The development of the global markets as rule-makers: engagement and legitimacy

Abstract

The first article in this series1 assessed the extent to which the markets are able to act as rule-makers and the nature of the “normative arena” in which they do so. This article considers how their role could develop and the implications of that in terms of market engagement in the rule-making process and legitimacy. The final article in the series will look at some of the risks this changing landscape creates, particularly in the context of dispute resolution and enforcement.