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Discipline in the Global Economy?

Author: Jakob Vestergaard

Publisher: Routledge

Published: 2009-01-13

Total Pages: 517

ISBN-13: 1135854858

In Discipline in the Global Economy, Jakob Vestergaard investigates the currently prevailing regulation of international finance, launched in response to the financial crises of the 1990’s. At the core of this approach is a set of standards of ‘best practice’, ranging from banking supervision to corporate governance. Vestergaard argues that although these standards are presented as ‘international’, they comprise a norm for the ‘proper’ organization and regulation of economies which is intimately related to the Anglo-American model of capitalism. With this approach to the regulation of international finance, previous deregulation policies were replaced by a comprehensive system for the global disciplining of economies. This is a remarkable, if not paradoxical, occurrence in what is allegedly the heyday of neoliberalism and ‘free market economy’. Moreover, this mode of international financial regulation has proved ineffective, if not counter-productive, in terms of its objective to enhance the stability and resilience of the international financial system. Only by abandoning ‘laissez-fairy tales’ about liberalism may we begin to understand our present predicament– and open a space for critical thinking on modes of international economic governance that are at the same time more conducive to financial stability and more in line with the ethos of liberalism.

Discipline in the Global Economy

Author: Jakob Vestergaard

Publisher:

Published: 2006

Total Pages: 280

ISBN-13: 9788759383063

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The Logic of Discipline

Author: Alasdair Roberts

Publisher: OUP USA

Published: 2011-09

Total Pages: 221

ISBN-13: 0199846146

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A sweeping account of neoliberal governmental restructuring across the world, 'The Logic of Discipline' offers a powerful analysis of how this undemocratic model is unraveling in the face of a monumental-and ongoing-failure of the market.

Promoting Fiscal Discipline

Author: Mr.Manmohan S. Kumar

Publisher: International Monetary Fund

Published: 2007-10-18

Total Pages: 144

ISBN-13: 158906609X

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Fiscal discipline is essential to improve and sustain economic performance, maintain macroeconomic stability, and reduce vulnerabilities. Discipline is especially important if countries, industrial as well as developing, are to successfully meet the challenges, and reap the benefits, of economic and financial globalization. Lack of fiscal discipline generally stems from the injudicious use of policy discretion. The benefits of discretion are seen in terms of the ability of policymakers to respond to unexpected shocks and in allowing elected political representatives to fulfill their mandates. But discretion can be misused, resulting in persistent deficits and procyclical policies, rising debt levels, and, over time, a loss in policy credibility. The authors first explore the role of discretion in fiscal policy, and the extent, consequences, and causes of procyclicality, particularly in good times. They then examine how a variety of institutional approaches—fiscal rules, fiscal responsibility laws, and fiscal agencies—can help improve fiscal discipline. While each of these approaches can play a useful role, the authors suggest that a strategy combining them is likely to be particularly beneficial. Although such a strategy requires political commitment and effective fiscal management, at the same time, the strategy itself can bolster political commitment by highlighting the restraints on government and raising the costs of failing to respect them.

Introduction to the Global Economy

Author: Paul Kagundu

Publisher:

Published: 2013-08-21

Total Pages: 0

ISBN-13: 9781465227447

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Market Discipline Across Countries and Industries

Author: C. E. V. Borio

Publisher: MIT Press

Published: 2004

Total Pages: 472

ISBN-13: 9780262025751

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Leading academics and policymakers address the theory of market discipline and consider evidence across different industries and countries. The effectiveness of market discipline -- the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently -- commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance. A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.

