A Critique of Global Financial Governance and Some Proposals: Implications for East Asia
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Global governance has become an agenda for rethinking the rules and norms that underpin the world order as a result of the financial turbulences around the globe in the preceding decades. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure. The consequence is to reassess the state-market dichotomy approach viewing states and markets as separate entities, because the past decades witnessed states and markets are part of same integrated ensembles of governance. Another result entails a need for a new paradigm for governing globalization, because the global governance agenda that emphasizes the universalization of understanding of global governance based on efficiency through one-size-fits-all formulas, in which democratic accountability and participation is a secondary variable even though a diverse world cannot have rigid rules uniformly. The ongoing standard-setting process has a crucial shortcoming in that most developing countries have had little participation in the process, and thereby do not have the incentives to embrace and implement international financial standards. Thus, it needs to devise effective and legitimate international institutions in a world infused by democratic norms. Further, the market is deemed to stand in need of reevaluation. In this regard, this paper attempts to answer the question of what should be the appropriate balance between public authority and private interests in order to build the state-market condominium through public-private partnership. Given the difficulties of institutional collaboration at the international level, this paper emphasizes the regional cooperation for global financial governance. It seeks to search for the proper national, regional, and international responses to global financial integration, and thus provide a new paradigm in financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.
Abstract
Global governance has become an agenda for rethinking the rules and norms that underpin the world order as a result of the financial turbulences around the globe in the preceding decades. The crises have shifted the focus in global and domestic policy debates back to the notion of market failure. The consequence is to reassess the state-market dichotomy approach viewing states and markets as separate entities, because the past decades witnessed states and markets are part of same integrated ensembles of governance. Another result entails a need for a new paradigm for governing globalization, because the global governance agenda that emphasizes the universalization of understanding of global governance based on efficiency through one-size-fits-all formulas, in which democratic accountability and participation is a secondary variable even though a diverse world cannot have rigid rules uniformly. The ongoing standard-setting process has a crucial shortcoming in that most developing countries have had little participation in the process, and thereby do not have the incentives to embrace and implement international financial standards. Thus, it needs to devise effective and legitimate international institutions in a world infused by democratic norms. Further, the market is deemed to stand in need of reevaluation. In this regard, this paper attempts to answer the question of what should be the appropriate balance between public authority and private interests in order to build the state-market condominium through public-private partnership. Given the difficulties of institutional collaboration at the international level, this paper emphasizes the regional cooperation for global financial governance. It seeks to search for the proper national, regional, and international responses to global financial integration, and thus provide a new paradigm in financial governance. Finally, this paper will draw from a few suggestions which may be of some use to those involved in restructuring regional financial governance in East Asia.
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