This article addresses some new institutional parameters for policy-making. More specifically, we study the effects of the internationalization of markets and regulations on the domestic policy-making process through a multi-level governance framework. Analyzing the policy process for Bill C8, the latest revision of Canada's financial services sector legislation, we look at the changes in policy-making practices that result from the evolving global marketplace. We conclude that the state retains autonomy in policy-making, but that decisions are increasingly made by both public sector and non-governmental actors.
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