Rules for the Global Economy
Rules for the Global Economy

Author: Horst Siebert

Publisher: Princeton University Press

Published: 2009-07-06

Total Pages: 289

ISBN-13: 1400830729

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Rules for the Global Economy is a timely examination of the conditions under which international rules of globalization come into existence, enabling world economic and financial systems to function and stabilize. Horst Siebert, a leading figure in international economics, explains that these institutional arrangements, such as the ones that govern banking, emerge when countries fail to solve economic problems on their own and cede part of their sovereignty to an international order. Siebert demonstrates that the rules result from a trial-and-error process--and usually after a crisis--in order to prevent pointless transaction costs and risks. Using an accessible and nonmathematical approach, Siebert links the rules to four areas: international trade relations, factor movements, financial flows, and the environment. He looks at the international division of labor in the trade of goods and services; flow of capital; diffusion of technology; migration of people, including labor and human capital; protection of the global environment; and stability of the monetary-financial system. He discusses the role of ethical norms and human rights in defining international regulations, and argues that the benefits of any rules system should be direct and visible. Comprehensively supporting rules-based interactions among international players, the book considers future issues of the global rules system.

The Rules of the Game in the Global Economy
The Rules of the Game in the Global Economy

Author: Lee E. Preston

Publisher: Springer Science & Business Media

Published: 2013-11-11

Total Pages: 308

ISBN-13: 9401580162

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This study has been long in the making, and the world has changed dramatically while we have been at work. We initially anticipated a substantial section on the Soviet-dominated Council for Mutual Economic Assistance (CMEA or "COMECON"), which offered an interesting contrast to the kind of international business regime typically found among market-oriented countries and industries. As we moved toward publi- tion, the CMEA vanished, and so we mention it only in passing. The USSR subsequently disintegrated into a Commonwealth of Independent States (CIS). On the other hand, we began with the assumption that the historic "rule of capture" no long played a significant role in international economic relations. The seizure of Kuwait's territory and wealth by the government of Iraq suggests that this assumption was heavily influenced by wishful thinking. Even though this seizure has been reversed by military action, the experience remains a challenge to generally held beliefs about the strength of "order" versus "chaos" in contemporary international affairs. Some readers of this volume have suggested that it gives insufficient attention to the fact that many of the important business and economic regimes of the postwar period are currently under significant pressure, perhaps even in danger of collapse. We acknowledge that there are many evidences of strain in, for example, the free trade and money exchange regimes, and in many areas of environmental protection.

Failure to Adjust
Failure to Adjust

Author: Edward Alden

Publisher: Rowman & Littlefield

Published: 2017-09-15

Total Pages: 269

ISBN-13: 1538109093

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*Updated edition with a new foreword on the Trump administration's trade policy* The vast benefits promised by the supporters of globalization, and by their own government, have never materialized for many Americans. In Failure to Adjust Edward Alden provides a compelling history of the last four decades of US economic and trade policies that have left too many Americans unable to adapt to or compete in the current global marketplace. He tells the story of what went wrong and how to correct the course. Originally published on the eve of the 2016 presidential election, Alden’s book captured the zeitgeist that would propel Donald J. Trump to the presidency. In a new introduction to the paperback edition, Alden addresses the economic challenges now facing the Trump administration, and warns that economic disruption will continue to be among the most pressing issues facing the United States. If the failure to adjust continues, Alden predicts, the political disruptions of the future will be larger still.

The Rules of the Game in the Global Economy
The Rules of the Game in the Global Economy

Author: Lee E. Preston

Publisher: Springer Science & Business Media

Published: 2013-12-01

Total Pages: 272

ISBN-13: 940115354X

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The subject of this study is the way that finns, industries, and nations organize their relationships with one another in order to engage in international business. To the casual observer, the processes of buying and selling, borrowing and lending, investing and receiving investment returns may seem much the same, whether they occur within a single country or between and among businesses in different political jurisdictions. In fact, however, business contacts between firms or individuals in different coun tries are significantly different from their domestic counterparts. Not only do international buyers and sellers, borrowers and lenders, investors and earnings recipients often use different languages and currencies, they also frequently operate under different basic rules governing contracts, accounting practices, and dispute-settlement arrangements; and they are subject to different tax systems. Most important, they may require explicit pennission, or at least facilitating arrangements, from their respective governments in order to engage in any economic contact whatsoever. It may well be that, as Adam Smith believed, there is "a certain propensity in human nature . . . to truck, barter, and exchange one 1, p. 17); but the fact is that most im thing for another" (1776, vol. portant markets and business relationships do not simply appear and evolve as natural phenomena. In fact, they are created by human effort and are highly organized, and international business relationships are the most highly organized of all.

Panic Rules!
Panic Rules!

Author: Robin Hahnel

Publisher: South End Press

Published: 1999

Total Pages: 140

ISBN-13: 9780896086098

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A witty and accessible manual to the global economic crisis.

