European–American Trade and Financial Alliances
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European–American Trade and Financial Alliances

  • New Horizons in International Business series

Edited by Gavin Boyd, Alan M. Rugman and Pier Carlo Padoan

In this, his final book, Gavin Boyd has brought together a distinguished group of experts on the nature and extent of transatlantic policy coordination and its implication for corporate strategy. This remarkably relevant set of papers offers a discussion on the economic and financial linkage between Europe and North America, as well as the trade and investment rules governing this interaction.
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Chapter 8: Institutionalizing Atlantic structural partnering

Gavin Boyd

Extract

Gavin Boyd The clear imperative to build a coordinated Atlantic interregional political economy, through policy-level and corporate endeavours, requires planning to ensure that these endeavours will develop in a spirit of solidarity, with fairness, reciprocity and social justice, in line with insights in behavioural macroeconomics (Stiglitz, 2002), and will be sustained through institutional development. Economic cooperation across the Atlantic is often thought of only in terms of government functions, understood in liberal perspectives, but what is required in the common interest has to be expressed in terms of structural logic. The necessary collaboration has to be transnational, that is, between corporate managements across borders, within larger processes of policy cooperation. Liberal philosophy guiding policy, moreover, has to become more comprehensive through responses to challenges in structural interdependence. These are challenges to evolve new forms of consultative statecraft, for extensive entrepreneurial coordination. Such statecraft is becoming more and more necessary because of technological advances that are making firms more and more interdependent in the development of their production capabilities and because of the increasing scale of sectoral and intrasectoral linkages that are associated with the formation of international production systems. Sustained policy cooperation, with wide ranging entrepreneurial collaboration aided by consultative statecraft, could be made possible by the establishment of an Atlantic structure, which, while representative, would independently contribute to policy-level and corporate coordination. This could be done through the sponsorship of conferences for technocrats and corporate managements, to build broad understandings about potentials for entrepreneurial complementarities and the harmonization of...

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