Globalization state of the art and perspectives

Globalization Is the state weakened by globalization? Does national economic policy converge under the competitive pressure of globalization? Who is gaining or losing from globalization, and why? For the last ten years, these questions have been in the focus of the public debate and political science research Meanwhile research has produced substantial empirical analyses on many aspects of globalization leading to a substantiation of some arguments and to a weakening of others In view of the increasingly differentiated research on globalization, a host of international experts in the field are brought together to systematically present the core fields and results of research on globalization The chapters follow an actor-centred approach and are theoretically guided empirical analyses Each chapter presents the international state of the art of research on globalization on the respective issue area as well as the individual author’s cutting edge The areas covered in this volume include an analytical overview on globalization research, fiscal policy adjustment to globalization, tax competition, international monetary policy, transnational policy regimes, governance through private business and public–private partnerships, developing countries, regionalism and trade liberalization in transformation countries For each of these issues, the chapters introduce the relevant theoretical approaches and analyse the empirical findings This volume will be of interest across a number of related subject areas including international political economy, international relations, comparative politics, international economics and area studies Stefan A Schirm is Professor of Political Science at the University of Bochum, Germany, where he holds the Chair for International Relations Routledge frontiers of political economy Equilibrium Versus Understanding Towards the rehumanization of economics within social theory Mark Addleson Evolution, Order and Complexity Edited by Elias L Khalil and Kenneth E Boulding Interactions in Political Economy Malvern after ten years Edited by Steven Pressman The End of Economics Michael Perelman Probability in Economics Omar F Hamouda and Robin Rowley Capital Controversy, Post Keynesian Economics and the History of Economics Essays in honour of Geoff Harcourt, volume one Edited by Philip Arestis, Gabriel Palma and Malcolm Sawyer Markets, Unemployment and Economic Policy Essays in honour of Geoff Harcourt, volume two Edited by Philip Arestis, Gabriel Palma and Malcolm Sawyer Social Economy The logic of capitalist development Clark Everling New Keynesian Economics/Post Keynesian Alternatives Edited by Roy J Rotheim 10 The Representative Agent in Macroeconomics James E Hartley 11 Borderlands of Economics Essays in honour of Daniel R Fusfeld Edited by Nahid Aslanbeigui and Young Back Choi 12 Value, Distribution and Capital Essays in honour of Pierangelo Garegnani Edited by Gary Mongiovi and Fabio Petri 13 The Economics of Science Methodology and epistemology as if economics really mattered James R Wible 14 Competitiveness, Localised Learning and Regional Development Specialisation and prosperity in small open economies Peter Maskell, Heikki Eskelinen, Ingjaldur Hannibalsson, Anders Malmberg and Eirik Vatne 15 Labour Market Theory A constructive reassessment Ben J Fine 16 Women and European Employment Jill Rubery, Mark Smith, Colette Fagan and Damian Grimshaw 17 Explorations in Economic Methodology From Lakatos to empirical philosophy of science Roger Backhouse 18 Subjectivity in Political Economy Essays on wanting and choosing David P Levine 19 The Political Economy of Middle East Peace The impact of competing trade agendas Edited by J.W Wright, Jnr 20 The Active Consumer Novelty and surprise in consumer choice Edited by Marina Bianchi 21 Subjectivism and Economic Analysis Essays in memory of Ludwig Lachmann Edited by Roger Koppl and Gary Mongiovi 22 Themes in Post-Keynesian Economics Essays in honour of Geoff Harcourt, volume three Edited by Claudio Sardoni and Peter Kriesler 23 The Dynamics of Technological Knowledge Cristiano Antonelli 24 The Political Economy of Diet, Health and Food Policy Ben J Fine 25 The End of Finance Capital market inflation, financial derivatives and pension fund capitalism Jan Toporowski 26 Political Economy and the New Capitalism Edited by Jan Toporowski 27 Growth Theory A philosophical perspective Patricia Northover 28 The Political Economy of the Small Firm Edited by Charlie Dannreuther 29 Hahn and Economic Methodology Edited by Thomas Boylan and Paschal F O’Gorman 30 Gender, Growth and Trade The miracle economies of the postwar years David Kucera 31 Normative Political Economy Subjective freedom, the market and the state David Levine 32 Economist with a Public Purpose Essays in honour of John Kenneth Galbraith Edited by Michael Keaney 33 Involuntary Unemployment The elusive quest for a theory Michel De Vroey 34 The Fundamental Institutions of Capitalism Ernesto Screpanti 35 Transcending Transaction The search for self-generating markets Alan Shipman 36 Power in Business and the State An historical analysis of its concentration Frank Bealey 37 Editing Economics Essays in honour of Mark Perlman Hank Lim, Ungsuh K Park and Geoff Harcourt 38 Money, Macroeconomics