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Donatella Alessandrini - Value Making in International Economic Law and Regulation: Alternative Possibilities

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Donatella Alessandrini Value Making in International Economic Law and Regulation: Alternative Possibilities
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This book examines the contemporary production of economic value in todays financial economies. Much of the regulatory response to the global financial crisis has been based on the assumption that curbing the speculative excesses of the financial sphere is a necessary and sufficient condition for restoring a healthy economic system, endowed with real values, as distinct from those produced by financial markets. How, though, can the intrinsic value of goods and services produced in the sphere of the so-called real economy be disentangled from the artificial value engineered within the financial sphere?
Examining current projects of international legal regulation, this book questions the regulation of the financial sphere insofar as its excesses are juxtaposed to some notion of economic normality. Given the problem of neatly distinguishing these domains - and so, more generally, between economy and society, and production and social reproduction - it considers the limits of our current conceptualization of value production and measurement, with specific reference toarrangementsin the areas of finance, trade and labour. Drawing on a range of innovative work in the social sciences, andattentive to the spatial and temporal connections that make the global economy, as well as the racial, gender and class articulations of the social reproductive field within it, it further asks: what alternative arrangements might be able to affect, and indeed alter, the value-making processes that underlie our current international regulatory framework?

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First published 2016
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN

and by Routledge
711 Third Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

2016 Donatella Alessandrini

The right of Donatella Alessandrini to be identified as the author of this work has been asserted by her in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data
Alessandrini, Donatella, author.
Value making in international economic law and regulation : alternative possibilities / Donatella
Alessandrini.
ISBN 978-1-138-93674-4 (hbk) -- ISBN 978-1-315-67665-4 (ebk) 1. Trade regulation. 2. Foreign
trade regulation. 3. Value. 4. Profit. 5. Surplus value. 6. Economics--Political aspects. 7. Financial
risk management. 8. Derivative securities--Valuation. 9. Labor theory of value. I. Title.
K3840.A94 2016
338.521--dc23
2015030058

ISBN: 978-1-138-93674-4(hbk)
ISBN: 978-1-315-67665-4(ebk)

Typeset in Garamond by
Servis Filmsetting Ltd, Stockport, Cheshire

ALBA Bolivarian Alternative for our Peoples of the Americas BIS Bank for - photo 1
ALBABolivarian Alternative for our Peoples of the Americas
BISBank for International Settlements
ELREmployer of Last Resort
EMHEfficient Market Hypothesis
FCCFederal Communication Commission
GATSGeneral Agreement on Trade in Services of the World Trade Organisation
GATTGeneral Agreement on Tariffs and Trade GDP Gross Domestic Product
GDPGross Domestic Product
IPRsIPRs intellectual property rights
LANDSLaw and New Developmental State
LIBORLondon Interbank Offered Rate
NPEDNew Political Economy of Development
OTCover-the-counter
RMARegional Monetary Agreement
SSFsocial studies of finance
STSscience and technology studies
SUCREUnified System for Regional Compensation UN United Nations
WTOWorld Trade Organization
Contents

Among the friends and colleagues who have made this book possible with their ideas, questions, images and readings, I would like to thank Paddy Ireland, Stacy Douglas, Hyo Yoon Kang, Rosemary Hunter, Nick Piska, Davina Cooper, Maria Drakopoulou, Jasper van Doreen, Serena Natile, Jose Bellido, Didi Herman, Sally Sheldon, Iain Ramsay, Emma Dowling, Ann Stewart, Rosie Harding, Connal Parsley, Ruth Fletcher, Ntina Tsouvala, Sarah Slowe, Vicky Conway, Irene Leon, Magdalena Leon, Rhadika Desai, Asta Zoykatite, Luis Eslava, Laura Binger, Simone Wong, Thanos Zartaloudis, Helen Carr, Mairead Enright, Sinead Ring and Will Mbioh; and in particular Emily Haslam, Maria Tsoukala, Anastasios Gaitanidis and Anisa de Jong.

