In an increasingly globalised world, it is becoming ever more difficult for nation states to adapt to the international consequences of market failures, government failures and global externalities without co-operation and co-ordination with other countries. In the absence of any form of world government, the most effective solution to this problem is either to create new international institutions, reform existing ones or work within the prevailing institutional framework.
This book presents a critical analysis of the role of international institutions and their performance in terms of justification, effectiveness and efficiency. The authors begin by discussing the controversies surrounding the Tobin Tax in the context of global governance. They move on to address important global issues where international institutions play a significant role. These include trade and FDI in relation to the WTO, and the reconciliation of order and justice in the international trading system. Further chapters investigate development issues and international institutions, most of which were not designed for the specific needs of developing countries. They assess whether international institutions can actually help to mitigate the tendency of uneven development in the global economy. Finally, the focus switches to the analysis and evaluation of one specific institution and its actions, namely, the Bank for International Settlements (BIS).
This important theoretical and empirical analysis of the problems relating to the creation, evolution and role of international institutions will be of interest and value to academics and researchers of international trade, international economics, international relations and economic development.
1. Global Market, National Sovereignty and International Institutions
2. The Tobin Tax Revisited in the Context of Global Governance on Capital Markets
3. The WTO System and Foreign Direct Investment: A Policy Challenge
4. Order and Justice in the International Trade System
5. Some Proposals to Adapt International Institutions to Developmental Needs
6. Globalization, NorthSouth Uneven Development and International Institutions
7. Comment on Globalization, NorthSouth Uneven Development and International Institutions
8. The Bank for International Settlements: Which Activities can be Justified from a Normative Economic Perspective?
9. Basle II: Quantitative Impact Study on Small and Medium-sized Enterprises in Austria
10. Basle Accord and Macroeconomic Activity Index
V. N. Balasubramanyam, P. Bernholz, J.-r. Chen, A.K. Dutt, P. Egger, K. S. Kim, S.-H. Kim, K. Raffer, D. Sapsford, W.S.A. Schwaiger, J. Toye