Firm Interests in Uncertain Times: Business Lobbying in Multilateral Service Liberalization
Many observers agree that the multilateral liberalization of service trade was a response to the intense lobbying efforts of financial service companies. In contrast, many of the firms that were affected by the General Agreement on the Trade of Services did not know where their interests lay in the multilateral negotiations and only began to work with their governments very late in the process. This paper shows that the preference evolution of service companies – both the first movers and the late comers – cannot be explained with reference to material rationality only. As a radically new trade issue, service trade was a realm of great uncertainty for business and they relied on social devices rather than pure economic calculations to determine how to position themselves on liberalization. In times of uncertainty, the differential logic of social embeddedness and the institutional constraints of a firm’s national setting are therefore a more appropriate indicator for business demands than material incentives arising from the global economy.
|Date of creation:||Apr 2010|
|Publication status:||Published in Constructing the Political Economy, pp.137-154|
|Contact details of provider:|| Web page: http://www.sciencespo.fr/|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Donald MacKenzie, 2006. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262134608, March.
- von Hayek, Friedrich August, 1974.
"The Pretence of Knowledge,"
Nobel Prize in Economics documents
1974-2, Nobel Prize Committee.
- Drake, William J. & Nicolaïdis, Kalypso, 1992. "Ideas, interests, and institutionalization: “trade in services” and the Uruguay Round," International Organization, Cambridge University Press, vol. 46(01), pages 37-100, December.
- William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, EconWPA, revised 17 May 1995.
- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
When requesting a correction, please mention this item's handle: RePEc:spo:wpmain:info:hdl:2441/f5vtl5h9a73d5ls976m3igpqi. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Spire @ Sciences Po Library)
If references are entirely missing, you can add them using this form.