Economics Rules: The Rights and Wrongs of the Dismal Science
Economics Rules: The Rights and Wrongs of the Dismal Science

Author: Dani Rodrik

Publisher: W. W. Norton & Company

Published: 2015-10-13

Total Pages: 161

ISBN-13: 0393246426

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“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.

Towards a Better Global Economy
Towards a Better Global Economy

Author: Franklin Allen

Publisher:

Published: 2014

Total Pages: 561

ISBN-13: 0198723458

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Substantial progress in the fight against extreme poverty was made in the last two decades. But the slowdown in global economic growth and significant increases in income inequality in many developed and developing countries raise serious concerns about the continuation of this trend into the 21st century. The time has come to seriously think about how improvements in official global governance, coupled with and reinforced by rising activism of 'global citizens' can lead to welfare-enhancing and more equitable results for global citizens through better national and international policies. This book examines the factors that are most likely to facilitate the process of beneficial economic growth in low-, middle-, and high-income countries. It examines past, present, and future economic growth; demographic changes; the hyperglobalization of trade; the effect of finance on growth; climate change and resource depletion; and the sense of global citizenship and the need for global governance in order to draw longer-term implications, identify policy options for improving the lives of average citizens around the world, and make the case for the need to confront new challenges with truly global policy responses. The book documents how demographic changes, convergence, and competition are likely to bring about massive shifts in the sectoral and geographical composition of global output and employment, as the center of gravity of the global economy moves toward Asia and emerging economies elsewhere. It shows that the legacies of the 2008-09 crisis-high unemployment levels, massive excess capacities, and high debt levels-are likely to reduce the standard of living of millions of people in many countries over a long period of adjustment and that fluctuations in international trade, financial markets, and commodity prices, as well as the tendency of institutions at both the national and international level to favor the interests of the better-off and more powerful pose substantial risks for citizens of all countries. The chapters and their policy implications are intended to stimulate public interest and facilitate the exchange of ideas and policy dialogue.

Rules for a Flat World
Rules for a Flat World

Author: Gillian Kereldena Hadfield

Publisher: Oxford University Press

Published: 2017

Total Pages: 409

ISBN-13: 0199916527

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How can we promote economic progress in a staggeringly complex global system? In the bestselling book The World is Flat, Thomas Friedman argued that technology and globalization have leveled the playing field among workers and innovators worldwide. But why, ten years after he proposed thisthesis, are billions of people around the world still locked out of global prosperity and security?In Rules for a Flat World, law and economics professor Gillian Hadfield points to an outdated legal infrastructure as the cause of stagnating progress in the global economy. The world's biggest corporations are struggling to manage workers, and advance a consistent strategy, in dozens of countriesat once. Small businesses are being crushed by disruption a hemisphere away. Billions of people who constitute the bottom of the economic pyramid are still shut out of the technological, legal, and medical advancements that the other half of the world enjoys. Put simply, the law and legal methods onwhich we currently rely have failed to evolve along with technology. Hadfield argues not only that these systems are too slow, costly, and localized to support an increasingly complex global economy, but also that they fail to address looming challenges such as global warming, poverty, andoppression in developing countries.Instead of growing more agile and less expensive, our legal infrastructure is drowning in costs and complexity, all the while growing less capable of responding to the needs of businesses, governments, and ordinary people. Through a sweeping review of the emergence and evolution of law overthousands of years, Hadfield makes the case that our existing methods of producing law-via legislatures, courts, and bureaucracies-need supplementing. Markets, she argues, have the capacity to spur investment in regulation so that we can better manage smarter, faster, and more complicated economicsystems. Combining an impressive grasp of the empirical details of economic globalization with an ambitious re-envisioning of our global legal system, Rules for a Flat World is a crucial and influential intervention into the debates surrounding how best to manage the evolving global economy.

The New Global Rulers
The New Global Rulers

Author: Tim Büthe

Publisher: Princeton University Press

Published: 2011-02-28

Total Pages: 320

ISBN-13: 1400838797

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Global private regulations—who wins, who loses, and why Over the past two decades, governments have delegated extensive regulatory authority to international private-sector organizations. This internationalization and privatization of rule making has been motivated not only by the economic benefits of common rules for global markets, but also by the realization that government regulators often lack the expertise and resources to deal with increasingly complex and urgent regulatory tasks. The New Global Rulers examines who writes the rules in international private organizations, as well as who wins, who loses--and why. Tim Büthe and Walter Mattli examine three powerful global private regulators: the International Accounting Standards Board, which develops financial reporting rules used by corporations in more than a hundred countries; and the International Organization for Standardization and the International Electrotechnical Commission, which account for 85 percent of all international product standards. Büthe and Mattli offer both a new framework for understanding global private regulation and detailed empirical analyses of such regulation based on multi-country, multi-industry business surveys. They find that global rule making by technical experts is highly political, and that even though rule making has shifted to the international level, domestic institutions remain crucial. Influence in this form of global private governance is not a function of the economic power of states, but of the ability of domestic standard-setters to provide timely information and speak with a single voice. Büthe and Mattli show how domestic institutions' abilities differ, particularly between the two main standardization players, the United States and Europe.