Institutions matter: they affect individual action, influence cooperation and are crucial in making the difference between wealth and poverty, growth and stagnation. Yet, the explanatory power of modern institutional economics has not been exceedingly satisfactory. This paper criticizes the...

This paper seeks to shed light on a notion that is often considered essential in conferring global regulatory authority, but is rarely defined in contemporary scholarship on global governance: the notion of legitimacy. The authors center their analysis on the value of democracy as one of the...

Commonly presented as arising from poor policing and corruption, and as raiders and destroyers of environmental commons, ‘illegal' production and marketing of coal is a significant aspect of everyday life in eastern India. Such representations hide unpleasant social realities of the coal...

This Article considers the application of “new governance” theory and scholarship to financial regulatory reform by examining the recent trend of incorporating proprietary internal risk models into capital adequacy regulatory regimes. I contend that theoretical scrutiny of the methodologies...

The International Court of Justice's advisory opinion on the legitimacy of Kosovo's unilateral declaration of independence based on the right of self-determination was a missed opportunity to clarify and enhance the international community's understanding of the laws of sovereignty. The Court...

The influence of NGOs in international development policy and practice has grown exponentially since the end of the Cold War. These NGOs' agendas now compete with donor states' in setting the priorities for international development assistance. Indeed, many NGOs now claim that the legitimacy of...

This paper examines both the strengths and weaknesses of the Group of Twenty (G-20) from the perspective of input and output legitimacy. Notwithstanding some initial successes the constraints with respect to 'output' have become more acute. Moreover, the 'input' legitimacy of the G-20 has been...

Delhi has seen the rise of a parallel industry in water supply: the private water tankers or the ‘tanker mafia,' which have filled a large portion of the gap between demand and supply. This paper explores the mechanism of their operation, and the illegalities involved in this business. This...

This paper expands our understanding of the introduction of new audit arrangements in the public sector by looking at three cases relating to the audit of local government. The first case saw the Audit Office replacing the elected auditors as the sole auditor of municipalities in 1886; the second...