Article (Scientific journals)
In the Vanguard of Globalisation: the OECD and Capital Liberalisation
HOWARTH, David; Sadeh, Tal
2011In Review of International Political Economy, 18 (5), p. 622-645
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Keywords :
Capital Liberalisation; Principal Agent Approach; Delegation Theory; Social Constructivism; Organisation of Economic Cooperation and Development; International Organizations
Abstract :
[en] 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.
Disciplines :
Political science, public administration & international relations
Author, co-author :
HOWARTH, David  ;  University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE)
Sadeh, Tal
Language :
English
Title :
In the Vanguard of Globalisation: the OECD and Capital Liberalisation
Publication date :
December 2011
Journal title :
Review of International Political Economy
ISSN :
0969-2290
Publisher :
Routledge
Volume :
18
Issue :
5
Pages :
622-645
Peer reviewed :
Peer reviewed
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