Global Governance And Regulatory Failure

The author provides a theoretical framework of the global political economy of banking regulation and analyses the policies and politics of the Basel Committee on Banking Supervision. He demonstrates how global governance has contributed to the onset of the Great Recession and continues to increase the likelihood of future global financial crises.

The author provides a theoretical framework of the global political economy of banking regulation and analyses the policies and politics of the Basel Committee on Banking Supervision. He demonstrates how global governance has contributed to the onset of the Great Recession and continues to increase the likelihood of future global financial crises.

Why U.S. corporate governance regulation has lost its way, and what must be done to improve it Modern history persuasively demonstrates the inexorable link that binds comprehensive regulation to the global economy. This important book, rather than simply recount a litany of corporate governance failures, persuasively explains why, despite policymakers' best intentions, regulation has failed in the modern era. An objective study intended for a diverse readership, Corporate Governance Regulation unveils the underlying, root causes of regulatory failure. The result: A compelling and original analysis, broadly suited for a global audience of all backgrounds. Written by published, subject-area experts, the authors carefully delineate how U.S. corporate governance regulation, beginning with Sarbanes Oxley, lacks an adequate rational basis, as may be attributed to a non-existent policy dialogue The witnessed result: A conspicuous lack of regulatory efficacy, enormous costs, coupled with paltry benefits The focus is upon reigniting a stalled, non-productive policy dialogue, by eschewing stale, overly-polemicized arguments, as needed to develop a common ground Drawing from an eclectic, analytic framework, governance experts Nicholas Vakkur and Zulma Herrera offer both the professional and global citizen alike a multi-dimensional understanding of issues critical to global economic health. Nuanced and persuasively argued, Corporate Governance Regulation represents a formidable catalyst in the elusive, ongoing quest for global economic stability.

The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.

This fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment and created an unprecedented loss of control on employment, monetary policy and government budgets. Important topics encompassing the origin and impact of the crisis, governance failure, regulatory forgiveness, credit splurges, asset bubbles and the greed of institutions are analysed from the wide-ranging perspectives of not only academics in both economics and law, but also industry practitioners and regulators. This multidimensional evaluation of what went wrong concludes with an outline of what is currently being done to prevent another major crisis, and prescribes recommendations for the implementation of further preventative measures. This book will prove a compelling read for economics, finance and law scholars, as well as for practitioners including accountants, lawyers and financial market players.

"Regulation by public and private organizations can be hijacked by special interests or small groups of powerful firms, and nowhere is this easier than at the global level ... This is the first book to examine systematically how and why such hijacking or 'regulatory capture' happens, and how it can be averted."--P. [iv] of cover.

The author provides a theoretical framework of the global political economy of banking regulation and analyses the policies and politics of the Basel Committee on Banking Supervision. He demonstrates how global governance has contributed to the onset of the Great Recession and continues to increase the likelihood of future global financial crises.

