What Choices Do Democracies Have in Globalizing Economies? Technochratic Policy Making and Democratization

This document is part of a digital collection provided by the Martin P. Catherwood Library, ILR School, Cornell University, pertaining to the effects of globalization on the workplace worldwide. Special emphasis is placed on labor rights, working conditions, labor market changes, and union organizing.UNRISD_DemocraciesGlobalizingEconomies.pdf: 39 downloads, before Oct. 1, 2020

Instituciones políticas, procesos de diseño de políticas y resultados de las políticas en Chile

Este articulo caracteriza los rasgos principales del proceso de diseño de políticas en Chile. El articulo resalta la influencia de las instituciones políticas en dicho proceso y examina la conexión entre el diseño de políticas y el resultado final. Los rasgos principales del proceso de diseño Chileno de políticas son el sistema electoral y el sistema de partidos asociativo, caracterizados por dos coaliciones establecidas, un Ejecutivo poderoso con el control sobre la agenda política, una magistratura independiente, una burocracia que es relativamente libre de corrupción juzgada por los criterios de la OECD, y una serie de vetos en el proceso de diseño de políticas que permiten a facciones afectadas bloquear el cambio de políticas. En consistencia con la estructura teórica de Spiller y Tommasi (2003), el número de actores que interactúan repetidamente y la predictabilidad de la implementación de políticas y una aplicación legal conducen a un proceso de diseño de políticas en el cual los costos de operación son bajos y los intercambios políticos ínter temporales son creíbles. Los grupos de oposición que ejercen su derecho a veto le dan a estos intercambios ínter temporales su credibilidad, aunque también pueden bloquear las reformas. Analizando las políticas desde una perspectiva transversal, encontramos que las políticas en las cuales los intereses de los políticos son mejor representados y las cuales llevan a un cambio exógeno rápido, están asociadas con mas éxito hacia la reforma. En contraste, las políticas que no comparten ningún interés con la rama ejecutiva y con los varios grupos de oposición, tienden a estancarse.

The Political Economy of Productivity. The Case of Chile

This paper analyzes the political economy of productivity-related policymaking in Chile following a political transaction cost model (Spiller and Tommasi, 2003; Murillo et al., 2008). The main findings indicate that i) the Chilean policymaking process (PMP) was successful in the 1990s in implementing productivityenhancing policies, but as the country moved to a higher stage of development, the PMP grew less adept at generating the more complex set of policies needed to increase productivity at this stage; and ii) the Chilean PMP is less transparent than previously thought (Aninat et al., 2008), thus allowing political actors to favor private interests without being punished by the electorate. This has become apparent as the more sophisticated reforms needed at this stage of development require a deeper and more consolidated democracy.Economic policy, Institutional reforms, Productivity, Pensions, Education, Innovation, State modernization, Competitiveness, Chile

The Trans-Pacific Partnership (TPP): Negotiations and Issues for Congress

The Trans-Pacific Partnership (TPP) is a potential free trade agreement (FTA) among 12, and perhaps more, countries (Figure 1). The United States and 11 other countries o f the Asia-Pacific region—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam—are negotiating the text of the FTA. With over 20 chapters under negotiation, the TPP partners envision the agreement to be “comprehensive and high-standard,” in that they seek to eliminate tariffs and nontariff barriers to trade in goods, services, and agriculture, and to establish or expand rules on a wide range of issues including intellectual property rights, foreign direct investment, and other trade-related issues. They also strive to create a “21st-century agreement” that addresses new and cross-cutting issues presented by an increasingly globalized economy. The TPP draws congressional interest on a number of fronts. Congress would have to approve implementing legislation for U.S. commitments under the agreement to enter into force. In addition, under long-established executive-legislative practice, the Administration notifies and consults with congressional leaders, before, during, and after trade agreements have been negotiated. Furthermore, the TPP will likely affect a range of sectors and regions of the U.S. economy of direct interest to Members of Congress and could influence the shape and path of U.S. trade policy for the foreseeable future. This report examines the issues related to the proposed TPP, the state and substance of the negotiations (to the degree that the information is publicly available), the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents. The report will be revised and updated as events warrant

