This Essay sets out three models of institutional constraint of global corporate power. First is private lawmaking, in which the non-state power of firms is countered by the non-state power of civil society organizations. Second are nonlegalized processes under public institutional umbrellas, in which public entities host standards-setting mechanisms. Finally, there is the prospect of fully legalized regimes, the equivalent of global regulation. These models have been emerging bottom-up rather than as part of a grand scheme. After describing the three models, this Essay considers the future of global regimes aimed at constraining corporate conduct. Distinct institutional approaches could persist. Alternatively, there may be a progression toward more robust public regulation at the global level. Power may migrate to something approximating global government, directly regulating corporations and other entities.
Peter J. Spiro,
Constraining Global Corporate Power: A Short Introduction,
46 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vjtl/vol46/iss4/5