I am grateful to the British Academy and Kent Law School for their financial support, and to the post-graduate research community at Kent for our weekly study group and the thought-provoking discussions that have sustained me in the final stage of writing.

I would also like to thank Iain Frame, Judy Fudge, Fiona Allon, Lisa Adkins, Anne Kovaleinen, Emilie Cloatre and Martyn Pickersgill for their generous feedback on portions of the book and earlier versions of the arguments; Amanda Perry-Kessaris and Luis Eslava for their wonderful help with the cover image of the book; Colin Perrin, Laura Muir, Glynis Dyson and Abigail Pukaniuk for their editorial advice and support; and Marie Selwood for her assistance with the final draft.

Special thanks to Fiona Macmillan, Toni Williams, Lorenzo Corsini and Suhraiya Jivraj for helping me work out ideas and arguments, and for their incredible support; to Kate Bedford, whose incisive feedback and wonderful friendship have been vital to the development of this project; to Brenna Bhandar for the many conversations within and outside our reading group, and for pushing me with crucial questions; and to Emily Grabham for engaging so generously and critically with the whole book. I cannot thank you enough for your encouragement, friendship, time and labour. I have not been able to do justice to all your comments but the book is much improved as a result of your feedback.

And finally I would like to thank Silvia Federici and Antonella Picchio, whose work has been a source of profound inspiration for this book, among other things.

Adkins, Lisa (2015) What Are Post-Fordist Wages? Simmel, Labor Money, and the Problem of Value 114:2 South Atlantic Quarterly 331353.

Adkins, Lisa (2009) Feminism After Measure 10:3 Feminist Theory 323339.

Adkins L. and Dever M. (2014) Housework, Wages and Money: The Category of the Female Principal Breadwinner in Financial Capitalism 29 Australian Feminist Studies 5066.

Alessandrini, Donatella (2015) Financial Derivatives and the Challenge of Performation Where Contingency Meets Contestability in E. Cloatre and M. Pickersgill (eds), Knowledge, Technology and Law: At the Intersection of Socio-Legal and Science and Technology Studies (Routledge, 2015) 154170.

Alessandrini, Donatella (2013a) A Social Provisioning Employer of Last Resort: Post-Keynesianism Meets Feminist Economics 4:2 World Review of Political Economy 230254.

Alessandrini, Donatella (2013b) WTO at a Crossroads: The Crisis of Multilateral Trade and the Political Economy of the Flexibility Debate 5:2 Law, Trade and Development 256285

Alessandrini, Donatella (2012) Immaterial Labour and Alternative Valorisation Processes in Italian Feminist Debates: (Re)exploring the Commons of Re-production 1:2 feminists@law 128.

Alessandrini, Donatella (2011) Regulating Financial Derivatives? Risks, Contested Values and Uncertain Futures 20:4 Social and Legal Studies 122.

Alessandrini, Donatella (2010) Developing Countries and the Multilateral Trade Regime: The Failure and Promise of the WTOs Development Mission (Oxford: Hart Publishing).

Allon, Fiona (2015) Money, Debt, and the Business of Free Stuff 114:2 The South Atlantic Quarterly 283305.

Allon, Fiona (2011) Home Economics: The Management of the Household as an Enterprise 68 Journal of Australian Political Economy 128148.

Althusser, Louis and Balibar, Etienne (1970) Reading Capital (London and New York City: New Left Books).

Alviar Garcia, Helena (2014) Social Policy and the New Development State, in D. Trubek, H. Alviar, D. Coutinho and A. Santos (eds), Law and the New Developmental State: The Brazilian Experience in Latin American Context (Cambridge: Cambridge University Press).

Anghie, Antony (2007) Imperialism, Sovereignty and the Making of International Law (Cambridge: Cambridge University Press).

Antonopoulos, Rania (2007) The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective, Working Paper No 516. Levy Economics Institute.

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