Please use this identifier to cite or link to this item:
http://hdl.handle.net/11375/28139
Title: | Private Governance and Democracy in International Finance |
Authors: | Coleman, William D. |
Department: | Globalization |
Publication Date: | 1999 |
Publisher: | McMaster University Institute on Globalization and the Human Condition |
Series/Report no.: | Working Paper Series;99/1 |
Abstract: | The governance arrangements in international finance mirror, in part, those found domestically by featuring a partnership between relatively autonomous state agencies and private actors. Where they depart from domestic arrangements is in the relatively stronger position of private actors, particularly global financial conglomerates, in decision-making. Given the importance of the governance arrangements in international finance for the welfare of individuals and firms throughout the world, it is important to ask whether these arrangements conform to accepted criteria for democratic decision-making. Five criteria are identified that might be applied to international sites of governance. These criteria are then applied to three groups of institutions, the Bank for International Settlements (BIS), the International Organisation of Securities Commissions (IOSCO), and “private regimes” especially predominant in the derivatives subsector. Based on this analysis, important gaps are found when these governance institutions are held up to democratic principles. |
URI: | http://hdl.handle.net/11375/28139 |
Appears in Collections: | Globalization Publications |
Files in This Item:
File | Description | Size | Format | |
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99-1 Private Governance and Democracy in International Finance.pdf | 80.44 kB | Adobe PDF | View/Open |
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