POLISCI 359 Lecture Notes - Lecture 5: Cosmopolitan Democracy, Aeroflot, Global Governance
1 Feb 2016
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1: rules that many use: standards & global regulation. Russian state carrier, aeroflot, has banned smoking on all flights; will affect many citizens, risks losing customers, smoking still acceptable in. Standards are on the rise in global regulation; increasingly important. Financial markets pose significant challenge to global regulation, yet standards now play increasingly important role in regulating them. Standards define best-practice rules for national regulators and market participants, like banks or borrowing firms; integrate national regulatory regimes into a global regulatory network without having to rely on a global regulatory authority. First step toward global standards taken soon after demise of bretton. Standards have been at the center of regulatory reforms. Global regulation = (1) regulation by directives and (2) regulation by standards. Actors have to accept standards as solutions to problems if they want to use them; they don"t adopt them because of the threat of sanctions. Standard setters need to claim they"re adding to advancement of universal values.