Corporate Governance in Emerging Markets

The turning to the XXI century has been marked by reforms in corporate governance practices around the world. Whether due to shocks caused by the economic crisis in East Asia, Russia and Latin America, or by financial scandals in the United States and Europe, the fact is that the way of doing business has changed in terms of demands for greater corporate transparency and accountability, shifts in control of ownership, empowerment of new types of owners and so on. Consequently, countries and firms have adapted their corporate governance policies and practices to this new governance environment. In this chapter, we discuss the foundation of corporate governance, that is, corporate ownership. In particular, we explore the current patterns of the ownership structure of publicly listed firms in six emerging countries. To do so, we have collected firm ownership data for listed firms in Brazil, Chile, South Korea, Czech Republic, Hungary, and Poland during the first decade of the XXI century, and we compare our data with existing ownership research of these countries in the late 1990s. We conclude that although concentration of corporate shareholdings continues to be a common denominator among these emerging countries, the processes and structures controlling firms across countries is remarkably different. For instance, the privatization process in the 1990s, in spite of having different motivations and goals in Latin American and Eastern Europe shaped much of the corporate ownership transformations. Our chapter offers a comparative analysis of the corporate ownership changes in emerging markets.

The Trans-Pacific Partnership: Negotiations and Issues for Congress

[Excerpt] The Trans-Pacific Partnership (TPP) is a potential free trade agreement (FTA) among 11, and perhaps more, countries. The United States and 10 other countries of the Asia-Pacific region— Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam—are negotiating the text of the FTA. Canada and Mexico participated for the first time in the Auckland round of negotiations in December 2012, and Japan recently announced it would seek to participate in the negotiations. With 29 chapters under negotiation, the TPP partners envision the agreement to be “comprehensive and high-standard,” in that they seek to eliminate tariffs and non-tariff barriers to trade in goods, services, and agriculture, and to establish rules on a wide range of issues including foreign direct investment and other economic activities. They also strive to create a “21st-century agreement” that addresses new and cross-cutting issues presented by an increasingly globalized economy. The TPP draws congressional interest on a number of fronts. Congress would have to approve implementing legislation for U.S. commitments under the agreement to enter into force. In addition, under long-established executive-legislative practice, the Administration notifies and consults with congressional leaders, before, during, and after trade agreements have been negotiated. Furthermore, the TPP will likely affect a range of sectors and regions of the U.S. economy of direct interest to Members of Congress and could influence the shape and path of U.S. trade policy for the foreseeable future. This report examines the issues related to the proposed TPP, the state and substance of the negotiations (to the degree that the information is publically available), the specific areas under negotiation, the policy and economic contexts in which the TPP would fit, and the issues for Congress that the TPP presents. The report will be revised and updated as events warrant

TPP and Trans-Pacific Perplexities

In the past few years, the United States has been busy negotiating the Trans-Pacific Partnership (TPP) Agreement with countries in the Asia-Pacific region. These countries include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Although it remains unclear which chapters or provisions will be included in the final text of the TPP Agreement, the negotiations have been quite controversial. In addition to the usual concerns about having high standards that are heavily lobbied by industries and arguably inappropriate for many participating countries, the TPP negotiations have been heavily criticized for their secrecy and lack of transparency, accountability and democratic participation. Written for the inaugural annual Asia-Pacific issue of the Fordham International Law Journal, this article does not seek to continue this line of criticism, although transparency, accountability and democratic participation remain highly important. Nor does the article aim to explore the agreement\u27s implications for each specific trade sector. Instead, this Article focuses on the ramifications of the exclusion of four different parties or groups of parties from the TPP negotiations: (1) China; (2) BRICS and other emerging economies; (3) Europe; and (4) civil society organizations. Targeting these TPP outsiders and using illustrations from the intellectual property sector and the larger trade context, this article seeks to highlight the perplexities created by the TPP negotiations. It cautions policymakers, commentators and the public at large against the negotiations\u27 considerable and largely overlooked costs

The 1990s Institutional Reform of Monetary Policy in Latin America

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main potential risks for the success of monetary policy in Latin America.