Restraing Regulatory Capture? Anglo America, Crisis Politics and Trajectories of Change in Global Financial Governance

A growing number of respected commentators now argue that regulatory capture of public agencies and public policy by leading banks was one of the main causal factors behind the financial crisis of 2007–2009, resulting in a permissive regulatory environment. This regulatory environment placed a faith in banks own internal risk models, contributed to pro-cyclical behaviour and turned a blind eye to excessive risk taking. The article argues that a form of ‘multi-level regulatory capture’ characterized the global financial architecture prior to the crisis. Simultaneously, regulatory capture fed off, but also nourished the financial boom, in a fashion that mirrored the life cycle of the boom itself. Minimizing future financial booms and crises will require continuous, conscious and explicit efforts to restrain financial regulatory capture now and into the future. The article assesses the extent to which this has been achieved in current global financial governance reform efforts and highlights some of the persistent difficulties that will continue to hamper efforts to restrain regulatory capture. The evidence concerning the extent to which regulatory capture is being effectively restrained is somewhat mixed, and where it is happening it is largely unintentional and accidental. Recent reforms have overlooked the political causes of the crisis and have failed to focus explicitly or systematically on regulatory capture.

An Agreed Peace? The Institutions of Democratic Governance in the Belfast Agreement 1998 and the Northern Ireland Act 1998”

(with G. Anthony).

New Organizational Leadership: Nonstate Actors in Global Economic Governance

States and international organizations have found irresistible cause in a globalizing world to coopt nonstate actors (NGOs, private standard setters and so forth) to manage the manifold problems arising under their stretched mandates and resources. The pooling of capacities in the pursuit of common goals seems perfectly sensible. Yet although the strategy of cooptation has become a policy of choice, policy makers often lack full knowledge of its implications. As Philip Selznick first showed, cooptation can have unintended consequences, shifting leadership from one organization to another. We place this fertile insight in a better specified analytical framework. That is, one capable of explaining when and how leadership shifts occur and where the status quo leaders will remain at the helm. Using original interview data and structured focused comparisons to test the framework, we reveal dramatic variation in leadership changes following the cooptation of outside actors in global financial and environmental governance.

Deliberative Equality and the Transgovernmental Politics of the Global Financial Architecture

Revisiting the concept of transgovernmentalism, originally developed by Robert Keohane and Joseph Nye, can shed considerable light on the nature of interstate cooperation in contemporary global financial governance. Transgovernmentalism highlights how certain technocratic policy communities, composed of finance ministries, central banks, and regulators, dominate the global financial architecture. It also provides insights into the political and social basis of these actors' interactions and deliberations. Most importantly, renovating the concept of transgovernmentalism brings the participatory deficits in the current global financial architecture into sharp focus and points us in the direction of a workable reform agenda that would expand inclusion and participation. This article advocates basing future reform on efforts to achieve a closer realization of the principle of “deliberative equality.” Unfortunately, “transgovernmentalism” is incompatible with deliberative equality, meaning that it is precisely the transgovernmental characteristics of the current global financial architecture that have to be challenged and overturned if we are to arrive at anything approximating deliberative equality.

Globalization, Police Reform and Development; Doing it the Western Way?

Under what conditions does successful police reform take place? Can democratic forms of policing exist within undemocratic state structures? What are the motives of donor and recipient nations, and can the norms of global civil society be cultivated in order to promote human rights, democratic governance, and fair and accountable policing? These questions are addressed in this volume, which presents a unique examination of Western-led police reform efforts by theoretically linking neoliberal globalization, police reform and development. The authors present seven country case studies based on this theoretical approach (Afghanistan, Brazil, Iraq, Northern Ireland, South Africa, Trinidad and Tobago, and Turkey) and assess the prospects for successful police reform in a global context.

The European Convention on Human Rights after Enlargement

The Council of Europe has dramatically enlarged its membership over the past decade, encompassing the vast majority of the formerly Communist states of Central and Eastern Europe. With this dramatic enlargement, the Council has sought to secure its place in the complex institutional architecture of post-Cold War Europe, building on its traditional strengths in the promotion of democratic governance and human rights. Yet, both inside and outside the organisation, voices have been raised to suggest that the Council has lowered its admission standards in a manner which risks compromising the legitimacy of the European Convention on Human Rights. Against the background of these ongoing controversies, this article assesses the impact of enlargement on the European human rights system. Focusing on the composition of the European Court of Human Rights and the initial pattern of cases from the Central and East European member states, it is demonstrated that the short-term impact of enlargement has been quite limited. Nevertheless, it is clear that the Court will face major new challenges over the coming years. In part, the Court will have to assume the role of an adjudicator of transition. More generally, there will also be mounting pressures for it to (re)cast itself more clearly as a European constitutional court.

Nationalism, Ethnicity and Self-Determination: A Paradigm Shift?

An ongoing paradigm shift is giving birth to a more multidimensional understanding of the relationship between nationalism, sovereignty, self determination and democratic governance. A common element across the various versions of the new paradigm is the dispersal of democratic governance across multiple and overlapping jurisdictions. Governmental processes are no longer seen as discrete, centralised and homogenous as in the old nation-state model, but as asymmetrical, multilayered and multicultural, with devolution into multiple jurisdictions. These changes have hardly affected the two main conceptual frameworks that dominate the study of nationalism, Modernism and Ethnosymbolism. As a result, they risk becoming irrelevant to the new forms of national self determination, asymmetrical governance and shared sovereignty. Modernism and Ethnosymbolism insist that nationalism seeks to equate the nation with a sovereign state, while in reality the overwhelming majority of nations are stateless and unable to build nation states, as they often inhabit territories shared with other nations. The paradigm shift occurs precisely with the realisation that nation state sovereignty is no longer a feasible solution to the demands of stateless nations. Ethnosymbolism is in a much better position to adapt to the paradigm shift provided it abandons the claim that the nation state is the best shell for the nation.

Sustainability-related media coverage and socioeconomic development: a regional and North–South perspective

Abstract. With this paper we discuss the differences between sustainability-related media agendas across different countries and regions. Utilising a sample of 115 leading national newspapers covering forty-one countries, we show that typically no homogeneous global trends exist with regard to sustainability-related media agendas. Instead, significant differences exist regarding the national-level prioritisations of sustainability-related issues in the countries under review. To some extent, these observed differences can be attributed to different levels of socioeconomic development as measured by Human Development Index scores and gross domestic product per capita. Here, generic differences can be identified between newspapers from the Global North and South, with a range of issues such as climate change emerging as typically Northern issues, whereas issues such as corruption and poverty show significantly higher levels of coverage across newspapers from the Global South. We conclude with a discussion of the results in the context of global environmental governance.