International Capital Mobility and Domestic Institutions:Corporate Finance and Governance in Four European Cases

This article considers the impact of international capital mobility on thecharacter of corporate finance and corporate governance in four European countries (Germany, France, Spain, and Italy). We take issue with the widespread view that the growth of international financial markets and the lifting of capital controls will in themselves produce convergence in national systems of corporate finance and governance. Although we find evidence of convergence in specific aspects of financial regulation (e.g., the abandonment of selective credit regulation and the dismantling of barriers to universal banking), these regulatory changes have not produced any clear convergence toward either the Anglo-Saxon model of corporate finance and governance predicted in much of the literature or the alternative German bank-based model. The reasons for this, we suggest, have much to do with the way in which the politics of financialreform are likely to differ from those postulated in market-driven models of regulatory change and the fact that countries are susceptible to international pressures in different ways.     

民族国家与全球化

在全球化过程中,作为政治单位的民族国家的主权仍是世界政治的重心所系,尽管它不可避免地受到国际社会的影响.经济的全球化趋势推动着人类社会政治结构朝全球性方向演进,从而形成国际社会与民族国家在政治影响上的互动.各个民族国家都以积极的姿态参与到国际政治中去,全球性治理和超国家治理的组织正是由各个国家积极参与的结果.     

‘A Profoundly Disruptive Force’: The CIA,Historiography and the Perils of Globalization

This essay argues that, since 1989, the CIA has been slow to understand the transformative impact of globalization upon its own activities as an intelligence agency. While the CIA spent considerable time examining global trends as part of its work on generalized strategic analysis, its thinking about how globalization would change its own business was less prescient. This problem is explained in terms of the way in which debates over the CIA have been framed historiographically. While intelligence studies as a subject has been successfully integrated into mainstream international history, it has failed to make the same connections with international relations. As a result, those debating how intelligence might change have tended to focus quite narrowly on matters of bureaucratic organization and have taken only limited interest in global politics. This is stark contrast to those working on the subject of terrorism and counter-terrorism, who have engaged in wider debates about world affairs. This needs to change, since the perils of globalization remain the over-arching challenge for the CIA over the next ten years.     

French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism

This article analyses the implications of the internationalisation of capital markets, and the influx of Anglo-Saxon institutional investors, for the French model of capitalism. Its central contention is that the global convergence thesis misrepresents contemporary evolutions because it pays insufficient attention to mechanisms of change within models of capitalism. Secondly, framing analysis in terms of hybridisation and fragmentation of national models, rather than convergence, offers greater explanatory purchase over the French model, constitutes a more accurate characterisation, and helps avoid the 'convergence or persistence' impasse within models of capitalism analysis. In exploring French corporate governance, it emphasises the importance of specifying the role of institutional mechanisms as transmission belts of change as a precursor to an assessment of how far shifts in international political economic context bring about changes within French capitalism. Focusing on financial market regulation regime, new legislation in corporate governance and company law, and the market for corporate control as three key potential mechanisms of change, it finds that pre-existing norms and structures endure, mediating the nature of a national political economy's articulation with the international context. Hybridisation and recombination of capitalist institutions drawn from different models provide a far more persuasive account than convergence.     

Civil society in an age of globalization: A neo-Gramscian perspective

Abstract

Since the 1970s, the world has seen an intensification of the globalization processes of social relations, an intensification that has direct implications for the study of contemporary world politics. One important aspect of such implications concerns the emergence of new actors in world politics, not just in national terms, but also at the local, regional and global levels—in other words, approaching the global political economy as a whole. In some sense, it is possible to say that dominant and dominated social groups are being influenced and are influencing such globalization processes, so at present it would be possible to note the rising of a transnational fraction of the capitalist class and the rise of a globalized resistance within the ambit of a civil society influenced by globalization processes. Therefore, the objective of the current article is to analyze the transformation process of social forces in an age of the intensification of globalization of social relations. Put another way, the article assesses the transformations of civil society in an age of globalization that present new dilemmas and possibilities to the collective political agency in the twenty-first century.     

