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1 – 10 of over 5000In 1974, the UN General Assembly adopted a landmark resolution proclaiming the establishment of a New International Economic Order. One of the basic aims of this declaration was…
Abstract
Purpose
In 1974, the UN General Assembly adopted a landmark resolution proclaiming the establishment of a New International Economic Order. One of the basic aims of this declaration was to enhance the voice and participation of developing countries in the international economic decision-making process based on norms of equitable governance. More than four decades have passed since its adoption. This paper aims to reflect on the past 43 years of the global financial regulatory system in light of the notion of equitable governance as envisioned by the “New International Economic Order”.
Design/methodology/approach
This paper surveys the global financial regulatory system from the vantage point of equitable economic governance. This discussion covers the period that comes after the 1974 UN landmark resolutions that declare the establishment of a “New International Economic Order”. The authors use qualitative and quantitative approach in this study. They use descriptive statistics and intuitive discussions of certain cases to carry the objective of the paper forward.
Findings
First, part of the development in global financial regulation manifests the establishment of informal networks that embark on global regulatory issues, while being very exclusive in their membership policies. Second, the lack of full and effective participation of developing countries in the decision-making and norm setting remains unsolved in the global financial regulatory system. Third, the shadow role of the World Bank and International Monetary Fund was of great significance in assisting the implementation of non-binding regulatory rules of international finance in developing countries despite the concerns of legitimacy and equity in the making of international standards. In sum, the global financial regulatory system that emerged in the past four decades is quite different from that aspired by the NIEO.
Originality/value
The declaration of NIEO coincides with the collapse of the Bretton Wood’s fixed exchange rate which in turn leads to the emergence of a new financial system and regulatory development. This period marked the proliferation of informal networks that make policy recommendations or non-binding rules with global implications. As far as the literature review goes far, this paper is the first to survey the post Bretton Wood’s period of the global financial regulatory architecture based on the tenets of the “New International Economic Order”.
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Arthur E. Appleton and Jean‐Pierre Lehmann
Presented on behalf of the Evian Group @ IMD, this paper aims to expand upon points made in the keynote speech at the 9th Annual EABIS Colloquium on Corporate Responsibility and…
Abstract
Purpose
Presented on behalf of the Evian Group @ IMD, this paper aims to expand upon points made in the keynote speech at the 9th Annual EABIS Colloquium on Corporate Responsibility and Emerging Markets held in St Petersburg, Russia on 20‐21 September 2010.
Design/methodology/approach
Three themes are explored within the context of the BRICs: geopolitics and global governance in the twenty‐first century; the balance between public good and private enterprise; and frameworks for equitable trade and inclusive growth.
Findings
The global situation is precarious, characterized by multi‐polarity, asymmetrical power threats, and a vacuum in global governance. The trade‐based economic development of the BRICs is a positive economic sign but raises implications for sustainability. There is a need for balance between the ability of the public sector to provide public goods, including global public goods, and the need for government to create incentives for the private sector and unleash its creativity and energy. With the proper incentives and legal structure, including respect for the rule of law, the energy and creativity of the private sector can be harnessed to develop a framework for equitable trade and inclusive growth, and to further the development of a sustainable global market economy.
Originality/value
The paper provides a catalyst for discussion that bridges the gap between business school education, legal education, political science and economics.
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To stimulate debates about the creation of corporate governance mechanisms and processes which would help to secure an equitable distribution of income and wealth for workers.
Abstract
Purpose
To stimulate debates about the creation of corporate governance mechanisms and processes which would help to secure an equitable distribution of income and wealth for workers.
Design/methodology/approach
The paper builds on a political economy of income and wealth inequalities. It argues that corporate governance mechanisms and processes are rooted in particular politics and histories. The state is a key actor. It provides a brief history of the UK corporate governance debates relating to income distribution, industrial democracy and disclosures. It provides social data about the extent of income inequalities.
Findings
The paper shows that the UK lacks institutional structures and processes and mechanisms to enable workers to secure a higher share of the firm's income.
Research limitations/implications
The study primarily focuses on some aspects of the corporate governance structures, practices and income/wealth inequalities in the UK. Its implications could also be relevant to market‐oriented liberal states with “consensus” or “majoritarian” electoral systems.
Practical implications
To encourage debates, the paper puts forward a number of suggestions for changing electoral and corporate governance practices together with disclosures that could give visibility to income and wealth inequalities.
Originality/value
The paper links corporate governance debates to broader political choices.
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The purpose of the paper is to examine the phrase “just and equitable”, and associated terminology, within New Zealand’s strata law, to inform other jurisdictions. In particular…
Abstract
Purpose
The purpose of the paper is to examine the phrase “just and equitable”, and associated terminology, within New Zealand’s strata law, to inform other jurisdictions. In particular, this paper temporarily suspends the notion of a statutory hendiadys to consider what kind of justice is reflected in judicial consideration of the phrase.
Design/methodology/approach
This paper takes a mixed-methods approach, drawing on a combination of black-letter law, property law theory and insights from literary and philosophical analysis.
