electiveHQ

Regardless of business type, size or degree of internationalisation, strategic decisions and daily activities are impacted upon by the policies, treaties, regulations, norms and standards set by public, private and other forms of governing bodies. The globalization of commerce in goods and services through trade, foreign direct investment and outsourcing; facilitated by technological change and the liberalization of financial markets highlighted the challenges of single nation legal jurisdiction and political impartiality. Over several decades groups of nation states, business federations, private and public companies and non-governmental organizations have come together in a variety of forums to cooperate in the establishment and oversight of governance measures of varying legal form and noe. Examples include - multilateral, megaregional, regional and bilateral trade bodies - the World Trade Organisation, the Trans-Pacific Partnership, the European Union, the United States-Mexico-Canada Agreement, ASEAN and African Continental Free Trade Area (AfCFTA); - international financial networks - the G groups (e.g. G20) of finance ministers and central bank governors, the World Bank, the Organisation for Economic, Co-operation and Development, the International Monetary Fund and the Basel Committee on Banking and Regulation and Supervisory Practices; - environmental/climate bodies - United Nations Environment Programme, Environmental Protection Agencies; and - bodies addressing internet governance - International Telecommunications Union (ITU); along with - sector specific bodies including, International Organization for Standardization (ISO), credit rating agencies, the Institute of International Finance, the International Accounting Standards Board, the International Chamber of Commerce, Internet Corporation for Assigned Names and Numbers (ICANN). The structures, power and membership of these organisations and forums varies considerably; influenced by the policy area, membership (governments, business stakeholders, experts etc.), geographical spread, politics, and key events. Notably over the last two years significant developments in policy approaches and negotiating styles of the United States, the United Kingdom and China are challenging the structures, principles and processes of the long established aforementioned public private and hybrid bodies of international governance at a time of heightened public awareness and stakeholder activity. Government statements and media headlines feature the details of tariffs and non tariff barriers to trade involving the United States, European Union, Asia and Africa; the emerging details the consequences of the the agreements reached between the European Union and the United Kingdom following Brexit, the stark findings of the Intergovernmental Panel on Climate Change (August 2021), the lack of consensus on the development of economic policy and associated oversight and the place of regulation over the digital world - commercial, social and financial. The debate around the future forms of institutional structures and types of governance across trade, finance, climate and the internet predated the Covid 19 pandemic, but it is proving central to the management of the future economy and associated business activity nationally and globally. This module goes behind the headlines by reviewing the evolution of the public, private and hybrid governing institutions and debating their place at a time of critical change when the western world is being challenged from within and by north, south and east. For business stakeholders this period of uncertainty challenges established business models, practices, supply chains and questions the suitability of strategic plans based on compliance with existing standards, regulations and principles. The module examines the governing institutions and the instruments of governance along with considering their future through four key topic areas a. trade, b. finance, c. climate change and d. the internet.