International Policy Rules and Inequality

Implications for Global Economic Governance

Edited by José Antonio Ocampo

Columbia University Press

International Policy Rules and Inequality

Pub Date: January 2019

ISBN: 9780231190848

304 Pages

Format: Hardcover

List Price: $75.00£62.00

Pub Date: January 2019

ISBN: 9780231549141

304 Pages

Format: E-book

List Price: $74.99£62.00

International Policy Rules and Inequality

Implications for Global Economic Governance

Edited by José Antonio Ocampo

Columbia University Press

Over the past decades, the world has seen a dramatic increase in inequality. To what extent have the rules that govern the global economy, formally or informally, affected this trend? How can global governance arrangements be reformed to counteract them?

In this book, an interdisciplinary group of prominent scholars scrutinizes how the rules of global economic governance—or the lack thereof—determine the extent and growth of inequality. Economists, political scientists, lawyers, and other experienced contributors bring together cutting-edge research on global rule making and inequality, exploring how international rules can exacerbate inequalities among and within countries to show the crucial interactions between policy choices and the distribution of income and wealth. They provide an in-depth examination of the rules governing foreign-investment protection, cross-border financial flows, and intellectual property rights, as well as the lack of standards governing international taxation and the channels through which they might affect inequality. With a focus on ambitious and achievable reforms, this book offers concrete steps toward global economic governance capable of counteracting inequitable wealth distribution and bringing about fairer economic growth.
Existing structures of global economic governance–institutions and rules embedded in history–are inequitable. Such unfair rules produce unequal outcomes. This bold book, which challenges conventional wisdom, brings together engaging essays at the intersection of economics, politics, and law. It shows how these rules accentuate inequalities between and within countries. And it makes a most valuable contribution by suggesting reforms that are both desirable and feasible. Deepak Nayyar, Jawaharlal Nehru University, New Delhi
International Policy Rules and Inequality is a landmark volume. It diagnoses the ways in which present international rules or the lack of them cause increased inequalities within countries, and it proposes practical revisions that can enhance the bargaining power of the less advantaged, restore national sovereignty, and otherwise reverse this tendency. Sanjay Reddy, the New School
Income and wealth inequalities are now back in the center of intense public debate on economic issues. Yet there is a gap in the discussion: the link between global structures and national inequalities. This book fills this vacuum admirably. It shows how various international agreements lead to income inequalities not only at the global level but also at the national and local levels. The book will be especially useful for political leaders and policy makers in developing countries, who often do not know the implications of the agreements they sign. It also provides useful suggestions on how to tackle this major problem. Martin Khor, advisor, Third World Network, and former executive director, South Centre
1. International Policy Rules and Inequality: Implications for Global Economic Governance, by José Antonio Ocampo
2. National Inequalities and the Political Economy of Global Financial Reform, by Eric Helleiner
3. Are New Economic Policy Rules Desirable to Mitigate Rising National Inequalities?, by Jonathan D. Ostry, Prakash Loungani, and Davide Furceri
4. The Impact of Foreign Investor Protections on Domestic Inequality, by Manuel F. Montes
5. Investment Treaties, Investor-State Dispute Settlement, and Inequality: How International Rules and Institutions Can Exacerbate Domestic Disparities, by Lise Johnson and Lisa Sachs
6. Capital Openness and Income Inequality: Smooth Sailing or Troubled Waters?, by Kevin P. Gallagher, Guillermo Lagarda, and Jennifer Linares
7. Intellectual Property: A Regulatory Constraint to Redress Inequalities, by Carlos M. Correa
8. The Frustrated TPP and New Challenges for the Global Governance of Trade and Investment, by Osvaldo Rosales
9. The Effects of International Tax Competition on National Income Distribution, by Valpy FitzGerald and Erika Dayle Siu
Contributors
Index

About the Author

José Antonio Ocampo is codirector of Banco de la República, Colombia’s central bank, as well as a professor in the School of International and Public Affairs (on leave for public service) and copresident of the Initiative for Policy Dialogue at Columbia University. He formerly held a number of positions with the United Nations and the government of Colombia. His books with Columbia University Press include Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (2016) and The Welfare State Revisited (2018).