Regulating International Business

SOL PICCIOTTO has taught law at the Universities of Dar es Salaam (1964-68) and Warwick (1968-1992), and has been a visiting scholar at Nagoya University in Japan (1986) and the European University Institute in Florence (1991-2); he has been Professor of Law at Lancaster University since 1992. He was a founding editor of Capital & Class and Social & Legal Studies , and worked with the Coventry Workshop and TIE (Transnationals Information Exchange) giving research and advice on international business to community and trade union organizations. He specializes in international economic and business law and regulation, and his books include International Business Taxation (1992), Corporate Control and Accountability (co-edited, 1993), and International Regulatory Competition and Co-ordination (co-edited, 1996).RUTH MAYNE is a policy advisor at Oxfam GB (1993- present). Her work involves research and advocacy on international trade, investment and employment issues, directed towards the UK government, EU, OECD and WTO. She has previously worked as a country representative in Colombia for CUSO (Canadian University Service Overseas) (1989-1993), as a socio-economist for ITDG (Intermediate Technology Group) (1987-99) , and as a programme assistant at War on Want (1984-87). She has researched and written on a range of development issues including co-editing two periodicals on human rights and trade issues.

'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