Governance of sustainable development: Towards synergies between corporate and political governance strategies
The paper explores a framework for analysing governance towards sustainabledevelopment. Departing from the thesis about a possible positive role forcorporate action, it refers to recent theorizing about both market and governmentfailures. Discussing externalities, public goods, information and adaptationdeficits, as well as bureaucracies' self-interest, corruption and capture of theregulator, the paper stresses the importance of governance aiming at synergiesbetween corporate and political governance. Concerning framework conditions, itoutlines principles of regulated self-regulation. Following the thesis about apositive role, the paper adds recent insights about theories of the knowledge-basedfirm, which help to analyse market evolution. In this context, it outlines theconcept of responsible corporate governance. Because governance involvesactors in their daily operations and certainly goes beyond setting a frame, thepaper finally discusses innovation-inducing regulation, serving complementaryfunctions to a framework and business operations. The conclusion is drawn thatgovernments' main function is to facilitate learning processes, thus departing fromstates' function as known from welfare economics. Thus, governance will have tobe explored as collective learning, involving business, governments, and civilsocieties' actors.
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.:
- Backhaus, Jurgen G., 1999. "The law and economics of environmental taxation: when should the ecotax kick in?1," International Review of Law and Economics, Elsevier, vol. 19(1), pages 117-134, March.
- Andrei Shleifer, 1998.
"State Versus Private Ownership,"
Harvard Institute of Economic Research Working Papers
1841, Harvard - Institute of Economic Research.
- Rosenberg,Nathan, 1994.
"Exploring the Black Box,"
Cambridge University Press, number 9780521452700.
- Metcalfe, J S, 2001. "Institutions and Progress," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 561-86, September.
- Brian J. Loasby, 2001. "special issue: Cognition, imagination and institutions in demand creation," Journal of Evolutionary Economics, Springer, vol. 11(1), pages 7-21.
- Mancur Olson, 1996. "Distinguished Lecture on Economics in Government: Big Bills Left on the Sidewalk: Why Some Nations Are Rich, and Others Poor," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 3-24, Spring.
- Ikujiro Nonaka & Ryoko Toyama, 2002. "A firm as a dialectical being: towards a dynamic theory of a firm," Industrial and Corporate Change, Oxford University Press, vol. 11(5), pages 995-1009, November.
- Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
- Gerhard Wegner, 1997. "Economic Policy From an Evolutionary Perspective: A New Approach," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(3), pages 485-, September.
- Richard R. Nelson, 2002. "The problem of market bias in modern capitalist economies," Industrial and Corporate Change, Oxford University Press, vol. 11(2), pages 207-244.
- Elinor Ostrom, 2000. "Collective Action and the Evolution of Social Norms," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 137-158, Summer.
- Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.
- Bringezu, Stefan, 2002. "Towards sustainable resource management in the European Union," Wuppertal Papers 121, Wuppertal Institute for Climate, Environment and Energy.
- James M. Buchanan & Richard A. Musgrave, 1999. "Public Finance and Public Choice: Two Contrasting Visions of the State," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262024624, June.
When requesting a correction, please mention this item's handle: RePEc:zbw:wuppap:132. 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: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.