Findings
While justice is often considered as “treating like cases alike”, this is not apparent from this study. The analysis shows that different kinds of justice outcomes emerge, with some emphasis on justice as economic efficiency. In addition, the paper highlights the inherent uncertainty in what is “just and equitable” and how associated disjunctive phrases, such as “unjust or inequitable” are still treated as hendiadys, but are no more clear.
Research limitations/implications
The research is limited to consideration of a single jurisdiction (New Zealand), though the useful degree of case law from this jurisdiction provides broad insight.
Practical implications
Among other things, the paper argues for further consideration of the usefulness of the “just and equitable” test in light of the kind of justice we want to achieve. The addition of mandatory considerations to existing statutory tests may allow more of a focus, beyond the exigencies of individual cases or narrow outcomes of economic efficiency.
Originality/value
While there is existing literature on the “just and equitable” phrase within strata law, the paper is the first, to the best of the authors’ knowledge, to provide an analysis focused on how suspending the statutory hendiadys normally inherent in “just and equitable” provides insight into the kind of justice that emerges from the application of this test within a single strata jurisdiction. As such, the paper provides lessons for other jurisdictions on how to improve relevant statute and case law outcomes.
The purpose of this paper is to discuss the potential of the present drivers of economic governance, trade and investment, and also to envision their intersections and…
Abstract
Purpose
The purpose of this paper is to discuss the potential of the present drivers of economic governance, trade and investment, and also to envision their intersections and cross‐cutting impacts on poverty and human development.
Design/methodology/approach
A general review is employed to highlight scenarios shaping Africa's economic governance and the magnitude of their impact on pro‐poor growth. Potential responses are identified to address African vulnerabilities to poor governance and alternative dimensions to achievable equitable future are recommended for implementing those measures as a way forward.
Findings
The paper observes that changes to the policy environment should include reform in Africa's governance and policy processes by supporting participation by a variety of actors including the poor rural farmers and women among others.
Research limitations/implications
A broader literature review to support some of the recommended alternative dimensions is needed.
Practical implications
The existing economic governance structure in Africa does not include stakeholders. Changes to the policy environment should include reform in Africa's economic governance and policy processes by supporting participation by a variety of actors including the poor rural actors (farmers and women) among other underrepresented groups.
Originality/value
The paper uses foresight and futures in discussing alternative scenarios for economic governance as relatives to poverty reductions and human development.
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Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…
Abstract
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
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The purpose of the paper is to show how the sustainability of urban settlements can be improved by treating as a variable the design of property rights: to realty, corporations…
Abstract
Purpose
The purpose of the paper is to show how the sustainability of urban settlements can be improved by treating as a variable the design of property rights: to realty, corporations, and currencies, and the communication and control architecture of communities.
Design/methodology/approach
System science shows how the resulting increases in the richness and variety of communication and control channels improve the governance of urban precincts. The new variables also provide a way to integrate the design of the built environment into the design of its governance architecture. The scope of orthodox economic analysis is extended to include the value of assets and liabilities to provide additional feedback signals. This more holistic economic framework increases the richness of the “semiotic” channel of social communication and control that complements those based on senses, words and prices.
Findings
The analysis reveals self‐reinforcing feed‐forward and feedback channels between the use and maintenance of the built environment and its governance architecture not available in less holistic design frameworks.
Practical implications
The paper identifies the need for urban planners to extend their discipline to become governance architects and how the knowledge of system scientists can be applied to improve the design of capitalism.
Originality/value
A new design paradigm is identified that allows improvements to be introduced in the ability of towns or suburbs, to become self‐financing, self‐governing political units. The paradigm identifies how capitalism can be designed to become more efficient, equitable, responsive, and democratic.
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Brajesh Mishra, Avanish Kumar and Ishaan Mishra
The study explores the evolution of Indian domestic electronics manufacturing post-economic reforms and also investigates the lack of natural growth stages among Indian…
Abstract
Purpose
The study explores the evolution of Indian domestic electronics manufacturing post-economic reforms and also investigates the lack of natural growth stages among Indian start-up/SME electronics manufactures.
Design/methodology/approach
The theoretical framework is inspired by Dawar and Frost's survival strategy theory that local companies may follow to overcome competitive threats from MNCs. The study adopts a qualitative methodology, more precisely, a phenomenological approach to walking through policy/regulatory reforms amid market distortions, technological gaps and colonial mindset from the perspective of Indian domestic electronics manufacturers. The study has adopted Gioia method of data analysis to inductively suggest a few research propositions.
Findings
The phenomenological approach revealed eight essential structure (essence) narratives to explore the complex issue that plague the industry: make in India, made in India, preferential market access strategy, equitable market access strategy, blue ocean strategy, competitive positioning strategy, technical capability and importance of policy/regulatory arbitrage.
Practical implications
The situation of Indian electronics manufacturing units is comparable to the bonsai tree situation, where natural evolution in business stages does not exist; they are born and die as start-ups/MSMEs. The study advocates for equitable market access by removing market distortions. The long-term solution may lie in making available locally manufactured products as a dependable alternative to the imported products or produced locally by MNC OEMs in terms of cost, quality, technology, volume, after-sale service and integrated supply chain.
Originality/value
While the favorable FDI policies, digital India and make-in India initiatives have strengthened domestic electronics production, it is yet to significantly impact India's position in global trade, including manufacturing and exports.
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