Globalization, Popular Resistance and Postmodernity

This paper asks if globalization is simply the latest reticulation of the regional, class, and cultural struggles embedded at the core of worldwide capitalist exchange. As practices of transnational businesses, national state authorities, and regional growth coalitions turn to globalization rhetorics to promote on-going commercial expansion, new networks of local activists, international migrants, and progressive intellectuals are developing their own anti-global rhetorics and practices to defend themselves, their localities, and the environment. This paper investigates how these conflicts arise, in part, out of the modes of organization at work in the world economy. That is, professional-technical experts with vested interests in the corporate groups or state offices that now organize most forms of production and consumption find their expert authority contested by popular resistances. These essentially populist movements seek to defend the discretion of ordinary people against trained expertise in choosing how localities and individuals attain valued goals, like economic equality, democratic participation, environmental balance, or cultural integrity.     

The Venture Capital Perspective on Collaboration with Large Corporations/MNEs in London and the South East: Pursuing Extra‐Regional Knowledge and the Shaping of Regional Venture Capital Networks?

A seeming paradox of globalization is that while innovation and the industries and institutions that support it transcend local and national boundaries, high‐tech innovative activity continues to agglomerate in a select number of high‐capacity regions. Research, however, suggests that innovative regions must—through collaborative activity and related networks—both economize regional capacities while remaining open to global knowledge and finance. Collaboration and network formation are viewed as critical in this regard, as the competitive pressures of globalization are forcing firms to adopt collaborative and open innovation practices: forging relationships with external partners. Two important sources of knowledge and finance are regionally concentrated venture capital firms and large corporations, often globe‐straddling multinational enterprises. While collaboration occurs between these two actors, an understanding of the processes and implications has only begun to emerge. Focusing on collaborative venture capital activity in London and the South East, this exploratory paper presents a preliminary understanding as to the role that this particular collaborative activity plays in the pursuit of complementary, extra‐regional knowledge and expertise, and the extent to which this collaboration is recharacterizing the shape of regionally based venture capital networks.     

全球化视域下中国政策转移的反思与建构

随着全球化进程逐步深入,政策议程已经越来越多地受到跨国经验的影响.各种团体、国际组织以及各类政策制定者越来越多地"转移"国际经验到本国的政治、经济与社会中,而处于这一进程中的我国政策制定必将更加不可避免地受到这一趋势的影响.因此,如何适应这一新形势的要求,研究政策转移的特点及规律,特别是探索一个符合中国国情的政策转移体系,以对当下我国政策过程实践有所启发和帮助,是我们亟待解决的新课题.文章以全球化为背景,通过对我国政策转移的回顾与反思,针对影响我国政策转移的主要障碍及其症结,尝试建构当前我国政策转移的框架体系及保障机制,以供我国政策转移实践之参考.     

Lander Governance in a Global Era: The Case of Hesse

Subnational governments in federal systems are among the institutionsbeing buffeted by economic trends and institutional developmentsassociated with globalization. While the national governments'ability to maintain policy autonomy in a global age is frequentlyexamined, less attention has been devoted to the subnationalleaders' capacity for responding to global circumstances whilestill preserving the traditions and priorities of their jurisdictions.This article explores the responses of a single German Land,Hesse, to international events between 1982 and 1999. The analysisconcentrates first on changes in governmental structure andprocedure that reflect developments in Hesse's global environment,and then on changes in economic and environmental policy, apolicy domain central to Hessian politics throughout the period.Hesse's political leadership has not been able to insulate theLand from global pressures, but by acknowledging their distinctcircumstances, they have shaped institutions and policies inways that have enhanced their ability to derive significantadvantage from trends originating outside their borders.     

Accountability in World Politics1

World politics has never been a democratic realm. Now, with interdependence and globalization prompting demands for global governance, the lack of global democracy has become an important public issue. Yet the domestic analogy is unhelpful since the conditions for electoral democracy, much less participatory democracy, do not exist on a global level. Rather than abandoning democratic principles, we should rethink our ambitions. First, we should emphasize, in our normative as well as our positive work, the role played by information in facilitating international cooperation and democratic discourse. Second, we should define feasible objectives such as limiting potential abuses of power, rather than aspiring to participatory democracy and then despairing of its impossibility. Third, we should focus as much on the powerful entities that are the core of the problem, including multinational firms and states, as on multilateral organizations, which often are the focus of criticism. Finally, we need to think about how to design a pluralistic accountability system for world politics that relies on a variety of types of accountability: supervisory, fiscal, legal, market, peer and reputational. A challenge for contemporary political science is to design such a system, which could promote both democratic values and effective international cooperation.     

