Evolutionary Dynamics of Transnational Private Regulation

Abstract

This contribution puts forward an approach to account for evolution of transnational private rule-makers. Morphing of organisations, procedures, and rules is suggested as a key strength of various forms of private authority. Directing our attention towards evolutionary dynamics, their impact on the goals pursued by transnational private regulators, as well as on the implications for targets and beneficiaries of their rules, bring to the fore various implications of transnational private regulators. These implications include tensions between the complementary and competitive relations between public and private authority, and question the capacity of the former to effectively enrol, steer and influence the latter. The article discusses the role of regulatory crises and organisational crises as catalysts for emergence and evolution of transnational private rule-makers, and possible effects on the relation between public and private regimes. It reflects on possible competitive challenges that emerge by employing a dynamic perspective to transnational private regulation.

Keywords: transnational private regulation, evolution, crises, management standards

JEL Classification: K10, K20, K23