RESUMEN
Few topics are as central and of consequence to the lives and well-being of individuals as regulation, broadly defined as the organization and control of economic, political, and social activities by means of making, implementing, monitoring, and enforcing of rules. Regulation is increasingly global as elements of the regulatory process have migrated to international or transnational actors in areas as diverse as trade, finance, the environment, and human rights. This trend has triggered a fierce debate among economists about the impact of global regulation. On one side, Joseph Stiglitz argues that the rules of the game have largely been set by advanced industrial countries, and in particular by special interests within these countries. “[N]ot surprisingly, they have shaped globalization to further their own interests. They have not sought to create a fair set of rules, let alone a set of rules that would promote the well-being of those in the poorest countries of the world.” He adds darkly, “[t]hose who benefit from the current system will resist change, and they are very powerful.”