Private Nonmarket Rule-Making in Context
Private Nonmarket Rule-Making in Context
A Typology of Global Regulation
This chapter presents a typology of global regulation, which differentiates the institutional setting for rule-making, which is either public or private, from the global selection process, which is either market based or nonmarket based. Four types of global regulatory governance are discussed. The first type, termed “public (governmental) nonmarket standard-setting,” involves collaboration through traditional intergovernmental organizations (IGOs) or transgovernmental cooperation among domestic regulators. The second type is market-based private regulation, which entails rule-making by firms or other bodies competing, individually or in groups, to establish their preferred technologies or practices as the de facto standard through market dominance or other strategies. The third type of global regulation—private yet nonmarket-based—is regulation by focal rule-making institutions, such as the International Accounting Standards Board (IASB), the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC). The fourth type of regulation results from market-like international competition between public regulatory agencies.
Keywords: global regulation, rule-making, global regulatory governance, intergovernmental organizations, transgovernmental cooperation, market-based private regulation, international competition, public regulatory agencies, focal rule-making institutions
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