Global Governance and International Migration: A Case Study of Trafficking of Human Beings

The purpose of this article is to explore the concept of “global governance” and the way it applies to the management of international migration by using trafficking of human beings as a case study. Globalization has altered the scene of world politics. A traditional State-centric view of the world order has been overshadowed by the increasing importance of other actors, including the United Nations, multi-national corporations and non-governmental organizations. Globalization has also altered the dynamics of rule making and their enforcement within the international system, in that not only States but also these non-State actors exercise enormous influence. The concept of global governance acknowledges this as it aims to include all the pertinent actors involved. To illustrate this further, the author will use trafficking of human beings as a case study. Two key principles of global governance are participation and accountability. This article will analyse how these principles are reflected and implemented in the regime dealing with the prevention and suppression of trafficking of human beings.

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.