Formal and Informal Institutions
Edited By Assel Tutumlu and Gaye Güngör
Section 1. International Trade and Investment Regulation
Global Trade Governance and Informal Voluntary Standards: the Socio-Normative Analysis of Legitimacy of the ISO
This chapter focuses on some of the current socio-legal developments in trade and investment field and the related trend towards greater standardisation of national societal regulations based on international voluntary standards. The standards addressed here are international process- or management-based standards. Given the space limits, it will mainly concentrate on the International Organisation for Standardisation (ISO) standards. Companies generally voluntarily adopt those in order to carry a “social” license to operate, as today it’s the way to underline their good governance credentials. In transboundary trade transactions, obtaining such social licenses can be crucial for importing and exporting firms alike, as well as for countries within which those firms operate.
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