Author: William D. Coleman / Topic: Government

Author:: William D. Coleman
Publication Date:: 10-2001
Content Type:: Working Paper
Institution:: Institute on Globalization and the Human Condition, McMaster University
Abstract:: Global finance is simultaneously one of the most globalized and one of the most esoteric sectors in the world economy. Within global finance, perhaps no activity is more esoteric and more difficult to understand than the buying and selling of derivatives. Their names are familiar perhaps – futures, options, forwards, swaps – but their nature is obscure. Simply put, derivatives are financial instruments that are used to hedge risk. If a Canadian corporation knows that it will want to buy 50 million US dollars on foreign exchange markets in three months time, it can arrange a fixed price for that purchase using a financial contract called a derivative. In doing so, it lowers the risk of the price of the currency changing drastically before it purchases the amounts it needs.
Topic:: Globalization, Government, International Trade and Finance, and Markets
Political Geography:: United States and Canada

Author:: William D. Coleman
Publication Date:: 07-1999
Content Type:: Working Paper
Institution:: Institute on Globalization and the Human Condition, McMaster University
Abstract:: The governance arrangements in international finance mirror, in part, those found domestically by featuring a partnership between relatively autonomous state agencies and private actors. Where they depart from domestic arrangements is in the relatively stronger position of private actors, particularly global financial conglomerates, in decision-making. Given the importance of the governance arrangements in international finance for the welfare of individuals and firms throughout the world, it is important to ask whether these arrangements conform to accepted criteria for democratic decision-making. Five criteria are identified that might be applied to international sites of governance. These criteria are then applied to three groups of institutions, the Bank for International Settlements (BIS), the International Organisation of Securities Commissions (IOSCO), and “private regimes” especially predominant in the derivatives subsector. Based on this analysis, important gaps are found when these governance institutions are held up to democratic principles.
Topic:: Globalization, Government, International Cooperation, and International Trade and Finance
Political Geography:: United States

Author:: Tony Porter and William D. Coleman
Publication Date:: 07-1999
Content Type:: Working Paper
Institution:: Institute on Globalization and the Human Condition, McMaster University
Abstract:: The advance of globalization has involved additional governance capacity at supranational levels and thereby raised concerns about democracy, which has traditionally been based on the nationstate. For the most part, these governance arrangements take the form of intergovernmental fora, where nation-states are the principal players. In some policy areas where globalization is more pronounced, such as international finance, governance appears to feature some autonomous institutional development. Autonomy may come in the form of a relatively strong international organization with a mandate anchored in international law such as the World Trade Organization (WTO), or of the institutionalization of norms and values that give the intergovernmental forum an autonomous and distinct global perspective. As Held (1995) has observed, democratic theory has assumed that the nation-state is the relevant decision-making unit. The migration of political authority to supranational levels thus has the potential to undermine long-standing democratic arrangements.
Topic:: Globalization, Government, International Law, International Organization, International Political Economy, and Political Theory

Refine your search