Think Piece

Regulatory Competition in Globalising Markets for Improved Conditions for Private Investment

July 2015
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The proposals in this paper are based on the results of three surveys conducted in 28 developing countries about changes in conditions for investment in the 1990s and early 2000s. The results show remarkable process in opening up of markets and deregulation, and modernisation and globalisation of local rules and institutions relevant to business, driven by regulatory competition. Considering the success of this process—an accelerated increase of economic growth and prosperity, and more than doubling the number of jobs in manufacturing and services created annually—and the ongoing changes in the character of multinational companies, these ideas are being presented for a global agreement on investment to strengthen the process of global policy change as observed in the 1990s. International public policy benchmarking to further foster an enabling environment for local and foreign invested businesses could be strengthened at the national level or introduced in such an agreement. Finally, a multilateral agreement could serve to lock in the progress made.

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