ÔThis book is a novel, sophisticated, broad ranging and insightful study of the idea of global environmental governance but from a legal dimension and perspective. While recognising that concepts and ideas used to describe governance are generally abstract, vague and slippery, this project brings clarity to the field by being theoretically informed, contextually sensitive and pragmatically circumscribed. Its conclusions and arguments open up a field of inquiry that has to be genuinely interdisciplinary and in that sense has great potential to contribute to a better understanding of environmental themes and issues. This book is destined to become a landmark for legal academics who will write about environmental governance in that its concern is with the global governance of nature rather than a text that uses the environment as a pretext for understanding governance. It is well written, easy and enjoyable to read and while it traverses through diverse bodies of literature it manages to effectively communicate with a variety of scholarly communities.Õ Ð Afshin Akhtarkhavari, Griffith Law School, Australia ÔFourth generation global environmental regulation attempts to address the complex realities of an interconnected environment, global environmental problems and collective regulatory responses. It merits conceptual clarity. Louis KotzŽ reveals the legal contours and content of global environmental governance by chipping away such parts of the conceptual marble block as are not needed. For the environmental lawyer, it is a welcome Ð and much needed Ð process of elimination. This book provides a toolkit for lawyers to engage critically with the extra-legal concept of environmental governance. Its scrutiny and careful analysis contribute meaningfully to the environmental discourse.Õ Ð Christine Voigt, University of Oslo, Norway ÔGlobal Environmental Governance is a truly important book. Drawing on a multitude of disciplines, award-winning environmental law Professor Louis KotzŽ masterfully explains the emerging concept of Òglobal environmental governanceÓ and its elements of globalism, environmental law, regulation, and governance theory. He makes a compelling case that the world has outgrown the ÒsustainabilityÓ model and moved toward this more all-encompassing approach to environmental regulation. This admirable book makes global environmental governance theory understandable and pertinent so environmental leaders, lawyers, and regulators can engage comfortably with this new vision for an ecologically and economically healthy world.Õ Ð George (Rock) Pring, University of Denver Sturm College of Law, US ÔThis book, in examining the relationship between global environmental governance and environmental law, provides an important and timely contribution to the quest to fashion a more viable approach to regulating the relationship between humanity and the environment. While the term ÒgovernanceÓ is much employed in international environmental law scholarship, its conceptual underpinnings have not, on the whole, been adequately addressed in the legal sphere and understanding of the symbiotic relationship between the two areas has suffered as a result. This book makes a welcome start to tackling these issues and, it is to be hoped, will trigger renewed vigour in this socially and legally vital area of inquiry.Õ Ð Karen Morrow, University of Swansea, Wales, UK ÔFor years, scholars of international law and international relations have developed parallel literatures. In Global Environmental Governance, Louis KotzŽ offers a common conceptual, theoretical, and normative ground in the global environmental field. As a skillful lawyer, he dissects terminology, explains core assumptions, and constructs causal chains. But he does not stop there. His shrewd analysis of power and authority, individual incentives and collective action, management and regulation builds a bridge between law and politics as disciplines concerned about what global environmental governance is and how it can be improved.Õ Ð Maria Ivanova, University of Massachusetts, US ÔIn search of shelter from the buffeting blasts of climate change, biodiversity loss, resource depletion, famine and disease, states and public agencies, community representatives, resource users, advocacy networks and citizens huddle together under the vast and varied institutional umbrellas of environmental governance. Louis KotzŽÕs innovative study systematically describes the role of environmental law as the springs, stretchers, ribs and handles of the decision-making umbrellas we so desperately hope will hold firm when they are opened up in times of need.Õ Ð Jamie Benidickson, University of Ottawa, Canada ÔThe concept of Òglobal environmental governanceÓ has been part of the lexicon in accounts of global environmental politics for some time. Yet to date it has escaped comprehensive assessment from a legal perspective. This groundbreaking work fills this gap in the literature. It offers a masterful analysis of the theoretical underpinnings of the environmental governance, and highlights the critical importance of environmental regulation in ensuring that environmental governance lives up to its promise as a means for achieving truly ecologically sustainable development.Õ Ð Tim Stephens, University of Sydney, Australia This timely book brings much-needed clarity to the concept of Ôenvironmental governanceÕ as manifested in the global regulatory domain. The author argues that despite being used as a fashionable term by many Ð including economists, political scientists, environmentalists and, increasingly, lawyers Ð its theoretical contours and conceptual content remain unclear, incoherent, and inconsistent. In addressing this problem, the book begins by describing globalization as a general context of governance. It comprehensively interrogates and clarifies both the governance and global governance concepts, and then explains aspects and components of global environmental governance. Finally it investigates the role of law in global environmental governance. Providing a much-needed definition of environmental governance and global environmental governance, this comprehensive study will appeal to academics and researchers, post-graduate and under-graduate students, intergovernmental organizations such as UNEP, WTO, IUCN, as well as governments and governmental agencies involved with environmental regulation.