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Regulation and economic globalization: Prospects and limits of private governance

Publication ,  Journal Article
Mayer, F; Gereffi, G
Published in: Business and Politics
October 28, 2010

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.

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Published In

Business and Politics

DOI

EISSN

1469-3569

ISSN

1369-5258

Publication Date

October 28, 2010

Volume

12

Issue

3

Related Subject Headings

  • Political Science & Public Administration
  • 4408 Political science
  • 3507 Strategy, management and organisational behaviour
  • 3505 Human resources and industrial relations
  • 1606 Political Science
 

Citation

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Mayer, F., & Gereffi, G. (2010). Regulation and economic globalization: Prospects and limits of private governance. Business and Politics, 12(3). https://doi.org/10.2202/1469-3569.1325
Mayer, F., and G. Gereffi. “Regulation and economic globalization: Prospects and limits of private governance.” Business and Politics 12, no. 3 (October 28, 2010). https://doi.org/10.2202/1469-3569.1325.
Mayer F, Gereffi G. Regulation and economic globalization: Prospects and limits of private governance. Business and Politics. 2010 Oct 28;12(3).
Mayer, F., and G. Gereffi. “Regulation and economic globalization: Prospects and limits of private governance.” Business and Politics, vol. 12, no. 3, Oct. 2010. Scopus, doi:10.2202/1469-3569.1325.
Mayer F, Gereffi G. Regulation and economic globalization: Prospects and limits of private governance. Business and Politics. 2010 Oct 28;12(3).
Journal cover image

Published In

Business and Politics

DOI

EISSN

1469-3569

ISSN

1369-5258

Publication Date

October 28, 2010

Volume

12

Issue

3

Related Subject Headings

  • Political Science & Public Administration
  • 4408 Political science
  • 3507 Strategy, management and organisational behaviour
  • 3505 Human resources and industrial relations
  • 1606 Political Science