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The New Multilateralism: The Shift to Private Global Regulation

Author

Listed:
  • Lawrence L. Herman

    (Cassels Brock & Blackwell LLP)

Abstract

Non-state actors are increasingly engaged in authoritative decision-making over standards. As a result, frameworks for governing international economic transactions are increasingly being maintained by the private sector, both with and without government cooperation. Typically, these privately set standards help underpin cross-border exchanges, and increasingly help facilitate global trade beyond what World Trade Organization (WTO) rules or other government-to-government agreements have been able to do. This model of non-intrusive government vigilance could constitute a sort of “trusteeship,” promoting private regulation where it legitimately serves the public interest, while having governments act as guardians against abuse. Canada should give this phenomenon a more explicit place in its global commerce and competitiveness strategies.

Suggested Citation

  • Lawrence L. Herman, 2012. "The New Multilateralism: The Shift to Private Global Regulation," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 360, August.
    • Handle: RePEc:cdh:commen:360
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    File URL: https://www.cdhowe.org/new-multilateralism-shift-private-global-regulation
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    References listed on IDEAS

    as
    1. Tim Büthe & Walter Mattli, 2011. "The New Global Rulers: The Privatization of Regulation in the World Economy," Economics Books, Princeton University Press, edition 1, number 9470, December.
    2. Philipp Pattberg, 2005. "What Role for Private Rule-Making in Global Environmental Governance? Analysing the Forest Stewardship Council (FSC)," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 5(2), pages 175-189, June.
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    Cited by:

    1. Adam Found & Peter Tomlinson, 2012. "Hiding in Plain Sight: The Harmful Impact of Provincial Business Property Taxes," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 368, December.
    2. Philip Cross & Philippe Bergevin, 2012. "Turning Points: Business Cycles in Canada Since 1926," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 366, October.
    3. Daniel Schwanen, 2016. "At the Global Crossroads: Canada’s Trade Priorities for 2016," e-briefs 231, C.D. Howe Institute.
    4. Robert Mysicka, 2014. "Who Watches the Watchmen? The Role of the Self-Regulator," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 416, October.
    5. Daniel Schwanen, 2017. "Innovation Policy in Canada: A Holistic Approach," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 497, December.
    6. Philippe Bergevin & William B.P. Robson, 2012. "More RRBs, Please! Why Ottawa Should Issue More Inflation-Indexed Bonds," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 363, September.

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    More about this item

    Keywords

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    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • K29 - Law and Economics - - Regulation and Business Law - - - Other
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law

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