The role of private governance in global finance
Private sector governance plays a key but complex and varied role in global finance, as in global economic governance more generally. This chapter provides a survey of private governance mechanisms in global finance. It argues that, although powerful players and paradigms are important in private governance, it is also crucial to consider the governance roles played by business practices and infrastructures. There are relatively few associations that claim to represent or govern global finance as a whole and those that do are surprisingly weak, considering the size of private transnational financial activities. This challenges views that see private finance as associated with a single powerful force, whether this is conceptualized as a social class or a market structure. However, the linkages between the various private sector roles in governing global finance make those roles very significant. The chapter discusses the private sector roles and the significance of the linkages between these roles.