Confucianism, Discipline, and Competitiveness

Author: Chris Baumann

Publisher: Routledge

Published: 2019-07-15

Total Pages: 258

ISBN-13: 1351062204

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The importance of competitiveness has increased rapidly in recent years, where a fresh look at the different forms in which competitiveness manifests is needed. Though the exceptional growth of East Asian economies has been hypothesised previously from a socio-cultural perspective, links have often been vague with little empirical evidence to support them. This book proposes that a unique paradigm of competitiveness has developed in the East as a result of the cultural traditions and social values influenced by Confucianism, and extends this hypothesis by exploring a critical missing link: the role of discipline. Based on data from the Programme for International Student Assessment (PISA) and World Economic Forum (WEF), this book sheds light on important insights, through empirical evidence, that culture and discipline play an important role toward a country’s academic performance, and ultimately, competitiveness. In comparing six geographical clusters, this book analyses data by applying the "Inter-ocular Test" – visualisation of data distributions – to supplement traditional statistical mean comparisons. The findings advance the discourse on culture and performance, by drawing attention to the significant impact that improving discipline can have for a nation’s productivity–not only those of Confucian East Asia. Written with the evolving global economy in mind, this book highlights the relevance of discipline for shaping individual productivity for the future workforce, and offers new perspectives on how this can be achieved for all societies through three key contributions: Taxonomy of Discipline dimensions, "Parent-Engagement-School-Discipline Taxonomy" (PESD), and Wheel of Competitiveness. Building on the authors’ prior works, this book offers a comprehensive look at three interrelated concepts: Confucianism, Discipline, and Competitiveness, and how they relate to performance in East Asia. Written in an accessible style, this book will be a valuable guide for students, educators, practitioners, and policy-makers who seek to further understand the valuable role of discipline in shaping the success of societies, present and future.

Globalization's Contradictions

Author: Dennis Conway

Publisher: Routledge

Published: 2006-11-22

Total Pages: 304

ISBN-13: 1135986258

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Introduces a critical perspective on debates surrounding globalization for advanced undergraduate and masters students Broad in scope: scrutinizing political-economic, geopolitical, political, cultural and alternative visions of globalization Points the way towards future global geographies that are more inclusive and equitable Strong line of contributors including: John Agnew, Dennis Conway and Don Mitchell

International Economic Law

Author: Colin Picker

Publisher: Hart Publishing

Published: 2008-04-04

Total Pages: 344

ISBN-13: 9781841137551

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'Bretton Woods' has become shorthand for the post-war international financial and economic framework. Mindful of the historic 1944 conference and its legacy for the discipline of international economic law, the American Society of International Law's International Economic Law Group (IELG) chose Bretton Woods as the venue for a landmark scholarly meeting. In November of 2006, a diverse group of academics and practitioners gathered to reflect on the past, present and future of international economic law. They sought to survey and advance three particular areas of endeavour: research and scholarship, teaching, and practice/service. This book represents an edited collection of some of the exceptional papers presented at the conference including contributions from Andreas Lowenfeld, Joel Trachtman, Amelia Porges and Andrew Lang. The volume is organised into three parts, each covering one of the three pillars in the discipline of international economic law: research and scholarship; teaching; and practice/service. It begins with an assessment of the state and future of research in the field, including chapters on questions such as: what is international economic law? Is it a branch of international law or of economic law? How do fields outside of law, such as economics and international relations, relate to international economic law? How do research methodologies influence policy outcomes? The second part examines the state and future of teaching in the subject. Chapters cover topics such as: how and where is international economic law taught? Is the training provided in the law schools suitable for future academics, government officials, or practitioners? How might regional shortcomings in academic resources be addressed? The final part of the book focuses on the state and future of international economic law practice in the Bretton Woods era, including institutional reform. The contributors consider issues such as: what is the nature of international economic law practice? What are the needs of practitioners in government, private practice, international and non-governmental organisations? Finally, how have the Bretton Woods institutions adapted to these and other challenges-and how might they better respond in the future? International Economic Law: The State and Future of the Discipline will be of interest to lawyers, economists and other professionals throughout the world-whether in the private, public, academic or non-governmental sectors-seeking both fresh insights and expert assessments in this expanding field. Indeed, the book itself promises to play a role in the next phase of the development of international economic law.

Economics Rules: The Rights and Wrongs of the Dismal Science

Author: Dani Rodrik

Publisher: W. W. Norton & Company

Published: 2015-10-13

Total Pages: 272

ISBN-13: 0393246426

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“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.