arguably, hegemony of Western powers began a drive to move in terms of hegemonic stability more than their concerns about a global banking crisis. In this context, this study attempts to assess the Basel Committee\u27s bank supervisory standards and capital adequacy rules, and thereby rethink whether global convergence in banking regulation is desirable and inevitable. To that end, it seeks to address the impetus for the creation of the Basel Committee, and explore driving forces behind the internationalization of bank regulatory and supervisory standards. Following the theoretical analysis of systemic risk, historical experiences of bank failures are reviewed to answer the question about whether systemic risk has really played a key role in the internationalization of bank regulatory and supervisory standards. More importantly, this study attempts to explore the origins of the Basel Accord on bank capital adequacy. To do so, it largely relies on current theories on the process of negotiating the capital adequacy standards in the areas of political science and international political economy. At this point, this study takes a position as a break against the force of international market failure logic that has enjoyed an exceptionally positive reception among economists, political scientists, and legal experts. Nonetheless, it does not intend to freeze the international coordination and cooperation of banking regulation. Given the understanding of the politics behind the creation of the Basel Accord, this study evaluates the Basel Accord of 1988 and the new capital adequacy framework (Basel II), and then moves beyond the assessment of the capital adequacy standards. In doing so, it attempts to draw lessons from Basel toward a just world order in the global finance. In search of a new international financial order, this study analyzes the dilemmas of international financial regulation. Then, the role of private regulation is examined. While this study stresses the importance of the private sector in the governance of financial system at national, regional, and international levels, it addresses what the proper balance should be between the public authority and private interests for the appropriate public-private partnership. Given the difficulties of institutional collaboration at the international level, this study emphasizes the importance of regional cooperation for global financial governance. In this way, it seeks to contribute to an assessment of proper balance between the market and regulatory discipline that would ensure that financial institutions have sufficient opportunities to compete fairly and profitably in a global marketplace. Finally, this study attempts to answer the question of what should be the appropriate national, regional, and international responses to global financial integration, and thus provide a new paradigm for the just world order in global finance

Liberalism, Neo-Liberalism and Urban Governance: A State Theoretical Perspective.

This paper discusses the recurrence and the recurrent limitations of liberalism as a general discourse, strategy, and regime. It then establishes a continuum of neoliberalism ranging from a project for radical system transformation from state socialism to market capitalism, through a basic regime shift within capitalism, to more limited policy adjustments intended to maintain another type of accumulation regime and its mode of regulation. These last two forms of neoliberalism are then related to a broader typology of approaches to the restructuring, rescaling, and reordering of accumulation and regulation in advanced capitalist societies: neoliberalism, neocorporatism, neostatism, and neocommunitarianism. These arguments are illustrated in the final part of the paper through a critique of the World Report on the Urban Future 21 (World Commission 2000), both as an explicit attempt to promote flanking and supporting measures to sustain the neoliberal project on the urban scale and as an implicit attempt to naturalize that project on a global scale

Higher education and the challenges of skills production in the Philippines

There has been a speedy increase in the number of higher education providers, including private higher education institutions in the Philippines. This proliferation of providers and institutional types has given rise to a need to address the issues of skills and relevance in the Philippines. The World Bank (2012) has reported on a significant gap between the skills needs of employers and the levels of skills produced by higher education institutions (HEIs) in the Philippines. How does the Philippines manage the increased demand for higher education to provide skills needed to develop the society and the economy? This article analyses the expansion of higher education globally and in the Philippines, in particular, and its impact on skills production. We argue the case for the proper regulation of the higher education system, in general, and private higher education, in particular, to deliver the relevant skills needed for the economic development and global competitiveness of the Philippines.http://www.sajhe.org.za2016-04-30am201

Transnational Corporations and Global Governance

Scholars and critics often lament that corporations rule the world, but predominant accounts of global governance imply almost the opposite: With theories populated by national governments and intergovernmental and nongovernmental organizations, it might appear that nearly everyone except corporations writes the rules that govern across borders. This article compiles research on the varied ways in which multinational and transnational corporations have shaped global governance, drawing attention to the contours and limits of corporate power. Corporations can be seen variously as sponsors, inhibitors, and direct providers of global governance. They have, for example, been sponsors of neoliberal trade rules, inhibitors of some labor and environmental regimes, and providers of private standards for finance, safety, sustainability, and human rights. Scholars may be tempted to focus on just one of these roles or to presume unified corporate dominance, but it is important to grapple with all three and to investigate the conditions under which corporate actions are more or less unified and decisive.Introduction National, multinational, and transnational corporations in sociology Sponsors Inhibitors Providers: The rise of private authority Implications Disclosure statement Acknowledgements Literature cite

