Chapter 5: Authority reallocation under the neoliberal global order – an overview
A neoliberal global order has emerged since the 1980s, gradually replacing the post–World War II order of embedded liberalism. Under the new order, states are urged for cross-sectoral, sweeping liberalization, as opposed to sectorally limited, incremental liberalization under the preceding order. The scope of openness has expanded from conventional commodity trade to trade in services and agriculture. Enhanced regulatory rules on corporate governance and labor relations are pushed for the promotion of international investment. Last and not least, global standards for commercial banks’ minimum capital requirements are necessitated for financial prudence and stability. On the one hand, the implementation of these market-consistent rules and standards stimulates global competition, but on the other it generates a major distributive problem between domestic economic sectors (battle of the sexes game; see Chapter 1). On the one hand, the implementation of these market-consistent rules and standards stimulates global competition, but on the other it generates a major distributive problem between domestic economic sectors (battle of the sexes game; see Chapter 1). The distributive effect is substantial, particularly for states with non-liberal origins whose national rules and standards are qualitatively different from those of liberal states. The solution to the distributive problem requires the coordination of the policy actions of multiple ministries and agencies in charge of different policy domains and economic sectors.
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