Abstract
Private regulation often entails competition among multiple rule-makers, but private rules and regulators do not always compete. For substantial parts of the global economy, a single private body (per issue) is recognized as the focal point for global rule-making. The selection of the institutional setting here effectively takes place prior to drawing up the specific rules, with important consequences for the politics of regulating global markets. In this paper, I develop a theoretical explanation for how a private transnational organization may attain such preeminence - how it can become the focal point for rule-making - in its area of expertise. I emphasize the transnational body's capacity to pursue its organizational self-interest, as well as timing and sequence. I then examine empirically a particularly important body of this kind, which today is essentially uncontested as the focal point for private regulation in its area, even though its standards often have substantial distributive implications: the International Electrotechnical Commission (IEC). I analyze the persistence and changes in the IEC's formal rules or procedures and informal norms, as well as the broadening scope of its regulatory authority and membership over more than a century.
| Original language | English |
|---|---|
| Article number | 4 |
| Journal | Business and Politics |
| Volume | 12 |
| Issue number | 3 |
| DOIs | |
| State | Published - 28 Oct 2010 |
| Externally published | Yes |
Keywords
- institutional development
- private governance
- regulation
- technology
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