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See detailIn the Vanguard of Globalisation: the OECD and Capital Liberalisation
Howarth, David UL; Sadeh, Tal

in Review of International Political Economy (2011), 18(5), 622-645

A survey of the literature on the political economy of global financial liberalisation shows how little has been written on the role of the OECD, and how the Principal-Agent (PA) theory, complemented by ... [more ▼]

A survey of the literature on the political economy of global financial liberalisation shows how little has been written on the role of the OECD, and how the Principal-Agent (PA) theory, complemented by Constructivist tools, can be applied helpfully to analyse this process.We show that the OECD’s Committee on Capital Movements and Invisible Transactions (CMIT) played an entrepreneurial role in encouraging the liberalization of capital flows. In particular, we argue that the CMIT slipped by acting beyond its core delegation roles and against the preferences of the OECD member states’ governments. This was done by discussing and seeking to expand the list of issue areas on which controls should be lifted to include short-term capital movements and the right of establishment, to adopt an extended understanding of reciprocity, and to eliminate a range of additional discriminatory measures on capital flows. Acting as institutional entrepreneurs, the CMIT members took advantage of the overlap among the networks in which they were engaged to spread their ideas to the member states. The CMIT’s work affected the member states’ willingness to make irrevocable, multilateral commitments through a combination of peer pressure and vertical institutional interconnectedness. Through the work of the CMIT, the OECD was an important actor in capital liberalization, in addition to the role played by other international organizations. [less ▲]

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See detailThe Political Economy of Europe’s Incomplete Single Market
Howarth, David UL; Sadeh, Tal

Book published by Routledge (2011)

Progress in European market integration over the past two decades has come at the expense of growing flexibility, or differentiation, in the laws that govern the Single Market (SM) as well as the way that ... [more ▼]

Progress in European market integration over the past two decades has come at the expense of growing flexibility, or differentiation, in the laws that govern the Single Market (SM) as well as the way that these laws are implemented. This volume examines how the completion of the SM has been held back in the varied implementation of European Union competition policy, variation in national policies on services, corporate law, telecommunications, energy, taxation, and gambling, and the EU’s uneven transportation network. These sectors and issue-areas form the frontier at which the main political struggles over the future shape of the SM have taken place in the past decade. Broadly, progress in economic integration in the EU has been complicated by the need to reconcile perfections to the SM with the global competitiveness of European producers, and efficiency gains with ideational and normative concerns. In services, there is a clash between deregulation and social policy. Financial integration has had to reconcile different institutionalized views among the member states about the place of finance in the economy and society. The SM notion supposedly entails a concrete set of substantive policy commitments that form the basis of the ‘ever closer union’. However, increasing differentiation in the SM undermines the identification of the EU’s core constitutional commitments. [less ▲]

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See detailThe ever incomplete single market: differentiation and the evolving frontier of integration
Howarth, David UL; Sadeh, Tal

in Journal of European Public Policy (2010), 17(7), 922-935

Progress in market integration over the past two decades has come at the expense of growing flexibility in the laws that govern the singlemarket (SM) as well as the way that these laws are implemented ... [more ▼]

Progress in market integration over the past two decades has come at the expense of growing flexibility in the laws that govern the singlemarket (SM) as well as the way that these laws are implemented. This differentiated integration comes in four forms: soft; informal; multi-speed; and opt-out differentiation. We examine how the completion of the SM has been held back in the varied implementation of EU competition policy and variation in national corporate law, energy markets, services and taxation. These sectors and issue areas form the frontier in which the main political struggles over the future shape of the SM take place, and in which differentiation is most clearly manifested. The SM notion supposedly entails a concrete set of substantive policy commitments that form the basis of the ‘ever closer union’. However, increasing differentiation undermines the identification of the EU’s core constitutional commitments. [less ▲]

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