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Non-State Actors And The International Institutional Order: Central Bank Capture And The Globalization Of Monetary Amnesia, Timothy A. Canova

Timothy A. Canova

The role of private, non-state actors in the international institutional and legal order is often praised for providing greater pluralism, public participation and transparency in the formulation of legal norms. Often overlooked are the ways that non-state actors undermine the sovereignty and practical capabilities of nation-states to provide for the welfare and security of citizens.

The growth of global capital and currency markets, fueled and dominated by non-state actors, has undermined the ability of states to incur deficits or to otherwise stimulate their economies.

Non-state actors also shape today's global order by capturing the institutions of the state, contributing to …

Symposium Introduction: International Law Confronts The Global Economy: Labor Rights, Human Rights, And Democracy In Distress, Timothy A. Canova

Timothy A. Canova

As the pace of globalization has intensified, lawyers and scholars continue to develop an appreciation for the many ways their own areas of expertise and practice relate to the global economy. This symposium issue of the Chapman Law Review, featuring papers presented at the inaugural conference of Chapman University's Center for Global Trade & Development, reflects the dynamic and evolving relationship between international law and the global economy, and the profound impacts of each on the course of democracy and human rights in the world today.

Each of our contributors were asked to consider the various ways that international law …

Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Timothy A. Canova, Claire M. Dickerson

Timothy A. Canova

The approach of law and economics raised the visibility of the business law curriculum in legal education. But its narrow focus on efficiency and aggregate growth failed to explain the weaknesses of the orthodox free market model. In contrast, law and socioeconomics should enrich legal education by offering more compelling descriptions of market realities while also providing the opening for richer and wider discussions about alternative reform possibilities. Two legal fields that have acutely felt the pressures of globalization are labor and finance law. This article describes how both of these areas affect and are affected by globalization. The authors …

Keynesian Comparative Economics: The Iconoclastic Vision Of Lynn Turgeon (1920-1999), Timothy A. Canova

Timothy A. Canova

The authors of this article review the late E. Lynn Turgeon's contributions to economics, including his studies of the Soviet economy, use of qualitative and demographic analyses, his Keynesian critique of U.S. economic performance, and his critique of international financial markets. Turgeon's comparative approach led to unique insights about the challenges that confronted planned economies, including the differential impact of military spending on the demand-constrained economy of the United States and the supply-constrained economy of the Soviet Union. His study of the Soviet and planned economies also informed his analysis of the U.S. economy and international adjustment mechanisms. Turgeon argued …

The Disorders Of Unrestricted Capital Mobility And The Limits Of The Orthodox Imagination: A Critique Of Robert Solomon, 'Money On The Move: The Revolution In International Finance Since 1980', Timothy A. Canova

Timothy A. Canova

This book review provides a critique of Robert Solomon's' Money on the Move: The Revolution in International Finance since 1980'. According to the reviewer, Solomon has written a highly descriptive account of some of the major developments in global financial markets over the past two decades. His impressive compilation of events is couched in an objective, value-neutral narrative, thereby suggesting that the tide of orthodox policy reforms is as inevitable as the sun rising. But lurking just beneath the surface are the usual neoclassical assumptions that one might expect of a former chief international economist of the Federal Reserve Board: …

Financial Liberalization, International Monetary Dis/Order, And The Neoliberal State, Timothy A. Canova

Timothy A. Canova

This article started as a plenary paper that was presented to the annual International Economic Law conference of the American Society of International Law. The conference itself posed the question of whether the new international economic order was leading to greater peace, stability, fairness and justice. At a time when American post-Cold War triumphalism was perhaps at its zenith, Canova answered with an unequivocal indictment of the global order for failing to deliver peace or justice.

The first part of the article critiques the international monetary system, and argues that the primary negative consequence of capital liberalization is the undermining …

Global Finance And The International Monetary Fund's Neoliberal Agenda: The Threat To The Employment, Ethnic Identity, And Cultural Pluralism Of Latina/O Communities, Timothy A. Canova

Timothy A. Canova

This Article places Lat-Crit scholarship in an institutional and inter-disiplinary context, providing a critique of the International Monetary Fund (IMF) agenda of structural adjustment and liberalization. It also questions the positioning of Lat-Crit scholars to remain silent or complicit with the IMF's agenda. The article provides a counter-narrative informed by heterodox economics, historical revisionism, and sociological analysis. The global unemployment crisis - which was largely ignored by orthodox economics and hidden by flawed government measurements prior to the 2008 financial collapse - is considered as an existential threat to individuals and communities alike. The Article closes with a discussion that …

Banking And Financial Reform At The Crossroads Of The Neoliberal Contagion, Timothy A. Canova

Timothy A. Canova

At the time of publication, this article provided the most in-depth critique of capital account liberalization in any U.S. law journal. The article stemmed from a paper presented by the author to the Seventh Annual Conference of the United States-Mexico Law Institute in Santa Fe, New Mexico on October 3, 1998, during the climax of one of the most volatile periods in the global financial markets. The Russian ruble was in free fall, and so was Long-Term Capital Management, a hedge fund that was threatening to bring down its own large creditors. The crisis was averted only by an emergency …

The Transformation Of U.S. Banking And Finance: From Regulated Competition To Free-Market Receivership, Timothy A. Canova

Timothy A. Canova

This article offers a critique of the deregulation of banking and finance that started with the breakdown of the Bretton Woods regime of fixed exchange rates during the Nixon administration, accelerated with interest rate deregulation during the Carter administration, and was deepened during the Reagan administration. Deregulation is seen as a changing of paradigms, from the New Deal regulatory model that limited price competition and channeled credit to socially useful purposes. The monetary and fiscal implications are significant. The regulatory model, particularly in its heyday, served to limit the authority of the Federal Reserve, neutralized monetary policy, and invigorated other …