and Keynes Essays in honour of Victoria Chick, volume one Philip Arestis, Meghnad Desai and Sheila Dow 39 Methodology, Microeconomics and Keynes Essays in honour of Victoria Chick, volume two Philip Arestis, Meghnad Desai and Sheila Dow 40 Market Drive and Governance Reexamining the rules for economic and commercial contest Ralf Boscheck 41 The Value of Marx Political economy for contemporary capitalism Alfredo Saad-Filho 42 Issues in Positive Political Economy S Mansoob Murshed 43 The Enigma of Globalisation A journey to a new stage of capitalism Robert Went 44 The Market Equilibrium, stability, mythology S.N Afriat 45 The Political Economy of Rule Evasion and Policy Reform Jim Leitzel 46 Unpaid Work and the Economy Edited by Antonella Picchio 47 Distributional Justice Theory and measurement Hilde Bojer 48 Cognitive Developments in Economics Edited by Salvatore Rizzello 49 Social Foundations of Markets, Money and Credit Costas Lapavitsas 50 Rethinking Capitalist Development Essays on the economics of Josef Steindl Edited by Tracy Mott and Nina Shapiro 58 Structural Economics Thijs ten Raa 59 Macroeconomic Theory and Economic Policy Essays in honour of Jean-Paul Fitoussi Edited by K Vela Velupillai 51 An Evolutionary Approach to Social Welfare Christian Sartorius 60 The Struggle Over Work The “end of work” and employment alternatives in post-industrial societies Shaun Wilson 52 Kalecki’s Economics Today Edited by Zdzislaw L Sadowski and Adam Szeworski 61 The Political Economy of Global Sporting Organisations John Forster and Nigel Pope 53 Fiscal Policy from Reagan to Blair The left veers right Ravi K Roy and Arthur T Denzau 62 The Flawed Foundations of General Equilibrium Theory Critical essays on economic theory Frank Ackerman and Alejandro Nadal 54 The Cognitive Mechanics of Economic Development and Institutional Change Bertin Martens 55 Individualism and the Social Order The social element in liberal thought Charles R McCann Jnr 56 Affirmative Action in the United States and India A comparative perspective Thomas E Weisskopf 57 Global Political Economy and the Wealth of Nations Performance, institutions, problems and policies Edited by Phillip Anthony O’Hara 63 Uncertainty in Economic Theory Essays in honor of David Schmeidler’s 65th birthday Edited by Itzhak Gilboa 64 The New Institutional Economics of Corruption Edited by Johann Graf Lambsdorff, Markus Taube and Matthias Schramm 65 The Price Index and its Extension A chapter in economic measurement S.N Afriat 66 Reduction, Rationality and Game Theory in Marxian Economics Bruce Philp 67 Culture and Politics in Economic Development Volker Bornschier 68 Modern Applications of Austrian Thought Edited by Jürgen G Backhaus 69 Ordinary Choices Individuals, incommensurability, and democracy Robert Urquhart 70 Labour Theory of Value Peter C Dooley 71 Capitalism Victor D Lippit 72 Macroeconomic Foundations of Macroeconomics Alvaro Cencini 73 Marx for the 21st Century Edited by Hiroshi Uchida 74 Growth and Development in the Global Political Economy Social structures of accumulation and modes of regulation Phillip Anthony O’Hara 75 The New Economy and Macroeconomic Stability A neo-modern perspective drawing on the complexity approach and Keynesian economics Teodoro Dario Togati 76 The Future of Social Security Policy Women, work and a citizens basic income Ailsa McKay 77 Clinton and Blair The political economy of the third way Flavio Romano 78 Marxian Reproduction Schema Money and aggregate demand in a capitalist economy A.B Trigg 79 The Core Theory in Economics Problems and solutions Lester G Telser 80 Economics, Ethics and the Market Introduction and applications Johan J Graafland 81 Social Costs and Public Action in Modern Capitalism Essays inspired by Karl William Kapp’s theory of social costs Edited by Wolfram Elsner, Pietro Frigato and Paolo Ramazzotti 82 Globalization and the Myths of Free Trade History, theory and empirical evidence Edited by Anwar Shaikh 83 Equilibrium in Economics Scope and limits Edited by Valeria Mosini 84 Globalization State of the art and perspectives Edited by Stefan A Schirm Globalization State of the art and perspectives Edited by Stefan A Schirm First published 2007 by Routledge Park Square, Milton Park, Abingdon, Oxon OX14 4RN Simultaneously published in the USA and Canada by Routledge 270 Madison Ave, New York, NY 10016 Routledge is an imprint of the Taylor & Francis Group, an informa business This edition published in the Taylor & Francis e-Library, 2006 “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” © 2007 Selection and editorial matter, Stefan A Schirm; individual chapters, the contributors All rights reserved No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data A catalog record for this book has been requested ISBN 0-203-96226-5 Master e-book ISBN ISBN10: 0-415-40566-1 (hbk) ISBN10: 0-203-96226-5 (ebk) ISBN13: 978-0-415-40566-9 (hbk) ISBN13: 978-0-203-96226-8 (ebk) Contents List of figures List of tables List of contributors Preface Analytical overview: state of the art of research on globalization xi xii xiii xv STEFAN A SCHIRM The development of the debate: intellectual precursors and selected aspects 22 ANDREAS BUSCH Fiscal policy and adjustment: adjusting fiscal policy to globalization – testing theoretical approaches 40 REIMUT