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date: 13 June 2021

Abstract and Keywords

Setting standards is an important means for shaping the behavior of firms and other economic actors. Governments may or may not be directly involved in this element of the governance of markets, though compliance with, or implementation of, a standard is often a function of public policy and business–government relations at other stages of the “regulatory process,” consisting of agenda setting, negotiation of standards, implementation, monitoring, and enforcement. This article first differentiates two key problems that arise from economic interdependence which are commonly solved or ameliorated through standards. It then sketches how the international integration of product and financial markets has internationalized these problems and led to a shift from local and domestic to international standard setting. It then differentiates and discusses the operation of four types of bodies that set standards for the international economy.

Keywords: international standards, economic actors, business–government relations, economic interdependence, financial markets, international economy

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