Private Regulierung der Weltwirtschaft

Abstract

Alongside with the liberalization of financial markets organizations of private regulation have become more important since the nineties. Private institutions such as Rating Agencies or financial market instruments as the Emerging Market Bond Index (EMBI+) are part of the private governance structure and have a strong impact on countries’ economic, financial and social policy and in some cases have become more important than has the International Monetary Fund (IMF) or the World Bank. Especially for the new leftwing governments of Latin America, which have emerged around the millenium change, these mechanisms and instruments of private regulation are of strong importance as they are still backing neoliberal hegemony although there is a crisis of the neoliberal consensus within the continent. These instruments should therefore be seen as enforcement measures of the neoliberal hegemony because they make sure that Latin American countries are employing market friendly policies.