This book examines how and why internationalisation of markets affect economic institutions. Its arguments relate to major debates in comparative politics, international relations, globalisation, political economy and regulation. It is also relevant for business studies and law.

This book examines when, how and why internationalisation affects national economic institutions. It confronts questions at the heart of debates in political economy and comparative politics: What does internationalisation of markets mean? Who are its carriers in domestic arenas? Through which mechanisms does it affect decisions about national institutional reform? What are institutional outcomes in the face of internationalisation? The book responds to its questions by looking at key economic institutions in five strategic sectors: securities trading, telecommunications, electricity, airlines and postal services. It compares across four countries that represent different 'varieties of capitalism', namely Britain, France, Germany and Italy, over the period between 1965 and 2005. Thus it combines cross-national, historical and cross-sectoral comparisons. The author distinguishes technological and economic forms of internationalisation from policy forms, notably decisions in powerful overseas nations and supranational regulation. He argues that, contrary to expectations, the first was met with institutional inertia. In contrast, policy forms of internationalisation, namely reforms in the US and European Union regulation, played significant roles in undermining long-standing national institutions. The book explores the mechanisms whereby policy forms of internationalisation were influential by looking at the strategies, coalitions and resources of key actors in national arenas. It also shows that institutional outcomes were surprising: all four countries, albeit through different routes, adopted increasingly similar reforms of economic institutions- privatisation, the ending of monopolies and delegation to independent regulatory agencies. The book rejects the view that technological and economic forms of internationalisation drive institutional change. It suggests that policy forms of internationalisation are more important because they become part of domestic decision making and aid the reform of well-established national institutions.

Der Warte sind genug gewechselt. lasst mich auch endllch Taten sehn. l.W. GOETHE Since the International Monetary Fund and the International Bank for Recon struction and Development, which are analysed in Part I, are specialized agencies linked by special agreements with the United Nations, a few words about the UN and two of the other specialized agencies, the Food and Agricul ture Organization and the International Labour Organization, are called for. This is followed by a short account of the Bank for International Settlements, which is also referred to in connection with the IMF and the IBRD. The rest of this introduction is devoted to some non-European attempts at economic integration (which have not yet been very successful) and to the regional development banks. 1. The United Nations (UN) The United Nations comprises 158 countries (September 1983) which have accepted the Charter of the United Nations, which was signed at San Francisco on 26 June 1945 and came into force on 24 October 1945. The aims of the organization include the maintenance of peace and security, the promotion of better standards of living and the encouragement of economic and social pro gress for all nations by means of international cooperation. The principal organs of the UN are: The General Assembly The Security Council The Economic and Social Council (ECOSOC) The Trusteeship Council The International Court of Justice The Secretariat.

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What made me write this book was a feeling that students of international economics needed to fill out their knowledge of the theory with work on the practice of the major international economic organizations, many of which are having a growing influence on the national economies of their members. There was no single volume given over to a concise treatment of these organizations. The annual reports of the international organizations themselves can be consulted, of course, but as a rule these are not noted for being brief and to the point (the items of importance have to be fished out of a sea of useless detail), nor do they go in for criticism of their own activities. In selecting the organizations to be dealt with in the book I was guided by the influence they exert. I have left out those whose activities consist mainly in the drafting of recommendations to which, however meritorious they may be, little or no attention is paid. Some of them are included in the Introduction, which provides a summary of a number of institutions not discussed separately in the body of the work. There are, however, two exceptions: the Organization for Economic Cooperation and Development (OECD) as the organization replac ing the Organization for European Economic Cooperation (OEEC), and the United Nations Conference on Trade and Development (UNCTAD) whose meet ings have succeeded in drawing much attention of the press.