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81. A Singapore on the Thames? Post-Brexit Deregulation in the UK

Author:
Anastasia Nesvetailova, Ronen Palan, Stefano Pagliari, John Grahl, Richard Murphy, Izabella Kaminska, and Thomas Christiansen
Publication Date:
01-2017
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
The so-called 'Singapore on the Thames' scenarios for post-Brexit UK tend to envisage a country that has abandoned the red tape of EU regulations, likely adopted a unilateral free trade approach and introduced a low taxation regime for the corporate sector. Technically, it is possible to make Britain into a low corporate tax jurisdiction. However, while the abolition of corporation tax would create an entirely tax-free environment for foreign shareholders in UK companies, this measure would end up increasing taxes on UK privately owned businesses. In the financial sector post-Brexit, the deregulated fintech industry is likely to evolve along the historical path of the unregulated Eurodollar markets, creating additional risks for financial stability, transparency and the reputation of the UK. In reality, two sets of political-economic factors will influence the UK's economic strategy post-Brexit: domestic alliances and the international policy context.
Topic:
Regulation, Brexit, and Deregulation
Political Geography:
United Kingdom and Europe

82. Does EU Regulation Hinder or Stimulate Innovation?

Author:
Jacques Pelkmans
Publication Date:
01-2015
Content Type:
Working Paper
Institution:
Institute for Development and International Relations (IRMO)
Abstract:
‘Does EU regulation hinder or stimulate innovation’ is a frequently heard query in the EU, but there is little systematic analytical literature on the issue. Fragmented evidence or anecdotes dominate debates among EU regulatory decision-makers and in European business, insofar as there is a genuine debate at all. This text focuses on the multi-faceted, ambiguous and complex relationship between (EU) regulation and innovation in the economy, and discusses the innovation-enhancing potential of certain regulatory approaches as well as factors that tend to reduce incentives to innovate. We adopt an 'ecosystem' approach to both regulation and innovation and study the interactions between the two ecosystems. This general analysis and survey are complemented by seven case studies of EU regulation enabling and disabling innovation, two horizontal and five sectoral ones. The case studies are preceded by a broader contextual analysis of trends in EU regulation over the last three decades. These trends show the significant transformation of the nature as well as improvement of the quality of EU regulation, largely in the deepened internal market, which tend to have a favourable and lasting effect on the rate of innovation in the EU (other things being equal). Our findings include the following: Regulation can at times be a powerful stimulus to innovation. EU regulation matters at all stages of the innovation process. Different types of regulation can be identified in terms of innovation impact: general or horizontal, innovation specific and sector-specific regulation. More prescriptive regulation tends to hamper innovative activity, whereas the more flexible EU regulation is, the better innovation can be stimulated. Lower compliance and red-tape burdens have a positive effect on innovation. We recommend incorporating a specific test on innovation impacts in the ex-ante impact assessment of EU legislation as well as in ex-post evaluation. There is ample potential for fostering innovation by reviewing the EU regulatory acquis.
Topic:
European Union, Regulation, and Financial Markets
Political Geography:
Europe

83. The Hybrid Legal-Scientific Dynamic of Transnational Scientific Institutions

Author:
Oren Perez
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
The objective of the present article is to develop a better understanding of the institutional dynamic of transnational regulatory scientific institutions (RSIs). RSIs play a significant role in the transnational regulatory process by mediating between the scientific community and policy-making bodies. I argue that RSIs have a hybrid structure involving both political-legal and epistemic authority. The hybrid structure of RSIs – their capacity to exert both normative and epistemic authority – constitutes an innovative response to the demand of modern society for scientific certainty and to the scarcity of normative power in the international domain. This hybrid nature has a triple structure involving three complementary pairs: law~science, law~non-law and science~pseudoscience. I examine the way in which RSIs cope with the challenge of maintaining their epistemic and legal authority against the tensions generated by their hybrid structure. The discussion of hybrid authority is related to the problem of scientific uncertainty. I examine this theoretical argument drawing on an in-depth analysis of three RSIs that reflect the institutional diversity of the RSI network: the Intergovernmental Panel on Climate Change, the International Commission on Non-Ionizing Radiation Protection and the European Committee of Homeopaths. I conclude with a discussion of some of the policy issues associated with the institutional design of RSIs. The policy discussion refers, first, to the risk posed by RSIs’ hybrid structure to their internal stability and, second, to some potential adverse social impacts that need to be considered alongside RSIs’ projected benefits.
Topic:
International Law, Science and Technology, Law, and Regulation
Political Geography:
Europe and Italy

