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Hierarchies and Government Versus Networks and Governance: Competing Regulatory Paradigms in Global Economic Regulation

This article examines issues regarding economic policy co-ordination and regulation, using proposals for the reform of the international financial architecture as a case study of different paradigms for global economic co-ordination and regulation. Developments in global financial markets exemplify how the search for a regulatory paradigm for global capitalism is linked to the transformation that capitalism has undergone since the early 1970s. The contrast between hierarchical and network forms of regulation is examined, as are different conceptions of networks using international financial regulation as an example. The problems of legitimacy, accountability, and implementation in the network paradigm of regulation suggest that it remains an open question whether regulatory networks are capable of resolving fundamental problems of global capitalism.