ZOHLNHÖFER Taxation and cooperation: international action against harmful tax competition 61 THOMAS RIXEN Money and power: markets and governance in international monetary policy 81 HUBERT ZIMMERMANN Political transnationalization: the future of the nation-state – a comparison of transnational policy regimes EDGAR GRANDE, MARKUS KÖNIG, PATRICK PFISTER AND PAUL STERZEL 98 Transformation and trade liberalization 215 Notes Bodenstein, Plümper und Schneider (2003) present each category used for the index construction Country codes are in the appendix Bibliography Ades, A and Glaeser, E (1999) “Evidence on Growth, Increasing Returns and the Extent of the Market”, Quarterly Journal of Economics, 114/3: 1025–46 Agénor, P and Montiel, P (1996) Development Macroeconomics, Princeton, NJ: Princeton University Press Akerlof, G (1991) “Procrastination and Obedience”, American Economic Review, 81/2: 1–19 Alesina, A and Drazen, A (1991) “Why Are Stabilizations Delayed?” American Economic Review, 81/5: 1170–88 Åslund, A (1994) “The Case 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(1995) Aid and Political Conditionality, London: Frank Cass Taylor, L (1997) “The Revival of the Liberal Creed – the IMF and the World Bank in a Globalized Economy”, World Development, 25/2: 145–52 Tommasi, M and Velasco, A (1996) “Where are we in the Political Economy of Reform?” The Journal of Policy Reform, 1: 187–238 Treisman, D (2000) “Decentralization and Inflation: Commitment, Collective Action, or Continuity?” American Political Science Review, 94/4: 837–58 Tsebelis, G (1995) “Decision Making in Political Systems: Veto-players in Presidentialism, 218 Thilo Bodenstein Parliamentarism, Multicameralism and Multipartyism”, British Journal of Political Science, 25: 289–325 –––– (2002) Veto-players: How Political Institutions Work, Princeton, NJ: Princeton University Press Williamson, J (1994) “In Search of a Manual of Technopols”, in J Williamson The Political Economy of Economic Reform, Washington, DC: Institute for International Economics: 11–28 –––– (1999) “Should Capital Controls Be Banished? Comment”, Brookings Papers on Economic Activity, 1: 130–5 Wunner, N (1998) “Trade Liberalization and Political Support in Transition Economies”, Economics of Transition, 6/2: 409–25 Index accountability 99, 205; of private partners 157 actor constellation 111–12; transnational 6–7, 101 actors 156–7; costs for 207; domestic 30, 211; economic 31, 163; external 131; preferences 42–3; public 131, 143, 147; resources between 102–3; technical 109 actors, business 109, 125, 127, 138; discursive power of 124; motivations of 126; private 146–7, 154 actors, non-state 84, 105–9, 111–14, 123; role 102–3 actors, private 14–15, 100, 143, 146, 151, 166; inclusion of 148 adjustment reforms 42–3, 45, 48, 50, 56–7, 85; alternative paths 47; costs 92; political 41 Africa 185; transition countries 203 Agenda 21 146–7 agreement 186; association 191; best alternative to negotiated agreement (BATNA) 189–90; costs 207; on maximum standard 133 agriculture, European 12 America 91; bargaining power 193; financial deficits 81, 92; timber industry 135; trade balance 86; trade flows 192 American-Chinese conflict 92 Amnesty International 151 Annan, Kofi 136, 147 anti-inflationary benchmark 84 Argentina 7; debt default in 2001 85 ASEAN countries 92 Asian countries 166, 169, 184 Asian financial Crisis of 1997/1998 13, 85, 88 asymmetries 6, 75–6, 111, 157; benefits 89, 90 Australia 105, 185 authoritarian regimes 43; structures 214 autocracies 205–6 autonomy 16, 90, 92, 163; embedded 92; government 91; macro-economic policy 84; national 7; self-regulation 104 balance of payments problems 167 balance of power 30, 157 Bangladesh 169 bank credits, syndicated 166; international 164 banks 8, 87–8; commercial 89; state regulation of 32 bargaining 45, 72, 75; power 77, 184, 189–92 Basle I and II Accords 89 behavioural indices 207–8 Benelux countries 191 best practice 88; models 137 bilateral aid 212, 214 biotechnological products 108 blacklists 74 Blair, Tony 7, 52–3 blame avoidance strategies 48, 53 bluewashing 127, 154 borders 63; closed 41; continental 185 Boutros-Ghali, Boutros 147 Brady Plan 166 Brazil 4, 7, 165, 170; government 148 220 Index Bretton Woods 87–8; era 93; Institutions 85, 166–8, 207; System 83, 86, 92–3; system breakdown 28 Brown, Gordon 52 Brundtland, Gro Harlem 154 budget deficits 52–3, 67, 81, 163, 167 budgetary policy 55; changes in 52 building block 183–4, 187–9; hypothesis 191 Bundesrat 54–5 Bush administration 74, 81 business 143–4, 157; associations 146; misconduct, punishment of 126; motivation 127; political role 124; practices 151, 154 business performance 132, 135; changes in 127 business, private 146–7; small and medium 168 Callaghan administration 52 Canada 105, 192 capital 13, 51, 61, 64–7, 71, 82, 163, 167; account liberalization 204, 208–9; controls 88; equity 166; flight 69; mobile 6, 10, 29–30, 42, 44, 63, 71, 84–5, 123–4, 164, 203; owners 42–3; sources, external 165; speculative 124; taxation 9, 63 capital flow 86, 165; cross-border 90–1; global 124; private 166; restrictions 170 capital markets 82, 85; international 165; liberalization of 83–4 capitalism, varieties of (VoC) 8, 13; modern 31 capital-poor consensus democracies 68 capital-rich majority democracies 67 Cardoso