Economic Thinking about Transnational Governance: Blind Spots and Historical Perspectives

Hans-Michael Trautwein

No 13 / 2013, ZenTra Working Papers in Transnational Studies from ZenTra - Center for Transnational Studies

Abstract: The notion of 'transnational governance' refers to systems in which private actors and other non- state institutions participate in setting and enforcing norms for cross-border transactions in trade, finance and other business. While the term is modern, the co-evolution of world markets and hybrid regulation has been discussed since the times of pre-classical and classical political economy. Yet, while transnational governance is a hot issue in other disciplines, it is almost a non-theme in current economics. This paper explores the development of economic thinking about transnational governance in three steps. It starts with a description of transnationalization and a typology of transnational governance. Thereafter it relates the historical causes and analytical choices that make it difficult to deal with transnational governance in terms of modern economics. The blind spots in current frameworks of economic thinking raise the question whether more substantial reflections about transnational governance can be found in the history of economic thought, in the periods when economics as an academic discipline developed along with the emergence of nation states and the global system of markets. In the third step relevant ideas of Adam Smith, Friedrich List, Max Weber, John Hicks and many others are discussed and evaluated in the contexts of city states, trading companies, cross-border finance and self-regulation.

Keywords: transnational governance; private ordering; co-regulation; cross-border finance; city states; trading companies (search for similar items in EconPapers)
JEL-codes: B12 B15 B25 D02 F59 F6 K2 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2013-03, Revised 2013-03
New Economics Papers: this item is included in nep-his and nep-hpe
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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2234953 First version, 2013 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:zen:wpaper:13

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