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date: 19 January 2021

Abstract and Keywords

The regulatory role of the state is undergoing marked changes in key areas of the global economy. Globalization has revealed important procedural inadequacies and organizational limits of traditional intergovernmental organizations, in particular lack of technical expertise and financial resources to deal with ever more complex and demanding regulatory challenges. This has led to a much greater involvement of transnational or private-sector rule-making organizations in global regulation. This trend is not without risks to society. It may exclude a wide range of stakeholders from key stages of the rule-making process, resulting in regulatory capture. To prevent or preempt such an outcome, the state has been redefining its role is some areas of global rule-making, strengthening its oversight and imposing organizational changes upon private rule-making bodies or working in tandem with them to safeguard the public interest. Such reassertion of the state, however, is neither quick, nor easy, nor necessarily successful.

Keywords: state, international regulation, globalization, transnational governance, hybrid governance, regulatory state, regulatory capitalism, privatization, rule-making, private sector

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