Report 2004 147–8 Center on Transnational Corporations (UNCTC) 147 central bank 81, 85; independent 43 Chile 192 China 6, 81, 88, 93, 148, 165–6, 169, 184; Chiang Mai initiative 92; internationalization of the yen 92 Christian Democrats 40, 54–5 civil society 147; actors 109, 111, 144, 149, 156–7; groups 15; organizations 154 Clinton administration 74, 192 closed economies 66, 162 coalition 41; fiscal policy reforms 54; partners 206, 211; red-green 55 Codes of Conduct 125, 127–8 Codex Alimentarius Commission 107, 111 Cold War 144 collapse of socialism 203 colonial empires 188 Common Market of the South see MERCOSUR Commonwealth states 192 communication 144; costs 166; obligations 152 Communist Manifesto 25 communist system 210; collapse of 200, 207, 213 comparative advantage 6, 12, 201, 207 comparative government 24, 26, 34, 102 compensation 77, 189; indirect 72 competences 102, 110, 145; decisionmaking 109; issue-specific 15; retransfer of 113 competition 81, 104, 135, 201; external 167; for financial services 71; foreign 188; gains from 13; global 7, 9, 11, 107, 163; intergovernmental 29; international competition 27; for international investors 162; of liberalization efforts 187; unfair 72; unregulated 70 compliance 128, 135 concessions 72, 75–6, 189 conditional aid 206–7, 209; loans 214 conferences, international 107, 146 conflict prevention 126 conflicts of interest 62, 99, 105 Conservative parties 40, 47–8, 52, 54 constructivism 2, 26 consumer boycotts 149 convergence 3, 10, 32–3, 41, 206; policy 30, 34; relative 65, 67; state action 29; of veto-players 205 cooperation 34, 69–70, 75–6, 87–8, 104, 107, 113, 147–9, 151, 154–5, 157; Index 221 effective 71; forms of 103; gains from 72; institutionalized 125; intergovernmental 105, 108; international 35, 68, 76; structures of 89; transnational 106, 112 co-regulating institution 127, 134, 138 co-regulation 122, 128, 130, 137; crosssector 126 corporate policy, social dimensions 129–30 corporations 147–9; code of conduct 147; corporations 98; tax rate 53 CorpWatch 154 corruption 151 cost advantages 106 cost-benefit functions 129, 130, 132, 136–7 Council for Mutual Economic Assistance 200, 207 countermeasures 46, 73, 189 country size 64, 67–9, 70–1, 75; economic 190 credits 166; subsidized 167; trenching 206 critical junctures 32, 205, 209–10, 214 Cuba 148 cultural environment 22, 137; invasion of 162 currency 87–8; depreciation 90; domestic 204; manipulator 93; pegs 83–4 currency markets 84–5; global 82 current account liberalization 20, 204 customs unions 183–4, 186–7, 192 data security 108 110 de Gaulle, Charles 91 deadlock 70; preferences 77 debt crisis 166–7 debt, international 163 decision-making 104–6, 148–50; intransparent 153; political 98, 112–13; process 109; structures 157; supra-national 124; transnational 101 defection strategy 70 defensive measures 74 demarcation 101; external and internal 113–14; functional 111; mechanisms 110; problems 109 democracies 40, 43, 123, 148, 211, 214; cosmopolitan 104; standards 150 democratic governments 205–6; legitimacy 89; policies, mass-based 83; principles of 156 democratic society 33; change 203; control 89; transition 200 democratization 146, 200 Denmark 7–9 deregulation 163; of markets 169 developing countries 4–8, 88, 111, 153, 162–6, 169, 188; disease 155; GNP 164; health systems 156 discrimination 189, 192–3 distributional effects 202–3; negative 162, 202 division of labour 183; international 162–3, 169 Doha Development Agenda 187 Dollar 83, 88, 91–2; adjustment 93; EuroDollar market 84; value of 81 Domain Name System (DNS) 108; regulation 109 domestic economy 30, 92 domestic policy 26, 30 East Asia 167, 170; crisis 165; economies 168 Eastern Europe 200, 214; communist countries 207; members 10; post-communist 205 ecological responsibility 126, 128; see also environmental economic crises 14, 48, 51, 200, 205, 209–10, 212; transition 204, 213 economic globalization 41, 47, 55, 82, 105–6, 162–3 economic integration 10–11, 28–30; global 15, 164 economic motivation 126–8 economic openness 27, 30 economic performance 47–8; depression 170, 200; deterioration of 50, 54, 56–7, 128; efficiency 14, 25; growth 10, 185; stabilization 200 economic policies 2, 5, 52, 84, 170; credibility 48; foreign 51; national 2–3, 7, 44; programme 55; reforms 14, 203–5 222 Index economic wealth and welfare 6, 85 economies of scale 13, 188, 201 economy 13, 23, 43–4; global 207; international 41 education 8, 13, 52, 163, 170 effectiveness 115, 122, 127–8, 134, 136, 138, 143, 149–50, 153; of a standard 131 Egypt 148 Eichel, Hans 55 elections 43; democratic, first 205; Federal 54–5; founding 205, 210, 211 electoral competition 46, 49, 51–6 electoral defeats 48, 56; backlash 48, 50; Tory’s 52 elite 143, 205, 210; change 205; networks 214 emerging economies 22, 88 environmental management system 128, 134–5; ISO 14000 Standard 122 environmental organizations 15 environmental performance 127, 135 environmental pollution 148 environmental protection 15, 151 environmental risks 106 environmental standards 3, 8, 10: national 107 epistemic communities 26, 104 Europe 7, 9, 91; currency 92–3; states 92; welfare states 125 European Economic Community (EEC) 188, 192 European Free Trade Area (EFTA) 185, 192 European markets 88; Single Market 14 European societies, comparison of 35 