Conflict, Institutional Change, and Development in the Era of Globalization
New Thinking in Political Economy series
Edited by Joachim Ahrens, Rolf Caspers and Janina Weingarth
Chapter 13: Global Governance and the Private Sector
Peter-Tobias Stoll As is often observed, globalization requires a new type of governance which can hardly rely only on nation states and their governments and the traditional architecture of the international system, including mainly international organizations and the United Nations system in particular. Rather, it is widely understood that the kind of governance required by globalization, often referred to as 'global governance', requires additional actors of neither a governmental nor an intergovernmental structure. Apart from non-governmental organizations, the private sector might play a key role in this regard. A number of aspects of this role, including functions, benefits and responsibilities, demand an in-depth evaluation. 1. GLOBALIZATION AND THE NEED FOR GLOBAL GOVERNANCE In order to assert such a role of the private sector, the context of the discussion on globalization and governance needs to be briefly outlined. Although globalization is a frequently used term for current international developments, it is yet hard to defme. It is widely agreed that globalization is based on a considerable growth of transboundary economic transactions. While international trade did not significantly rise in absolute and relative terms, the kind of economic transactions has obviously changed considerably of late. While goods, products and resources have already been shipped around the world for an astonishingly long period of time, globalization mainly concerns a much more intensive and complex interchange that includes worldwide marketing, manufacture and even research and development. There is a growing number of members of multinational enterprises and international affiliations and transactions are no longer...
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