Regulatory Transformations: Rethinking Economy-Society Interactions (Oñati International Series in Law and Society)

"The issue of whether and the extent to which transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism': the story of how capitalist countries learned to reconcile the efficiency of markets with the values of social community that markets themselves require in order to survive and thrive. This edited collection is located in wider debates about global capitalism and its regulation, a debate that is at the cutting edge of academic scholarship and contemporary public policy developments. The collection tackles the challenge of finding a way forward for regulation that does not accept the old division of regulation into economic and social fields, as if these two were conceptually and empirically distinct. Instead this rich, multidisciplinary collection of essays engages with a critical central theme -- namely the idea of regulating through a social sphere -- which recognises the embeddedness of economic transactions within a social and political landscape. A key strength of this book is its integration of three distinct areas of scholarship: Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational risks. The collection is distinct in that it links the study of specific transnational risk regulatory regimes back to a social-theoretical discussion about economy-society interactions, informed by Polanyi's work. Critically, the concept of regulating through a social sphere is explored in a manner that ensures coherence of the work as a whole and offers new insights to readers. Each chapter addresses the way in which economics, as well as economic and social regulation, can never be understood separately from the social particularly in the transnational context. The collection is relevant to a wide academic audience in the field of regulation studies, law, sociology, economics and political science."--Bloomsbury Publishing. Cover Half-title Title Copyright Dedication Contents Contributors 1. Regulatory Transformations: An Introduction I. THE RISE OF A SOCIAL SPHERE IN REGULATION II. WHAT DO WE MEAN BY HARNESSING THE REGULATORY CAPACITY OF A SOCIAL SPHERE? III. KARL POLANYI’S WORK AS A FRAME FOR ANALYZING THE REGULATORY CAPACITY OF A SOCIAL SPHERE IV. BUILDING ON AND DEVELOPING POLANYI’S IDEAS V. HARNESSING THE REGULATORY CAPACITY OF A SOCIAL SPHERE IN TRANSNATIONAL RISK REGULATION VI. HARNESSING THE REGULATORY CAPACITY OF A SOCIAL SPHERE: A CONTRIBUTION TO THREE CONTEMPORARY REGULATION DEBATES VII. HARNESSING THE REGULATORY CAPACITY OF A SOCIAL SPHERE: A NEW RESEARCH AGENDA Part I: Theoretical Resources for Thinking about how to Harness the Regulatory Capacity of a Social Sphere 2. The Regulation of Markets: Polanyian Perspectives I. INTRODUCTION II. POLANYI’S THEORY OF THE ECONOMY AS INSTITUTED PROCESS III. EMBEDDEDNESS AND THE REGULATION OF MARKETS IV. THE DOUBLE MOVEMENT AND THE PROBLEM OF POLICY INTERVENTION V. CONCLUSION 3. Economics and Transnational Risk Regulation I. INTRODUCTION II. POLANYI’S CRITIQUE OF THE EARLY ECONOMISTS III. THE EVOLUTION OF ECONOMIC DISCOURSE IV. POLANYI’S CRITIQUE AND THE METHODOLOGY OF ECONOMICS V. TRANSNATIONAL RISKS ASSOCIATED WITH CONCENTRATION OF ECONOMIC POWER C. Competition Advocacy VI. THE ABILITY OF ECONOMICS TO ADDRESS THE TRANSNATIONAL RISKS ASSOCIATED WITH CONCENTRATION OF ECONOMIC POWER VII. CONCLUSION Part II: Harnessing the Capacity of a Social Sphere for Regulating Corporate Actors 4. Export Credit Agencies and Human Rights Abuses: Flux and Friction in Regulation I. INTRODUCTION II. WHAT IS EXPORT FINANCE? III. ANTI-PROTECTION REGULATION AND THE ROLE OF THE OECD IV. ENROLLING ECAS AS REGULATORS—THE RISE OF HUMAN RIGHTS CONCERNS IN HOST COUNTRIES V. POLANYI AND HUMAN RIGHTS REGULATION IN THE CONTEXT OF TRANSNATIONAL FINANCE VI. POLITICAL STRUGGLES OVER SOCIAL AND ECONOMIC TENDENCIES IN ECA AND HUMAN RIGHTS REGULATION VII. DIFFERENCES BETWEEN HOME AND HOST COUNTRIES VIII. EMBEDDING OF ECA HUMAN RIGHTS REGULATION IX. TRANSPARENCY X. CONCLUSION 5. Transnational Business and the Politics of Social Risk: Re-Embedding Transnational Supply ChainsThrough Private Governance I. INTRODUCTION II. EMBEDDING AND DISEMBEDDING IN A RISK SOCIETY III. RE-EMBEDDING THROUGH PRIVATE REGULATION? IV. ETHICAL CLOTHING