84. Internet Freedom and Human Rights

Author:
Daniel Joyce
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
This article considers whether the Internet has become so significant, for the provision of, and access to, information and in the formation of political community and associated questions of participation, that it requires further human rights protection beyond freedom of expression. In short, should Internet freedom be configured as a human right? The article begins by considering the ubiquity of the Internet and its significance. A wider historical view is then taken to understand Internet freedom in terms of its lineage and development from earlier debates over freedom of expression and the right to communicate, through to the recognition of the significance of an information society and the need for Internet regulation on the international plane. The current debate over Internet freedom is then analysed with particular focus given to Hillary Clinton’s speech on Internet freedom and its subsequent articulation by Special Rapporteur Frank La Rue. The concluding part introduces the critical work of Evgeny Morozov and Jaron Lanier to an international law audience in order to deepen the debate over Internet freedom and to point to the concept’s limitations and dangers. It is too early to say whether a ‘right to Internet freedom’ has achieved universal recognition, but this article makes the case that it is worth taking seriously and that Internet freedom may need its own category of protection beyond freedom of expression.
Topic:
Human Rights, International Law, History, Regulation, Internet, and Freedom of Expression
Political Geography:
Europe, Global Focus, and United States of America

85. International Investment Law and the European Union: A Reply to Catharine Titi

Author:
Martins Paparinskis
Publication Date:
07-2015
Content Type:
Journal Article
Abstract:
Reasonable people might disagree whether the European Union (EU) is likely to make a significant and commendable contribution to international investment law. This article addresses two issues of relevance for this discussion. First, it considers the appropriateness of evaluating evelopments in international investment law in terms of balance between investor protection and the right to regulate. Second, the contribution of the recent EU practice is briefly examined, finding it less interesting and innovative than one might have expected.
Topic:
International Law, European Union, Regulation, and Finance
Political Geography:
Europe and European Union

86. « Two Attitudes towards the World ». Criminology in face of Financial Illegalisms | « Deux attitudes face au monde » : La criminologie à l’épreuve des illégalismes financiers

Author:
Anthony Amicelle
Publication Date:
06-2014
Content Type:
Journal Article
Journal:
Cultures & Conflits
Institution:
Cultures & Conflits
Abstract:
Michel Foucault’s work occupies a special place in the field of criminology. While the author of Discipline and punish has been (dis)credited as a source of division between criminologists or promoted as a legitimizing basis for “another” criminology, he has often been portrayed as a figure of rupture within this research tradition. The present article aims at clarifying this idea of rupture with the foucauldian concept of “illegalisms”. This paper is intended as a reminder of the heuristic value of such a conceptual framework to shed light on the various dynamics between financial crime and social control. To do so, I discuss a number of academic studies on business crime, the social relation to tax and dirty money in order to underline the rich possibilities of the foucauldian reflection for this wide area of research. Ultimately, the articulation of those academic studies helps to better understand the numerous changes in the management of economic and financial illegalisms over past decades in France. Their articulation shows a process of conversion and adaptation of differentiation between illegalisms that (re)produces an inequality of treatment depending on the situations and the categories of population.
Topic:
Crime, Regulation, Financial Crimes, Criminology, and Michel Foucault
Political Geography:
Europe and France

87. A Decade of AKP Power in Turkey: Towards a Reconfiguration of Modes of Government? (Une décennie de pouvoir AKP en Turquie : vers une reconfiguration des modes de gouvernement ?)

