2016 Chapters (layout features)
The Next Step in Governance: The Need for Global Micro-Regulatory Frameworks in the Context of Expanding International Production
While this chapter suggests that international micro-regulation is necessary, and that governments and other players have to attend to this need, more regulation – and that of a multilateral kind – is understandably controversial. The discussion below recognizes that sentiment, as shown in the section that sets out the advantages of the current ad hoc approach. The objective is to raise an issue -- more through examples than anything else -- rather than to offer full-fledged solutions or conclusions. Indeed, one of the points that require attention is precisely the trade-offs relating to the advantages and disadvantages of a government-led systematic approach leading to mandatory international instruments, on the one hand, and a market-driven ad hoc approach leading to voluntary international arrangements, on the other. In either case, though, the challenge is to adapt to the realities of a globalizing world economy and the integrated international production system that is at its core.
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