The political economy of global environmental governance

This article develops a political economy account of global environmental governance to improve upon our understanding of the contemporary conduct of environmental politics and to clarify thinking about the potential for, and barriers to, effective environmental reform. By elaborating the key contours of a political economy account on the one hand and opening up to critical enquiry prevailing understandings of what is meant by ‘global’ ‘environmental’ and ‘governance’ on the other, such an approach is able to enhance our understanding of the practice of environmental governance by emphasising historical, material and political elements of its (re) constitution and evolution

Human security and the rise of the social

As the concept of human security has become part of the mainstream discourse of international politics it should be no surprise that both realist and critical approaches to international theory have found the agenda wanting. This article seeks to go beyond both the realist and biopolitical critiques by situating all three – political realism, biopolitics and human security – within the history and theory of the modern rise of the social realm from late eighteenth and nineteenth century Europe. Human security is the further expansion of social forms of governance under capitalism, more specifically a form of socialpolitik than realpolitik or biopolitics. Drawing on the work of historical sociologist Robert Castel and political theorist Hannah Arendt, the article develops an alternative framework with which to question the extent to which ‘life’ has become the subject of global intervention through the human security agenda

The role of pension funds as institutional investors in emerging markets

In recent years, a growing number of Emerging Market Economies, as well as most advanced countries, have witnessed growth of pension funds as institutional investors. This has often occurred in the wake of pension reform shifting retirement income provision from pay-as-you-go to funding. The ongoing ageing of the population and financing difficulties of pay-as-you-go systems suggests that such reforms will become yet more common in the future. Accordingly, it is important to analyse the impact of institutional investment on the economy. In this context, our aim is to address the role of pension funds as institutional investors in financial development, and the wider effects of such financial development on economic performance. We note inter alia some of the ways in which the behaviour and impact of institutional investors might differ in emerging market economies from advanced countries as well as policy issues

The Law of Political Economy: Transformation in the Function of Law. Edited by Poul F. Kjaer

This book develops the law of political economy as a new field of scholarly enquiry. Bringing together an exceptional group of scholars, it provides a novel conceptual framework for studying the role of law and legal instruments in political economy contexts, with a focus on historical transformations and central challenges in both European and global contexts. Its chapters reconstruct how the law of political economy plays out in diverse but central fields, ranging from competition and consumer protection law to labour and environmental law, giving a comprehensive overview of the central challenges of the law of political economy. It also provides a sophisticated and multifaceted framework for further enquires while outlining the contours of new law of political economy

Financialising the State : Recent development in fiscal and monetary policy

Understanding the nature of state financialisation is crucial to ensure definancialisation efforts are successful. This paper provides a structured overview of the emerging literature on financialisation and the state. We define financialisation of the state broadly as the changed relationship between the state, understood as sovereign with duties and accountable towards its citizens, and financial markets and practices, in ways that can diminish those duties and reduce accountability. We then argue that there are four ways in which financialisation works in and through public institutions and policies: adoption of financial motives, advancing financial innovation, embracing financial accumulation strategies, and directly financialising the lives of citizens. Organising our review around the two main policy fields of fiscal and monetary policy, four definitions of financialisation in the context of public policy and institutions emerge. When dealing with public expenditure on social provisions financialisation most often refers to the transformation of public services into the basis for actively traded financial assets. In the context of public revenue, financialisation describes the process of creating and deepening secondary markets for public debt, with the state turning into a financial market player. Finally, in the realm of monetary policy financial deregulation is perceived to have paved the way for financialisation, while inflation targeting and the encouragement, or outright pursuit, of market-based short-term liquidity management among financial institutions constitute financialised policies

Economic Policy – State Versus Market Controversy

There was a wide ranging debate in the 1950s and 1960s in the developing countries about the role of the state in their economy when these countries attained independence, with developing their economies and eradicating poverty and backwardness being seen as their key priority. In the post-World War II period, the all-pervasive ‘laissez-faire’ model of development was rejected, because during the pre-war period such policies had failed to resolve the economic crisis. Therefore, Keynesian interventionist economic policies were adopted in most of those countries. This is a theoretical paper, which is based on a review of published papers in the field of economic policies, especially about the debate on the role of the state and market. In this study, a wide range of data sources are presented, which includes statistics generated by a number of organisations that are not agencies of a particular government. This is useful since data are compiled by a wide range of organisation such as IMF, World Bank and WTO. Secondary data would help our study to answer the research questions. There seems to be greater potential for examining statistical data produced by various organisations that are relatively independent of the national government.The study finds that more than two decades of pursuing neoliberal policies has reduced the progressive aspects of the state sector. The on-going crisis in terms of high unemployment, poverty and inequality provides an opportunity to critically reflect on past performance and on the desirability of reviving the role of the state sector in a way that will contribute to human development