Law Commons^™

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 …

American Wartime Values In Historical Perspective: Full-Employment Mobilization Or Business As Usual, Timothy A. Canova

Timothy A. Canova

This paper explores the range of values implicated by war and compares today's dominant values with those that prevailed during previous American wars, with a particular emphasis on the World War Two and early Cold War period. War is related to values, and as economists like to remind us, what we value becomes apparent in the movement of people and prices. Part I of this Article considers the moral, ethical and monetary values that prevailed throughout the 1940's and early 1950's. The normative threads that kept the World War Two effort on track were those of mobilization and shared sacrifice. …

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 …

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: …

The Macroeconomics Of William Vickrey, Timothy A. Canova

Timothy A. Canova

This article analyzes the work of the late Dr. William Vickrey, the McVickar Professor Emeritus of Columbia University and 1996 Nobel-laureate in Economics. In choosing Vickrey for the Nobel prize, the Royal Swedish Academy of Sciences notes Vickrey's fundamental contributions to the economic theory of incentives, which he applied to the areas of taxation, auction theory, and pricing. His work focused on the economics of asymmetric and private information.

Critics of Vickrey's full-employment macroeconomic vision have noted that his Nobel was awarded not for such progressive views but for his earlier work in microeconomics. This article connects Vickrey's early theoretical …

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 …

The Swedish Model Betrayed, Timothy A. Canova

Timothy A. Canova

This article provides a history of Sweden's financial liberalization, with special attention on the deregulation of interest rates and the ceiling on housing loans from banks and finance institutions. Throughout the 1980's, Sweden's Prime Minister Olof Palme stood out on the international stage as one of the leading opponents of the financial deregulation, monetarism, and fiscal austerity. The article recounts his efforts to resist and then compromise with this neoliberal agenda. After Palme's sudden assassination, in February 1986, the new government accepted a Riksbank proposal for elimination of Sweden's long-standing system of foreign exchange controls - the transnational policy analog …