European Union (EU) 10, 13, 68–9, 82, 104–6, 108, 184–7, 191; Monetary Union 86; Transfer Pricing Forum 105 exchange rates 83, 167; fixed 84; flexible 87, 91; floating 84–5, 87; losses 91; overvalued 167; reserves 81, 88, 91; stability 86; trading 82 excluded countries 183–4, 186, 188, 190–3 Executive Constraints index 211 exit option 89 expenditure 56; cuts in 52 expertise 105, 107; body of 147; practical 106; technical 109 exports 11, 88, 188, 190; competitiveness 167; concentration of 190, 193; development strategies 167; drive 166; Free Zones 167; industries 81; interests 190; markets 190, 207; specialization 201 failed accession applications 192 Federal Reserve 87 financial aid 200; international 200, 207, 212, 214; per capita 211–12, 212 financial institutions, international 92, 168, 170 financial markets 5, 40; control over 90; domestic 204; global 9, 163, 166; governance of 83; international 28; liberalized 13; liquid 93 financial resources 8, 90, 147–8, 156; competition for 149; privileged access 112 financial services industries 72, 86 Financial Stability Forum 88 fiscal policy 47, 52, 61; adjustments 53; developments 40–1; reforms 53 Folk Theorem 70 food safety, global standards 107 foreign economic regimes 16, 26–7, 203, 209; aid 207; assets 166; liberalization 204, 213; openness 200, 210, 211; reforms 200–1, 204–6, 212 foreign investments 14, 73; direct 4, 188; private 165; rules for 185 foreign investors 73; withdrawal of funds 93 foreign markets 11; access to 190 foreign trade regimes 14, 29, 41–2, 51, 57, 100, 208, 210; closed 208–9; opening 212; reforms 200, 213 Forest Stewardship Council (FSC) 122, 134; management certificates 135–6 France 7, 31, 106, 191 free trade 3, 12, 41, 170, 183, 186, 201; agreements 184; limited 188 Free Trade Area of the Americas (FTAA) 192 free-rider problem 88 Index 223 functional criteria 101, 108, 110; complexity 103 game theory 69–70; cooperative 77 Gates Foundation 155 General Agreement on Tariffs and Trade (GATT) 4, 186, 188 genetically modified food 15; crops 107; organisms 107, 112, 114; regulation of 105–6, 111 German Institute for International Development 168 Germany 7–8, 11–12, 30, 32, 51, 53, 56, 85, 91–3, 106, 191–2; Bundesbank 84; economic performance 55; East Germany 54; Federal Republic of 31; goods 191; monetary policy 86, 91 Global Alliance for Vaccines and Immunization (GAVI) 143, 151, 154–6 Global Compact 15, 74, 122, 134, 136–7, 143, 147, 151, 154; Advisory Council 153; Bureau 153; summit 152; undermining of 152 Global Compact norms 156; compliance 153; ten norms 151–2; violation of 153 global trade 107, 200; fairness of 22 goods 163; cross-border flow 91 governance 2, 87, 89–90, 108, 128, 150; beyond the nation state 100–2, 104; capabilities 137; economic 13–14; financial 82, 85, 93; global 14, 99–100, 114–15, 122–3, 144, 157, 162; institutions 129–30, 138; intergovernmental 155; international 156; investments 136; multi-level 104; new forms of 13, 99; private 122–8, 130, 134, 137–8; public and private 16; structures 88; traditional goals of 148; transformation of 98 government 55, 67, 75, 206; autonomy 2; control 14; debt 167, 204; democratically legitimised 5; expenditure 40; Federal 53; negotiation 149; outlays 9; partisan government 40, 47, 52–3, 56, 164; policy making 124; re-election 48; regulation 125; resources 123; surveillance 13 gradualist strategy 204, 213 Great Britain 7–8, 30–1, 51, 53, 56, 106, 192; political economy 51, 53; transformation of 52 Greece 10 green-washing 127 Gross Domestic Product (GDP) 3, 9, 11, 51, 190, 207, 209; growth rates 210; world 3, Gross National Product (GNP) 12, 165–6, 171 Heckscher-Ohlin trade model 41 hegemonic states 85–6 human capital, investment in 47, 52 human rights 15, 151; principles of 136 ICANN 109, 111 implementation 151; beyond the nation-state 104; of the standard 131 imports 201; and export laws 207; substitution policies 167 import-competing interests 190; domestic 191 incentives 70–1, 128, 131, 134, 167 inclusive regulation 112 income 169; equality 47; gap 169 income distribution 164, 168–70; internal 169; redistribution of 77 India 165, 170 Indonesia 170 industrial relations 44, 151 industrialization 25; rapid 166 industrialized countries 8, 10–12, 146, 164–6, 170 industry 87; globalization of 22 inflation 84, 209–10, 213; hidden 204; imported 92 influence 102–3, 109, 144–6; domestic political 42; source of 106 information 147, 149; capacity 113; exchange 73–6; activities 163 institutional architecture 99, 101–2, 107–9, 110–11, 114; design 33, 108, 205; political 100, 114 institutional interlinkage 102, 106–7 224 Index institutions 7, 32, 44–5, 98, 102; beyond the nation state 99; constraints 69, 211, 215; international 88–90, 108; national 16, 56, 68, 87; political 190; private governance 125; structure 31, 43, 163, 214 integration 5–6, 113, 171; European 104; integrity measures 153–4 intellectual property rights 185 interdependence 100, 149 interest groups 2, 11, 30, 42, 44, 48, 50, 74, 205; domestic 83, 91, 190; politics 206; rents 206 interests 107, 123, 146; aggregation 106; conflict of 157; different 149; domestic 86, 191; national 98; violated 89 intergovernmental network 106, 112, 114 International Federation of Pharmaceutical Manufacturers Associations (IFPMA) 155 International Labour Organization (ILO) standards 10, 151; norms 136 International Monetary Fund (IMF) 4, 13, 51–2, 73, 81–2, 85, 88, 93, 162, 168, 214; annual report 208; loans 212; Structural Adjustment Facilities 206 International Organization for Standardization 134 international organizations 5, 26, 74, 88, 100–1, 104, 107, 112–13, 145–6, 148, 154; interests of 152 International Political Economy (IPE) 1, 82–4 international relations 15, 23, 25–7, 33–4, 88, 114, 143–4, 148, 150, 154, 157; monetary 91, 93; neo-realist concepts of 99 International Telecommunications Union 109 Internet 4, 15, 109; regulation 105, 108, 110–12, 114; security 113; standards 109 Internet Corporation for Assigned Names and Numbers (ICANN) 108, 109, 111 Internet Engineering Task Force 109 interventionist policies 6–7, 168 investment 77, 88, 124, 129, 167, 171; abroad 42; discrete objects 66; direct 72, 165–6; diversion 189; horizontal and vertical 166; portfolio 71–2, 82, 166 investors 169; international 66 Iran 184 ISO standards 126, 134, 136; effectiveness of 135 Israel 186 Japan 81, 91–2, 105, 185; monetary policy 87 joint policy function 147 Keynesian strategies 83–4; (neo-) Keynesian 5, 7, 10 Kimberley Standard 126, 130 Kissinger, Henry 81 Kohl, Helmut 51; government 53–4 Kyoto Protocol 10 labour 11, 13, 163, 169–70; abundant 30, 202; laws, restricted 167; markets 7–9, 52; Party 52–3, 56; supply of 170; taxation 63, 65 Lafontaine, Oskar 54–5 laggards 132, 133, 135, 137 Lamont, Norman 52 Latin America 7, 93, 165, 170, 185; financial crisis 13; rival trading block (LAFTA) 188; transition countries 203 leaders 132, 133, 135, 137 League of Nations 145 legal monopoly 113 legislation 151 legitimacy 13, 16, 33, 102, 115, 124, 138, 143, 153; conceptions of 76; deficit 157; democratic 104; dimensions of 155; of governance 149–50 legitimation 113, 150; chain of 149 lending institutions, international 85, 204, 206 liberal 28; democracy 144; economic policies 48; economic reforms 45; trade system 192 Index 225 liberalization 2, 5, 7–8, 10–11, 163, 166, 183, 189; economic 206; macroeconomic 162; multilateral 185, 187; preferential 186–7; of capital 85, 169 Liberals 40, 47–8, 55 lobbying 13, 124, 138, 188; business 76; pluralistic 103; protectionist lock-in 32 Louvre Accord 87 Luxembourg 74–6 macroeconomic stabilization 162, 166, 204, 209–10 mailbox companies 61, 73 Malaysia 4, 166, 169 manufactured products 165, 203 marginal productivity 202–3 marginalized countries 164 market 6, 28, 82, 89, 130; American 88; capital 144, 166; developed countries 188; domestic 44; economies, coordinated 8; embedded 168; enabling 157; failures 64; intervention 88; larger 188; liberalization 85, 87; local 166–7; monetary 85, 88; movements 91; opening 202; private 63; reforms 205; regulation 89 market access 186, 189; loss of 188 Marx, Karl 25 MERCOSUR 13–14, 192 Mexico 7, 10, 165, 185, 192; Peso crisis 85, 88 MFN see most-favoured-nation Middle East 165, 170 Mitterand, Franỗois mobility 8; of labour 202; of resources monetary policy 88, 90; access to 86; integration 85; international 82–3, 89, 92 monitoring 132, 157; body 153–4; internal 137 most-favoured-nation (MFN): liberalization 193; negotiations 189, 192; tariffs 186 multilateral negotiations 185–8, 191; concessions in 186; trade 183, 187 multilateral trade regime 183, 185–6; liberalization 186; rounds 188 multinational enterprises 66–8 naming and shaming 73 nation state 46, 61, 83, 98, 101, 103–4, 106–7, 112, 114, 162–3; beyond the 100; membership criteria 109; role of the 102; sphere of authority 104 national politics 33, 55–6, 99; institutions 30 national welfare 64; global policy 154; health budgets 156; health risks 106–7 negotiation 132, 156, 192; intergovernmental 145; international 144, 146; regional 187; resources 186; solution 189; transaction costs 187 Netherlands 7–9, 11 networks 104, 150; corporatist 45; criteria for participation 157; local 153; non-hierarchical 103; participation in 148; transnational 146 Nixon administration 91 non-compliance 131, 154; responses to 153 non-discrimination 186; tariff reductions 192; trade liberalization 184 non-governmental organizations (NGOs) 13, 15, 26, 100, 129, 131–2, 143–4, 146–7, 151, 153, 155, 158; accreditation procedure for 147; associations 154; legitimacy 146; participatory rights 145; representatives 145 non-tariff barriers 167, 170, 207–9 norms 7, 45, 57, 104, 115, 126–7, 158; compliance 157; conflicting 99; dominant 44; entrepreneurs 26, 146; implementation 147–8, 151; international 143; private sector 89; societal 8, 48; violations 153–4 North Africa 165, 170 North American Free Trade Agreement (NAFTA) 10, 13–14, 192 Northern countries 169–70; institutions 156 open economy 63, 66, 208 opposition 48, 55; parties 50, 53; to reforms 204 optimal sequencing strategy 209, 212 226 Index Organization for Economic Cooperation and Development (OECD) democracies 40, 46, 55, 64, 67, 74–7, 105–6, 111; countries 4, 8–10, 23, 32; governments 62; project 68–73 organized anarchy 112, 114 Ottawa agreement 192 overlapping memberships 106, 108 participation 6, 103, 115, 136, 144; boundaries 110; civil society 136; exclusive 112; opportunities for 145; potential 102; in the UN 145 participatory rights 155; of NGOs 148 partnerships 147–8; control of 149; in health 155; intransparent 157; legitimacy of 150; private-private 122, 