Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Global Corporate Social Responsibility Pressures and the Failure to Develop Universal Rules to Govern Investors and States

Global Corporate Social Responsibility Pressures and the... I. INTRODUCTION The most famous economist of the 20th century, John Maynard Keynes, had an evocative image of capitalism. He believed that markets were propelled by animal spirits. These spirits could yield growth, but at times must be domesticated to ensure that the law of the jungle-eat or be eaten-does not apply. Lord Keynes led the British postwar planners who worked with their U.S. counterparts on the initial design of policies and institutions to shape global markets for goods and capital. Their plans became the World Bank, the International Monetary Fund (IMF) and the General Agreement on Tariffs and Trade/World Trade Organization (GATT/WTO). These institutions have served global capitalism well. There is one yawning gap, however, where the animal spirits can run wild. There are no global rules governing the rights and responsibilities of international investors and recipient States.1 This article will examine that gap and explain how it has been an important factor in growing public pressure on business to act in a globally "responsible" manner. It will briefly trace the failed history of international investment agreements. Policymakers in the developed and developing world have not been able to find common ground on the rights and responsibilities http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of World Investment and Trade Brill

Global Corporate Social Responsibility Pressures and the Failure to Develop Universal Rules to Govern Investors and States

Journal of World Investment and Trade , Volume 3 (3): 19 – Jan 1, 2002

Loading next page...
 
/lp/brill/global-corporate-social-responsibility-pressures-and-the-failure-to-B3sr3ijtZr
Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1660-7112
eISSN
2211-9000
DOI
10.1163/221190002X00049
Publisher site
See Article on Publisher Site

Abstract

I. INTRODUCTION The most famous economist of the 20th century, John Maynard Keynes, had an evocative image of capitalism. He believed that markets were propelled by animal spirits. These spirits could yield growth, but at times must be domesticated to ensure that the law of the jungle-eat or be eaten-does not apply. Lord Keynes led the British postwar planners who worked with their U.S. counterparts on the initial design of policies and institutions to shape global markets for goods and capital. Their plans became the World Bank, the International Monetary Fund (IMF) and the General Agreement on Tariffs and Trade/World Trade Organization (GATT/WTO). These institutions have served global capitalism well. There is one yawning gap, however, where the animal spirits can run wild. There are no global rules governing the rights and responsibilities of international investors and recipient States.1 This article will examine that gap and explain how it has been an important factor in growing public pressure on business to act in a globally "responsible" manner. It will briefly trace the failed history of international investment agreements. Policymakers in the developed and developing world have not been able to find common ground on the rights and responsibilities

Journal

Journal of World Investment and TradeBrill

Published: Jan 1, 2002

There are no references for this article.