Regulation and economic globalization: Prospects and limits of private governance
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Corporate codes of conduct, product certifications, process standards, and other voluntary, non-governmental forms of private governance have proliferated in the last two decades. These innovations are a response to social pressures unleashed by globalization and the inadequacy of governmental institutions for addressing its social and environmental impacts. Private governance has had some notable successes, but there are clear limits to what it alone can be expected to accomplish. We hypothesize that the effectiveness of private governance depends on four main factors: 1) the structure of the particular global value chain in which production takes place; 2) the extent to which demand for a firm's products relies on its brand identity; 3) the possibilities for collective action by consumers, workers, or other activists to exert pressure on producers; and 4) the extent to which commercial interests of lead firms align with social and environmental concerns. Taken together, these hypotheses suggest that private governance will flourish in only a limited set of circumstances. With the trend towards consolidation of production in the largest developing countries, however, we also see a strengthening of some forms of public governance. Private governance will not disappear, but it will be linked to emerging forms of multi-stakeholder institutions. © 2010 Berkeley Electronic Press. All rights reserved.
Published Version (Please cite this version)10.2202/1469-3569.1325
Publication InfoGereffi, Gary; & Mayer, F (2010). Regulation and economic globalization: Prospects and limits of private governance. Business and Politics, 12(3). 10.2202/1469-3569.1325. Retrieved from http://hdl.handle.net/10161/10703.
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Professor Emeritus of Sociology
Gary Gereffi's major ongoing research projects are: (1) a book (co-authored with Frederick Mayer) on the uptake of the global value chain paradigm by major international organizations in the economic and social development arena; (2) a forthcoming co-edited volume with Valentina De Marchi and Eleonora Di Maria on Local Clusters in Global Value Chains: Linking Actors and Territories Through Manufacturing and Innovation (Routledge, 2017); (3) work with the World Bank and the Inter-Ame
Professor in the Sanford School of Public Policy
Frederick "Fritz" Mayer is Professor of Public Policy at Duke University’s Sanford School of Public Policy and a Professor of Political Science and Environment. He teaches courses on the political economy of public policy, globalization and governance, political analysis, and leadership. In addition, Professor Mayer is the director of POLIS: The Center for Political Leadership, Innovation and Service. <br
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