International Capital Mobility in an Era of Globalisation: Adding a Political Dimension to the 'Feldstein–Horioka Puzzle'

The debate about the scope of feasible policy-making in an era of globalisation continues to be set within the context of an assumption that national capital markets are now perfectly integrated at the international level. However, the empirical evidence on international capital mobility contradicts such an assumption. As a consequence, a significant puzzle remains. Why is it, in a world in which the observed pattern of capital flows is indicative of a far from globalised reality, that public policy continues to be constructed in line with more extreme variants of the globalisation hypothesis? I attempt to solve this puzzle by arguing that ideas about global capital market integration have an independent causal impact on political outcomes which extends beyond that which can be attributed to the extent of their actual integration.     

Human Rights Discourse in Domestic Settings: How Does it Emerge?

Building on the literature that analyzes the impact of norms and ideas on international and domestic politics, it is our assumption that the widespread introduction and dissemination of a human rights discourse enables oppressed groups to translate events into rights language and to appeal to courts, politicians and media in order to seek remedies for their grievances. In so far as human rights discourse actually helps introduce more ethical policies and legislation, it is crucial to understand how this discourse, which in the past 55 years evolved and proliferated on the global level, emerges and develops in domestic settings. Using Israel as a case study, and more specifically analyzing the Israeli press, we further develop some of the existing theoretical claims about how the global and local interact. We argue that in order to understand how the rights discourse is imported into the domestic arena and how it expands once it enters the local scene, it is crucial to employ a broader conception of the global and a more differentiated view of the local. We emphasize the significance of local events and practices in determining the impact of the global on national settings, suggesting that one cannot understand transnational flows without unveiling the black box of the domestic arena.     

确保俄罗斯经济竞争力的战略思考

在合理配置国家资源条件下,使用指示性计划的国际经验表明,指示性计划必须结各国具体的经济、社会和政治情况。俄罗斯在融入全球化的过程中,需要建立起符合自身条件的市场机制,处理好全球化进程中俄罗斯国民税收体系改革和人力资本问题,从而使俄罗斯摆脱沦为西方发达国家原材料提供者的危险境地。要建成国家投资和创新的发展模式,走上可持续增长的轨道,并将居民的生活质量提高到一个新的水平,从战略的角度考虑,俄罗斯需要提高国家在社会经济发展中的作用,建立起社会取向型国家的劳动和社会福利关系。     

Ideology and Voter Preferences as Determinants of Financial Globalization

We propose that the global spread of ideas affects international economic openness policies, and that to omit ideology as an explanatory variable for economic globalization is to risk omitted variable bias. Using voting data, we create measures of global ideology regarding economic openness and propose that changes in both global and domestic ideology influence how open or closed to international finance an economy is. We also test other influences on liberalization, including proposed state-centered diffusion mechanisms. Using PCSTS and system-GMM models, we estimate the determinants of change in international capital account regulation for 82 countries, 1955 to 1999. We thereby examine diffusion of both liberalizations (1950s and 1990s) and closures (1960s and 1970s). Changes in both global and domestic ideology robustly influence liberalization and closure. The capital account policies of neighboring countries (positively) and of the leading economies (negatively) also influenced a country's capital account liberalization.     

Deputy sheriff or independent ally? Evolving Australian–American ties in an ambiguous world order

The policies of Australia’s current government have been so close to the United States as to invite comparisons to an Australian ‘deputy sheriff’ executing the interests and policies of a US global marshal. Advocates of the ANZUS alliance disagree, citing the immense politico-strategic benefits Australia extracts from that relationship and insisting that ANZUS objectives are commensurate with a stable and just world order. Recent developments in international security politics such as the Iraq conflict and the persistence of global terrorism may now challenge that proposition and test the Australian electorate’s future support for the American alliance. A greater determination by Australia to cultivate a more balanced approach to alliance politics will underwrite its national security interests more effectively than a sustained and rigid adherence to alliance loyalty under any circumstances.     

