Anwar Sheluchin and Tony Porter
This chapter provides an overview of key characteristics of the financial sector relevant to business and public policy and the processes of deregulation and globalization that have reshaped it since World War II. These processes have been driven by the market initiatives and lobbying of private financial actors, as well as by the actions of states in seeking to promote economic growth and the interests of the financial firms headquartered on their territories. The general trend has been for states to provide the increasingly globalized architecture for markets, for instance through trade and investment agreements, and then these markets are regulated and stabilized by public and private bodies, often operating globally. Over time, global finance seen has a growth in the importance of the European Union and the global south, including China. A persistent tension is the interest and capacity of the financial industry to innovate in ways that expand the industry but bring risks and crises that governments then need to manage. The chapter discusses the major approaches for analyzing business and public policy in finance, including the implications of the 2008 global financial crisis for these.
Tony Porter and Karsten Ronit
This chapter argues that civil society actors have played a crucial role in campaigning for more socially just tax policies. It establishes a framework for conceptualizing the contributions made by business and civil society actors to global tax governance, and discusses the considerable potential for increasing the role played by business in preventing tax evasion and aggressive tax avoidance. However, this will only be possible if public authorities alter the incentives for business actors to do this. Whereas the contribution of non-state actors to agenda setting in global politics is well understood, this chapter argues that business also has a key role to play in the implementation and enforcement of international tax measures, and scholars should pay closer attention to the relationship between public policy, business self-regulation and civil society advocacy and its importance for more effective and just tax governance globally. The chapter examines potential roles played by civil society and business actors at each stage of the policy process, starting with the role of self-regulation in general, and then considers each more specifically with regard to taxation at the global level. The main finding is that self-regulation is likely to occur in response to initiatives taken by public authorities, although there are some examples, such as the development of CbC reporting, where new policies have been developed by civil society actors before being adopted and implemented by public authorities.
Aynsley Kellow, Tony Porter and Karsten Ronit
This chapter explores the complex relationship between business and public policy as it has evolved through time, highlighting key continuities and changes, pointing both to insights that have illuminated the relationship between business and public policy, and gaps in our knowledge that remain to be explored. It first sets out the enduring key features of the practice and study of business and public since World War II, including characteristics of and variations within the three main types of relevant actors - government, business and civil society. It then focuses on three interrelated trends that have been evident as the practice and study of business and public policy have evolved: a generalized shift to more fluid networked organization in many areas of business activity; a direct contesting of business authority by civil society in public policy making; and globalization, which has shifted the focus to includes cross-border and global locations and issues. The concluding section of the chapter highlights the relevance of insights from the field of business and public policy for some urgent and crucial contemporary public problems, pointing to some future research directions for the field.