AUSTRALIA V. FAIR TRADE VI. LESSONS FOR RE-EMBEDDING DIFFUSE AND TRANSNATIONAL NETWORKS OF PRODUCTION Part III: Regulating Trade in Fictitious and Risky Commodities 6. Making Sense of the WTO Sanitary and Phytosanitary Agreement: An Essay about Scholarly Expertise I. THOUGHTS ON THE EXPERTISE OF WTO LAWYERS II. THE SPS AGREEMENT FROM A WTO LAW PERSPECTIVE III. THE LIMITS OF THE WTO LAW FRAME IV. FOSTERING SPS EXPERTISE V. CONCLUSION 7. Regulating Economic Activity Through Performative Discourses: A Case Study of the EU Carbon Market I. INTRODUCTION II. HOW TO OVERCOME A DICHOTOMY BETWEEN AN ECONOMIC AND SOCIAL SPHERE IN POLANYI’SEMBEDDEDNESS METAPHOR? III. GOING BEYOND A CLEAR-CUT DICHOTOMY BETWEEN ECONOMY AND SOCIETY: ECONOMY AND SOCIETY AS DISCURSIVELY PERFORMED IV. INTRODUCING THE EU CARBON MARKET V. NEW CONNECTIONS: LACLAU’S AND MOUFFE’S IDEAS ABOUT DISCOURSE AND THE EU CARBON MARKET VI. CONCLUSION: FROM LACLAU AND MOUFFE BACK TO POLANYI 8. (Dis)embeddedness and the Management of Transnational Risk: The Case of Blood Regulation I. INTRODUCTION II. (DIS)EMBEDDEDNESS AND THE REGULATION OF RISK III. CASE STUDY: BLOOD REGULATION IV. REGULATING BLOOD AND PLASMA PRODUCTS V. CONCLUSION 9. Double Movements in the Regulation of New Technologies: The Case of Nanotechnology I. INTRODUCTION II. THIS CHAPTER III. THE EXISTING REGULATION OF NANOTECHNOLOGY IV. TWO DIFFERENT REGULATORY RESPONSES V. EMBEDDING AND DISEMBEDDING VI. CONCLUSION 10. Risk-Free Debt: The Distorting Promissory Narratives in Sovereign Debt Law and Policy I. INTRODUCTION II. NARRATIVES AND POLANYIAN SCHOLARSHIP III. THE PROBLEM OF SOVEREIGN DEBT IV. THE ARGENTINE DEBT LITIGATION: DEBTOR PROMISES MUST BE ENFORCED IN FULL V. ECB POLICY INTERVENTIONS: DEBTOR PROMISES MUST BE FULFILLED VI. A ‘CONVENTIONAL’ NARRATIVE: THE ROAD NOT TAKEN VII. CONCLUSIONS Index The issue of whether transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism': how capitalist countries have reconciled markets with the social community that markets require to survive and thrive. This collection, located in the wider debates about global capitalism and its regulation, tackles the challenge of finding a way forward for regulation. It rejects the old divisions of state and market, citizens and consumers, social movements and transnational corporations, as well as 'economic' and 'social' regulation. Instead this rich, multidisciplinary collection engages with a critical theme-the idea of harnessing the regulatory capacity of a social sphere by recognising the embeddedness of economic transactions within a social and political landscape. This collection therefore explores how social norms, practices, actors and institutions frame economic transactions, and thereby regulate risks generated by and for business, state and citizens. A key strength of this book is its integration of three distinct areas of scholarship: Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational hazards. The collection is distinct in that it links the study of specific transnational risk regulatory regimes back to a social–theoretical discussion about economy–society interactions, informed by Polanyi's work. Each of the chapters addresses the way in which economics, as well as economic and social regulation, can never be understood separately from the social, particularly in the transnational context. Endorsement 'This thought-provoking collection asks the most critical question of our time – how to civilise markets through social accountability and political action. The climate and financial crises we face show how crucial this challenge is. Lange, Haines and Thomas have put together a series of fruitful case studies of the possibilities for embedding economic relationships in social relationships by a series of top-class researchers within their own illuminating and sensitive framing of the issue'. Professor Christine Parker, Professor of Regulatory Studies at Monash University. "The issue of whether and the extent to which transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism' : the story of how capitalist countries learned to reconcile the efficiency of markets with the values of social community that markets themselves require in order to survive and thrive. This edited collection is located in wider debates about global capitalism and its