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Innovations in globalized regulation : opportunities and challenges

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  • Levy, Brian

Abstract

This paper lays out a comparative framework for assessing the potential, limitations and challenges of a variety of emerging institutional innovations in globalized regulation. The framework highlights two dimensions of effectiveness -- the comprehensiveness of coverage, and the credibility of the regulatory regime. Performance in relation to these two dimensions is assessed for three distinctive approaches to globalized regulation: i) Government-centric approaches, including treaties, extra-territorial regulation and government networks -- seven examples are assessed in the paper. ii) Civil regulation, including both joint initiatives by private firms and civil society, and wholly private self-regulatory approaches -- with eight examples assessed. iii) Hybrid approaches, involving multiple governmental and non-governmental stakeholders -- with three examples assessed. Overall, the assessment points to an abundance of innovation -- but a seeming failure of the many innovations to deliver more than, at best, partial successes in meeting the credibility and comprehensiveness criteria for effectiveness. The paper concludes by suggesting ways in which the distinct elements of different approaches might be combined so that the whole can be more, rather than less, than the sum of its parts. The way forward is likely to be incremental and cumulative, bottom-up as well as top down -- transcending a too neat, and ultimately unhelpful, bifurcation between civil society advocacy and technocratic rule-making.

Suggested Citation

  • Levy, Brian, 2011. "Innovations in globalized regulation : opportunities and challenges," Policy Research Working Paper Series 5841, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5841
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    References listed on IDEAS

    as
    1. Kimberly Ann Elliott & Richard B. Freeman, 2003. "Can Labor Standards Improve under Globalization?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 338, April.
    2. Barth,James R. & Caprio,Gerard & Levine,Ross, 2008. "Rethinking Bank Regulation," Cambridge Books, Cambridge University Press, number 9780521709309, September.
    3. Tarullo, Daniel, 2008. "Banking on Basel: The Future of International Financial Regulation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4235, April.
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    More about this item

    Keywords

    Regulatory Regimes; Public Sector Corruption&Anticorruption Measures; Public Sector Regulation; Social Accountability; Labor Policies;
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