Mobile Capital, Democratic Institutions, and the Public Economy in Advanced Industrial Societies

This article addresses the following questions. Is international capital mobility systematically related to reductions in the size of the public economy, as globalization theory suggests? Alternatively, do democratic institutions and processes shape the ways in which internationalization affects national policies? Specifically, I argue that the effects of capital mobility on the scope of the public economy should be conditioned by the institutional forms of societal interest representation and the formal organization of decision-making authority within the polity. Utilizing econometric analysis of 1964–1993 data from 16 nations, I find that international capital mobility has few direct effects on the scope of the public economy. However, configurations of democratic institutions fundamentally shape the domestic policy impacts of capital mobility. Where social corporatism and inclusive electoral institutions are strong and where decision-making authority within the polity is concentrated, international capital mobility is either unrelated to the scope of the public economy or positively associated with total public spending, social transfers, and public consumption. In institutional contexts of pluralist interest and exclusive electoral representation, and in polities where decision-making is dispersed, rises in capital mobility are systematically associated with rollbacks of the public sector.     

Impact of National Politics on Local Elections in Scandinavia

The impact of national politics on local county and municipal elections since about 1970 is studied at the aggregate national level in Denmark, Norway and Sweden. At this level, the local politics swing, i.e., the change in party support from one local election to the next, can to a high degree be predicted by the swing in national politics support. In Sweden, the national politics support is simply the party support at the national election held on the same day as the local elections, while opinion polls are used for Denmark and Norway. With the swing model for proportional impact from national to local politics, it appears that the national impact is stronger in Norway and Sweden than in Denmark. The swing model can be improved by including feedback from the difference between local politics and national politics support at the previous election. The feedback force from national to local politics estimated by the feedback model is also stronger in Norway and Sweden than in Denmark. Further, a preliminary analysis of Danish data indicates that the feedback model is especially relevant for analysis of data from the individual municipalities.     

A Regional Party in a Centralized Country: The Case of One Osaka in Japan

Among the regional parties that have emerged in Japan against a background of prevalent voter disillusionment with national politics, by far the most prominent and successful example is One Osaka (Osaka Ishin no kai), which won both the 2011 gubernatorial and mayoral elections (‘double elections’) in Osaka against rivals backed by both major national parties before expanding into a national party. The present study attempts to place this party in a comparative context and analyses a voter survey to test the extent to which party support is attributable to political alienation, local factors, policy stances and favourable views of candidates. Results show that backing for One Osaka was based less on issue preferences or general disaffection with national politics, but instead motivated primarily by positive attitudes towards its candidates, particularly the party leader. The article also traces the party's expansion into national politics, compares its leadership with regional parties in other countries and discusses its future prospects.     

Democratic Theory and the Public Sphere Project: Rethinking Knowledge,Authority, and Identity

This paper is concerned with the problem of academic acquiescence in the decline of public discourse in the United States. Noting current tendencies for the university to operate as another transnational corporation, the argument targets and probes post-communal professionalism which as a sub-ideology is linked to the dualistic social imaginary of the corporate state. Discussing works by Rieff and Lasch, the critique situates this ideology in the liberal-progressivist middle-class culture that is much more bound to the transnational corporate state's consumer culture than many academics wish to acknowledge. A theoretical critique of the subjectivization of postmodern "resistance" is presented as one way of facilitating democratic Left intellectual interest in pursuing a true "border politics" between academic and general cultures. Disembodied, placeless visions of professionalism must be replaced with perspectives and projects foregrounding agency rather than "identity" and political action rather than "self-fulfillment." Scholars critical of the university's role in corporate globalization should take a lesson from John Dewey's "civic professionalism" and envision a post-professional politics projecting democratic public spheres that connect with recent political forms of grassroots globalization aiming at more sustainable ways of life.     

American citizenship and expatriatism: identity and politics outside the state

This article seeks to interrogate the concept of global citizenship through the disruptive lens of the American expatriate. The goal of this inquiry is to use empirical research done on American expatriates, including the results of a survey conducted by the authors, to better understand issues of citizenship and politics amongst American expatriates. The theoretical literature on citizenship and transnationalism argues that immigrants and expatriates help challenge the hegemony of the nation-state, a claim that can be tested by investigating how expatriates view their own experiences. By juxtaposing the empirical work of researchers focused on American expats with the theoretical work of citizenship and globalization theorists, we find that political affinity and national identity continue to matter for those living outside the USA, but within a larger global context. Thus, if the path envisioned by those who embrace globalization is to be followed, how might concepts of citizenship and national policy towards their citizens need to change?