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Regulating Multinational Corporations: Trends, Challenges, and Opportunities

Multinational Corporations
Larry Catá Backer

And there was war in heaven.”

The once orderly arrangement of public and private power, of domestic and international law, and of the institutions through which these arrange- ments were realized has been upended by the very the structures legitimated in political, economic, and legal theory. In place of the state, the production chain increasingly serves as a basis for collective governance. Domestic and institutional actors—individuals, economic enterprises, civil society actors, public international organizations, and hybrids that emerge from couplings of these actors—along with states, now engage in a world order marked by fracture, fluidity, permeability, and polycentricity. This world governance order is char- acterized by a stable universe of objects of regulation around which governance systems multiply and in which law is one of several systems of governance that has an impact on the organization of human and communal activity. It is a governance order in which regional integration might well supplant both the state and global integration.