regulation, a debate that is at the cutting edge of academic scholarship and contemporary public policy developments. The collection tackles the challenge of finding a way forward for regulation that does not accept the old division of regulation into economic and social fields, as if these two were conceptually and empirically distinct. Instead this rich, multidisciplinary collection of essays engages with a critical central theme -- namely the idea of regulating through a social sphere -- which recognises the embeddedness of economic transactions within a social and political landscape. A key strength of this book is its integration of three distinct areas of scholarship : Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational risks. The collection is distinct in that it links the study of specific transnational risk regulatory regimes back to a social-theoretical discussion about economy-society interactions, informed by Polanyi's work. Critically, the concept of regulating through a social sphere is explored in a manner that ensures coherence of the work as a whole and offers new insights to readers. Each chapter addresses the way in which economics, as well as economic and social regulation, can never be understood separately from the social particularly in the transnational context. The collection is relevant to a wide academic audience in the field of regulation studies, law, sociology, economics and political science."--Résumé de l'éditeur Présentation de l'éditeur : "The issue of whether transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism': how capitalist countries have reconciled markets with the social community that markets require to survive and thrive. This collection, located in the wider debates about global capitalism and its regulation, tackles the challenge of finding a way forward for regulation, rejecting the old division of regulation into 'economic' and 'social', as if the two were conceptually and empirically distinct. Instead this rich, multidisciplinary collection engages with a critical theme - the idea of regulating through a social sphere - recognising the embeddedness of economic transactions within a social and political landscape. A key strength of this book is its integration of three distinct areas of scholarship: Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational hazards. The collection is distinct in that it links the study of specific transnational risk regulatory regimes back to a social-theoretical discussion about economy-society interactions, informed by Polanyi's work. Each of the chapters addresses the way in which economics, as well as economic and social regulation, can never be understood separately from the social, particularly in the transnational context." The issue of whether transnational risk can be regulated through a social sphere goes to the heart of what John Ruggie has described as 'embedded liberalism': how capitalist countries have reconciled markets with the social community that markets require to survive and thrive. This collection, located in the wider debates about global capitalism and its regulation, tackles the challenge of finding a way forward for regulation, rejecting the old division of regulation into 'economic' and 'social', as if the two were conceptually and empirically distinct. Instead this rich, multidisciplinary collection engages with a critical theme -the idea of regulating through a social sphere- recognising the embeddedness of economic transactions within a social and political landscape. A key strength of this book is its integration of three distinct areas of scholarship: Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational hazards. The collection is distinct in thatit links the study of specific transnational risk regulatory regimes back to a social-theoretical discussion about economy-society interactions, informed by Polanyi's work. Each of the chapters addresses the way in which economics, as well as economic and social regulation, can never be understood separately from the social, particularly in the transnational context.-- Provided by publisher This collection explores debates on global capitalism and its regulation. It integrates three areas: Karl Polanyi's economic sociology, regulation studies and socio-legal studies of transnational risks