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The Structure of Regulatory Competition: Corporations and Public Policies in a Global Economy

Author

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  • Murphy, Dale D.

    (Assistant Professor, Walsh School of Foreign Service, Georgetown University)

Abstract

In order to understand international economic regulations, it is essential to understand the variation in competing corporations' interests. Political science theories have neglected the role of individual firms as causal actors. Theories of institutions have neglected to examine the creation of business law. Economic theories have neglected to apply concepts of asset specificity to social regulations in competitive industries. This book aims to fill these voids with a company-based explanation. Its theoretical findings open a 'black box' in the literature on international political economy and elucidate a source of regulatory differences and similarities. Counter-intuitive case studies reveal how business and governments actually interact. They also contribute to both sides of current debates over corporate social responsibility. They examine diverse topics including offshore finance, flags-of-convenience, CFC production, capital requirements, the importation and sale of 'dolphin-lethal' tuna, and the advertising of infant formulae. By exploring powerful corporations' investment profiles and regulatory strategies, this book explains why globalization sometimes results in a 'race to the bottom', sometimes in higher common regulations, and sometimes in regulations that differ between countries. Uniquely, it then explains which regulatory outcome is likely to occur under specified conditions. The explanation incorporates economics, political science, studies of regulatory capture, and examinations of transaction costs, firms' regulatory strategies, and the roles international institutions.

Suggested Citation

  • Murphy, Dale D., 2004. "The Structure of Regulatory Competition: Corporations and Public Policies in a Global Economy," OUP Catalogue, Oxford University Press, number 9780199267514.
    • Handle: RePEc:oxp:obooks:9780199267514
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    Citations

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    Cited by:

    1. Büthe Tim, 2010. "Engineering Uncontestedness? The Origins and Institutional Development of the International Electrotechnical Commission (IEC)," Business and Politics, De Gruyter, vol. 12(3), pages 1-64, October.
    2. Little, Cedric & Felzensztein, Christian & Gimmon, Eli & Muñoz, Pablo, 2015. "The business management of the Chilean salmon farming industry," Marine Policy, Elsevier, vol. 54(C), pages 108-117.
    3. Bruce G. Carruthers & Naomi R. Lamoreaux, 2016. "Regulatory Races: The Effects of Jurisdictional Competition on Regulatory Standards," Journal of Economic Literature, American Economic Association, vol. 54(1), pages 52-97, March.
    4. Büthe Tim, 2010. "Private Regulation in the Global Economy: A (P)Review," Business and Politics, De Gruyter, vol. 12(3), pages 1-40, October.
    5. Barbara Sennholz-Weinhardt, 2014. "Regulatory competition as a social fact: Constructing and contesting the threat of hedge fund managers' relocation from Britain," Review of International Political Economy, Taylor & Francis Journals, vol. 21(6), pages 1240-1274, December.
    6. Matthias Thiemann, 2014. "In the Shadow of Basel: How Competitive Politics Bred the Crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 21(6), pages 1203-1239, December.
    7. Bradford, Anu, 2015. "Exporting standards: The externalization of the EU's regulatory power via markets," International Review of Law and Economics, Elsevier, vol. 42(C), pages 158-173.
    8. Sokolovskyi, Dmytro, 2020. "Is Race to the bottom is modeled as Prisoner's dilemma?," MPRA Paper 99404, University Library of Munich, Germany.
    9. Geradin, D.A.A.G. & McCahery, J.A., 2005. "Regularory co-opetition : Transcending the regulatory competition debate," Discussion Paper 2005, Tilburg University, Tilburg Law and Economic Center.
    10. Layna Mosley & David Andrew Singer, 2009. "The Global Financial Crisis: Lessons and Opportunities for International Political Economy," International Interactions, Taylor & Francis Journals, vol. 35(4), pages 420-429, November.
    11. Daniel Kinderman, 2020. "The challenges of upward regulatory harmonization: The case of sustainability reporting in the European Union," Regulation & Governance, John Wiley & Sons, vol. 14(4), pages 674-697, October.
    12. Patrick Bernhagen, 2012. "Air Pollution and Business Political Influence in Fifteen OECD Countries," Environment and Planning C, , vol. 30(2), pages 362-380, April.

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