Sharing sovereignty for global regulation: The cases of fuel economy and online gambling

Abstract

Globalization is sometimes taken as a synonym for market liberalization, because it is claimed that power has flowed from states to markets. Whether happening as a result of undeniable ''forces'' or some hegemonic consensus, many on both the left and right of politics agree that this is a reality. However, this article argues that states which share sovereignty with market actors are able to influence outcomes beyond their borders. The cases of fuel economy and online gambling regulations are used to illustrate the point. In the former case, Japanese and European industry-driven regulations are being ''exported'' in the attributes of the products of their car industries. In the latter, UK market-friendly regulations are likely to be ''exported'' to the European region and beyond because of industry support, and market liberalization principles embodied in European Union institutions. Both cases indicate that sharing sovereignty in the process of making and implementing national regulations produces opportunities for global regulation.

Public and Private Governance in Interaction: Changing Interpretations of Sovereignty in the Field of Sustainable Palm Oil

“…The proliferation of non-state actors as new governance agents are thereby challenging the state as the supreme authority within a territory [31][32][33]. Due to increasing cross-border trade flows, states have increasingly shared their sovereignty over territory and transactions with market actors [34], and therefore cannot simply ignore private governance arrangements [35]. At the same time, private governance arrangements are often dependent on local public governance when it comes to the implementation of the VSS at the local level [10,36,37].…”

Wobbling but Still on its Feet: The Turkish Economy in the Global Financial Crisis

“…In this global punctuated equilibrium, Keynesian ideas, based on demand-side macroeconomics with its regulatory state, are increasingly back onto governmental agendas at the systemic and national levels of capitalism restructuring. Arguably, there will be more opportunities for nation-states to seize a collective financial regulatory initiative beyond and within their borders (see Braithwaite and Levi-Faur 2008;Mikler 2008).…”