Regulating the Global Economy - Convergence, Persistent Divergence or Hybridization of National Regulatory Regimes?

Abstract

Whether distinct national "varieties of capitalism" will survive in an increasingly globalizing economy has become one of the most hotly debated issues in Comparative Political Econ-omy. While institutionalist approaches emphasize the stickiness of national institutional con-figurations which create powerful incentives for political and social actors to respond to ex-ternal pressures in path-dependant ways, studies in International Political Economy perceive the global diffusion of a neo-liberal version of market capitalism and regulation. The panel seeks to address regulatory responses to economic integration by focusing on different regu-latory regimes such as finance and corporate governance. Both are core elements of national models of capitalism and have been subject to increasing state regulation in recent years. Do we witness the emergence of new European regimes of regulation or do national models of regulation persist? Is the evolution of these regulatory regimes characterized by growing convergence, persistent divergence or processes of hybridization? How does the interaction of national and transnational actors and institutions shape regulatory reforms? How can we account for the growing judicialization in these sectors in an era that is supposedly marked by the diminution of state power and control over economic forces?

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