Author:
Elise Massicard
Publication Date:
07-2014
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales (CERI)
Abstract:
The Justice and Development Party (JDP) has been in power in Turkey since 2002, consolidating its electoral support among an array of social groups ranging from broad appeal among the popular classes to business leaders and a growing middle class. The success of the JDP is a consequence of the manner in which the party inserted itself into certain economic and social sectors. While the party has internalized the principles of reducing the public sphere and outsourcing to the private sector, it has not restricted the reach of government intervention. On the contrary, it has become increasingly involved in certain sectors, including social policy and housing. It has managed this through an indirect approach that relies on intermediaries and private allies such as the businesses and associations that is has encouraged. In this way, the JDP has developed and systematized modes of redistribution that involve the participation of conservative businessmen who benefit from their proximity to the decision-makers, charitable organizations, and underprivileged social groups. These public policies have reconfigured different social sectors in a way that has strengthened the Party’s influence.
Topic:
Civil Society, Sociology, Governance, Regulation, Political Science, and Networks
Political Geography:
Europe, Turkey, Middle East, Asia, and Balkans

88. Governance by Labels

Author:
Henri Bergeron, Patrick Castel, and Dubuisson-Quellier
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Many of today’s public policies aimed directly or indirectly at regulating the behaviors of individuals and organizations provide for the implementation of a certain type of instrument which can be qualified as a label. They share some features with what the literature tends to identify as proper standards (e.g., they aim at defining the best practices, they may represent – at least – a symbolic resource for those who adopt them), but they also have some peculiarities, which we will present here. In this paper, we propose to analyze the characteristics and dynamics underpinning this mode of governance as part of a study of two particular public policy domains chosen for their complementarity as well as their contrasts: the fight against obesity, and sustainable consumption. In both of these fields, labels have become a preferred mode of governance – and even, we might say, a kind of standard. Based on Foucault (2004), we emphasize the fact that the logics of distinction, which regulate utilities and sanctions in a particular social field, are instrumentalized by public policy as an incentive to the actors to deliberately take action whose value is endorsed by a label. Hence, the aim and outcome of this mode of governance are not the uniformity of a field, but the ongoing creation of increasingly demanding labels that only some of the participants can hope to obtain.
Topic:
Governance, Regulation, Public Policy, Public Health, and Consumption
Political Geography:
Europe and France

89. Transnational Civil Society and the Consumer-friendly Turn in Financial Regulation

Author:
Lisa Kastner
Publication Date:
08-2013
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
The literature on financial regulation has typically emphasized the role of the powerful financial industry in shaping regulatory outcomes. However, capture theories cannot explain the prominence of financial consumer protection in post-crisis reform agendas. By contrast, this paper argues that, despite their collective action disadvantage, a polymorphous network of civil society organizations was able to gain momentum after the financial crisis and to influence the financial reform process. In this policy window, where decision-makers were looking out for an alternative source of expertise, a transnationally connected civil society network successfully raised the issue of consumer protection on reform agendas in tandem with public entrepreneurs and on the back of a popular backlash against big finance. This argument will be explored through a comparative study of the impact of transnational pressures on policy-makers in Europe and the US in the immediate aftermath of the crisis. In the conclusion, the paper discusses the substance of the financial reforms that have been undertaken.
Topic:
Civil Society, Economics, Regulation, and Finance
Political Geography:
Europe and United States of America

90. The Systemic Risk of European Banks

Author:
Lamont Black, Ricardo Correa, Xu Huang, and Hao Zhou
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We propose a hypothetical distress insurance premium (DIP) as a measure of the European banking systemic risk, which integrates the characteristics of bank size, default probability, and interconnectedness. Based on this measure, the systemic risk of European banks reached its height in late 2011 around E 500 billion. We find that the sovereign default spread is the factor driving this heightened risk in the banking sector during the European debt crisis. The methodology can also be used to identify the individual contributions of over 50 major European banks to the systemic risk measure. This approach captures the large contribution of a number of systemically important European banks, but Italian and Spanish banks as a group have notably increased their systemic importance. We also find that bank-specific fundamentals predict the one-year-ahead systemic risk contribution of our sample of banks in an economically meaningful way.
Topic:
Debt, Regional Cooperation, European Union, Regulation, Risk, Fiscal Policy, and Banking
Political Geography:
Europe