Regulating International Business

DOMINIC AYINE Graduate of the Universities of Legon in Ghana and Michigan at Ann Arbor, USAV. N. BALASUBRAMANYAM Professor of Development Economics, Lancaster University, UKPETRINA FRIDD Project Manager for Socially Responsible Sourcing at Sainsbury PlcSTEPHANY GRIFFITH-JONES Fellow of the Institute of Development Studies, Sussex University, UKBOB HEPPLE, QC Master of Clare College and Professor of Law, University of Cambridge, UKNEIL KEARNEY General Secretary of the Brussels-based International Textile, Garment and Leather-Workers' FederationJENNY KIMMIS Research Assistant at the Institute of Development Studies, Sussex University, UKNICK MABEY Head of Economic Policy at the World Wide Fund for Nature-UKPETER MUCHLINSKI The Draper's Professor of Law, Queen Mary and Westfield College, University of London, UKROBERT O'BRIEN Associate Professor in the Department of Political Science and Member of the Institute on Globalization and the Human Condition, McMaster University, CanadaSOL PICCIOTTO Professor of Law, Lancaster University, UKPEDRO ROLFE Staff Member of UNCTADJESSICA SAINSBURY Project Assistant for Socially Responsible Sourcing at Sainsbury PlcLAWRENCE TSHUMA Programme Legal Counsel at the International Development Law Institute, Rome, ItalyJACOB WERKSMAN Managing Director and Senior Lawyer at FIELD (the Foundation for International Environmental Law and Development)

'The authors offer a timely and important contribution to the debate on global governance and the role of international business.' - Jane Nelson, Director, Policy and Research, The Prince of Wales Business Leaders Forum 'The contributors to this forward-looking volume offer much insight into why regulating international business and foreign direct investment flows increasingly will be front and centre of the public's agenda. Policy-makers and an informed public have to realize that the old ways of thinking about globalization no longer are adequate. The authors explain in an innovative but realistic way how the rules and institutions governing the global economy have to be rethought and a new global order fashioned.' - Daniel Drache, Professor of Political Economy, York University, Toronto, Canada 'Blanket liberalization - a belief in the ability of the market to 'deliver' - is clearly now being called into question. This stimulating book, coming as it does after the MAI debacle, is very welcome and will add a great deal to the arguments we will have to make for a regulatory framework capable of dealing with the issues posed by the impact of globalization.' - Glenys Kinnock, MEP 'An excellent, though critical, response to the MAI...contains innovative solutions to some major problems generated by globablization...[and] many useful insights couched in non-technical prose, on differing approaches to the problem of restraining the more pernicious aspects of a global economy.' - Times Literary Supplement 'Regulating International Business does contain many useful insights, couched in non-technical prose, on differing approaches to the problem of restraining the more pernicious aspects of a global economy.' - Julian Mitchell, Times Literary Supplement 'A collection that pushes out new frontiers in the study of globalization. These essays tackle in a fresh way some of the major policy challenges of our time.' - Professor John Braithwaite, Australian National University 'This is an invaluable and insightful collection of essays on a topic of central importance in world policy. It can be read with illumination and profit by both researchers and policy-makers.' - Professor Jagdish Bhagwati, Arthur Lehman Professor of Economics, Columbia University, USA

• Preface Notes on Contributors Glossary Introduction: What Rules for the World Economy?; S.Picciotto PART I: INTERNATIONAL INVESTMENT PROTECTION AND LIBERALIZATION Foreign Direct Investment to Developing Countries; V.Balasubramanyam A Brief History of Business Regulation; P.Muchlinski Defending the Legacy of Rio: The Civil Society Campaign against the MAI; N.Mabey A Critical Assessment of the MAI ; S. Picciotto PART II: BROADENING THE AGENDA The Implications of the MAI for Natural Resource and Land Use; L.Tshuma Improving Investor Accountability; D.Ayine & J.Werksman Transfer of Technology and Competition Policy in the Context of a Possible Multilateral Investment Agreement; P.Roffe Stabilizing Capital Flows to Developing Countries: The Role of Regulation; S.Griffith-Jones Labour Regulation in Internationalized Markets ; B.Hepple PART III: THE INTERACTION OF FORMAL AND INFORMAL REGULATION Voluntary Codes and Labour Standards; N.Kearney The Role of Voluntary Codes of Conduct and Regulation - a Retailer's View; P.Fridd & J.Sainsbury Regulating TNCs: The Role of Voluntary and Governmental Approaches; R.Mayne PART IV: THE POLITICS OF ACCOUNTABILITY NGOs, Global Civil Society and Global Economic Regulation; R.O'Brien Index