125–6; private-public 113; public-private (PPPs) 2, 13, 15, 89, 122, 125–6, 143, 154 party politics 8, 50, 55; competition 13, 48, 53 PATA 105, 111 path dependencies 32, 102, 107, 130, 204; institutional 109, 200 peer pressure 75, 137 penalty mechanisms 127, 134; disciplinary restrictions 33 performance 136–7; band 131–2, 134, 137; improvement 137; social 127; standards 129 Plaza Accord 87 pluralization 110, 157 policy fields 11, 56, 98, 100–1, 105–8; change 55; national 31, 44; networks 150, 156 policy-making 51, 65, 108; constraints for 45 political authority 99, 103, 110 political discourse 45–6, 48, 53 political economy 23, 47; determinants 201, 215; national 56 political science 1; research 15 political stability 13, 27 politics 23, 124, 150, 191; domestic 41; international 143–4 Portugal 10 post-war period 40, 51; monetary system 83 poverty 169; reduction of 156–7 power 16, 123, 149, 190; asymmetries 99, 103, 111; differentials 76, 89; discursive 124–5, 137; distribution 6, 16, 26, 132; financial 91; institutional 91; monetary 90–1; shifts 123 preferences 46, 64, 69, 77, 112; of decisive actors 46, 56; economic 92; of electorates 61; monetary 86; party political 29; policy 30, 91; private 87 preferential access 188; to the EU 186 prices 201; convergence of 202; free leveling of 167; increase 203; reduction, artificial 167 prisoners’ dilemma 70, 77, 138 private benefit 129–30, 134, 136 private rule-setting 124, 129–31 privatization 11, 85, 144, 169; programme 51, 53, 55 problem-solving 148–9; capacities 102–3, 111–13; lack of capacity 148; transnational 104 production 200; costs 166; factors 13, 23, 29–30, 61, 163, 202–3; global network 163; high-technology 203; improvements 167; labour-intensive 42, 166; local 166; mass 13; non-competitive 12; quality 106; regional concentration 190; sheltered 167 production, industrial 158, 207, 210; decline 213 profit shifting 67–8; legal 105 profits 68; foreign trade 201; paper 61; pure 65–6 Program for Action on Sustainable Development 146 proportional representation systems 43 protectionism 41, 168, 188–9, 200, 209–10; Congressional 93; interests 186; legal 13; policies 6–7, 186; spiral 185 pro-welfare parties 48, 50 public goods 104, 114, 123, 127–8, 205 public perceptions 130, 132 public procurement 185 race to the bottom 8–11, 28, 30, 35, 41, 63–8, 77, 98 Index 227 rating agencies 15 redistribution 29, 54–5; of assets 167; effects 201 reform 45–7, 52, 56, 207, 209–10; costs 205, 213; macroeconomic 204; programme 54; resistance to 200; strategies 203–4; unpopular 48, 50, 53, 56 regional agreements 184–7, 189, 193 regionalism 14, 111, 184, 183, 185–6; consequences of 191; new wave of 184–5 regulation 33, 107, 126, 138, 150, 158, 186; domestic 87; indices 207–8; intensity 30; legal 135; market-based 148; mechanisms 101–2, 108; public 127; technical regulation 113; transnational 104–5 relational power 90–1, 93 Renmimbi exchange rate 88, 93; revaluation 82 rent 206; earners 169 reserve currency 83; Asian 81 resources 146; imbalances 108; material 148 Responsible Care programme 126 retaliatory measures 189–91 returns to scale 32 Rio Declaration of 1992 151 Rio Summit 1992 147 Rockefeller Foundation 155 Rogoff, Kenneth 82 rule-setting power 124–5, 138 Russia 165, 191–2, 212; former Soviet 209, 215 sanctions 75–6, 132, 153–4, 157; negative 72 saving and investment 66; incentives 65–6, 77 scandals 126, 132; risk of 129 Second World War 26, 28, 191 self-regulating institution 127, 134, 138 self-regulation 122, 128, 137, 158; autonomous 125; business specific 126; societal 98, 103 side payments 69, 71–2, 75, 77 Singapore 165 social and economic development 146; costs 204 social cleavages 25, 30, 35 Social Democrats 28, 40, 47, 54–6; opposition 53 social interests 103, 110, 126 social security 8–9; contributions 40, 53 soft law 114 solidarity 16; collective South and South East Asia 22, 165, 170 South Korea 81, 92, 165–6, 185 Southern countries 169–71; institutions 156 sovereignty 106; of nation states 163 Spain 10 SPD 54–6 specialization 202–3 Stability and Growth Pact 86 standards 108, 113, 123, 125, 127–9, 147–8; agreement 132; anti-corruption 136; for certification 135; development 138; effectiveness 134; implementation 106, 113; minimum 131–2, 136; open 108; organizations 109; process 129; setting of 150; social and environmental 126, 149, 157; transnational 114 state 6, 10, 25, 145; capacity 28–9; intervention 82, 167–8; strong 8, 11; weakening of 5–6, 16 state actors 107–9, 111–14, 123; role of 102, 112 status quo costs 205, 207 steering capacity 103; hierarchic 45; social 162 stock markets 4, 14 Stolper Samuelson Theorem 30, 41 Strange, Susan 5, 12, 22, 33, 90–1, 124 stringency 129, 133; minimum standard 131–2, 137; rule-setting 130; standard 134 structural power 90–1, 93, 124, 138; adjustment 166–8; transformations 144 stumbling stone 180, 184–5, 188 Sub-Saharan Africa 165, 170 summit meeting 153 supply-chain management 135 sustainable economy 151; acceleration of growth 168; development 135, 146 228 Index Sweden Switzerland 32, 74–6 Taiwan 81 tariffs 42, 167, 170, 183, 207–8; abolishment of 192; concessions 185; external 189; on goods 188; increases 191; revenues 204; trade barriers 207 tax 40; autonomy loss 62; cash-flow 66; evasion and avoidance 10, 72–3, 76; lump-sum 77; monopolies 106, 112; optimization 75; payers 85; policy 111; preferential regimes 73–7; ratio 51, 61; reform project 52, 54; revenue 64, 67; sovereignty 62, 74; withholding 69 taxation 7; corporate 105; interest 68–9; of intra-firm trade 15; levels of 9; shift of 28 tax bases 64–5, 67, 73; narrow 65; poaching 68, 72 tax burdens 63–4; asymmetric 67; effective 65; marginal 65; optimizing 105 tax competition 29–30, 61–5, 67–8, 70, 71, 76–7; harmful 69–70, 72; international 66 tax havens 61–2, 64, 69, 71–7; uncooperative 74 tax policy 63; autonomy 67–8; development of 64; formation 65; international 62 tax practices: harmful 62, 75; unfair 71–3 tax rates 53–5, 57, 64–5, 72, 77, 105; corporate 68; cuts to 53; high 73; low 105; nominal 66–7; reduction 43, 55 tax reforms 65–7; market-conforming 65, 67 tax systems: conventional 72; national 61 technology 109; capabilities 201; dependence 167; imported 167; transnational infrastructure 108 territorial issues 101, 104, 108, 110, 123 terrorism 148 Thailand 166, 169 Thatcher, Margaret 7, 51–3 Tobin Tax 15 trade 4, 57, 190, 201–2; balance 190, 193; of components 165–6; dependence 190; discrimination 90, 183; diversion 185, 189, 191; domestic 190; flows 207; issues 107; liberalization 11–12, 41, 186, 188, 208–9; licenses 204; links 92; monopolies 207; negotiations 186, 190; openness 201, 203, 208, 210–11, 212; policy 12–13, 184, 191; preferences 93, 188; protection 110, 206, 211; quotas 204; quotient 207–8; reforms 206, 209, 211; restrictions 170–1; rival blocks 185, 188–9, 192; war 14, 190–1 trade agreements 152, 183, 191; preferential 183–6, 188–9, 191–2; regional 188–9 trade barriers 7, 11, 166, 183–4, 188, 207; removal of 169, 171; unilateral increase of 190 trade, international 164, 200–1, 207; liberalization of 83; relations 185; theory of 29 trade-off, mutual 206 transaction costs 127, 187 transfer of technology, unlicensed 165 transfer pricing 105–6, 111–13; regulation 110, 114; transnational 105 transformation 28, 113; of political authority 102; strategy 168 transition costs 48, 170 transition countries 165, 201, 204, 207–14; Asian 203; communist 200; reforms in 205 Transnational Corporations (TNCs) 5, 14, 26, 105–6, 122–5, 136, 138, 146–7, 162, 167; backward linkages 166; European 165; influence on government 12; research 165; taxation of 105 transnational governance 100, 111–12, 114; preconditions of 115 transnational institution-building 99–100, 113–15 transnational policy regimes 100, 101–4, 107, 109–10, 112–15; functional composition 111; networks 103 transnationalization 26, 102, 112; internal 115; political 110 Index 229 transparency 75–6, 113, 145–6, 156; lack of 15, 155 unemployment 8, 54–5 UNICE 105 unions 12, 15, 167, 144 United Kingdom 32, 82, 84, 191 United Nations (UN) 136, 144, 146–7, 151, 153–4; Children’s Fund (UNICEF) 147, 154–7; delegates 152; Development and Environmental Programs (UNDP and UNEP) 147, 151; fragmentation of 149; institutions 155; Organization for Industrial Development (UNIDO) 151; reform 145, 148; Secretary General 152–3; Security Council 155; Summit on the Environment and Development in Rio 146; UNCTAD report 169 United States 7, 26, 30–4, 73–4, 82, 84–5, 88, 105–6, 108–9, 185–7, 192; autonomy 93; Congress 192; current account deficit 89; economy 83; exchange rate policy 92; government 76; intervention 75; monetary policy 87; Nixon strategy 93; Tariff Commission 192; TNCs 165; trade deficit 81; trade policies 192 Universal Declaration of Human Rights 151 Uruguay Round 185, 188 vaccination campaigns 155–7 value chains 163, 165–6; global 162 veto-players 43, 46, 51, 53–4, 55, 68, 200, 206, 209, 211; in Germany 56; hypothesis 50; index 211; institutional 50, 67; structure 214; theory 205 voters 43, 45, 48, 50, 53; median 206 vote maximization 47, 57 wages 203; in developing countries 170 Washington Consensus 203; first 93; second 84–5, 89 welfare 3, 29, 206; aggregate 206; benefits 54; cuts 43; economic position 64; losses 185; provisions 9; public 63; social 7; world 185 welfare state 2, 33, 40, 48, 50; regimes 44; structures 164; systems 163 Western corporations 166 Western Europe 193 white-washing 127 Wilson administration 52 window of opportunity 203, 212 workers 203; interests of 152 World Bank 13, 73–4, 85, 155, 162, 165–6, 168, 206 World Economic Forum 2000 155 World Economic Summit in Davos 1999 147 World Health Organization (WHO) 107, 147, 155–7; Secretary-General 154 world markets 7, 10–13, 188, 201–2, 209; forces 163; integration 6, 51, 200, 203; openness to 9; operation 32; strategy 167 world trade 4, 183–4; growth of 3; polarization 186; system 171 World Trade Organization (WTO) 4, 6, 10, 13, 107, 183–4; Ministerial Meetings 187; negotiations 12 World Wide Web Consortium 109 ... dedicating their first part to the assessment of the theoretical and empirical state of the art while exploring the projects and approaches of the respective author in the second part With this... Equilibrium in Economics Scope and limits Edited by Valeria Mosini 84 Globalization State of the art and perspectives Edited by Stefan A Schirm Globalization State of the art and perspectives Edited by... their papers in light of the comments received and the participants for the productive and stimulating discussions Routledge was immediately interested in the idea of assessing the state of the