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Basel Committee on Banking Supervision

An Assessment of Governance and Legitimacy- Part II

Series:

Maziar Peihani

Part I of this project overviewed the literature on the Basel Committee of Banking Supervision (BCBS) and provided a primer on the Committee’s governance and functions. It also engaged with the current theories on legitimacy and discussed what legitimacy meant for the global governance of banking and how it could be assessed. This part investigates the BCBS’s governance, operation, and policy outcomes to determine the extent to which it is and has been legitimate. The assessment is conducted based on three principles of reasoned decision making, transparency, and accountability. Maziar Peihani argues that the BCBS has gradually become a more legitimate institution but there still exists significant room for improvement. He highlights a number of areas for reform and sets out policy prescriptions to enhance the BCBS’s legitimacy.

Basel Committee on Banking Supervision

A Primer on Governance, History, and Legitimacy -- Part I

Series:

Maziar Peihani

The Basel Committee on Banking Supervision (BCBS) was established in 1974 as an informal group of central bankers and bank supervisors with the mandate to formulate supervisory standards and guidelines. Although the Committee does not have any formal supranational authority, it is the de facto global banking regulator and its recommendations have been widely implemented by member and non-member states. Maziar Peihani investigates the BCBS’s governance, operation, and policy outcomes to determine the extent to which it is and has been legitimate. The project is comprised of two parts. This part overviews the literature on the BCBS, outlines its contribution, and provides a primer on the Committee’s governance and functions. In addition, it engages with the current theories on legitimacy and discusses what legitimacy means for the global governance of banking and how it can be assessed.

On Coerced Labor

Work and Compulsion after Chattel Slavery

Series:

Edited by Marcel M. van der Linden and Magaly Rodríguez García

On Coerced Labor focuses on those forms of labor relations that have been overshadowed by the “extreme” categories (wage labor and chattel slavery) in the historiography. It covers types of work lying between what the law defines as “free labor” and “slavery.” The frame of reference is the observation that although chattel slavery has largely been abolished in the course of the past two centuries, other forms of coerced labor have persisted in most parts of the world. While most nations have increasingly condemned the continued existence of slavery and the slave trade, they have tolerated labor relationships that involve violent control, economic exploitation through the appropriation of labor power, restriction of workers’ freedom of movement, and fraudulent debt obligations.

Contributors are: Lisa Carstensen, Christian G. De Vito, Justin F. Jackson, Christine Molfenter, David Palmer, Nicola Pizzolato, Luis F.B. Plascencia, Magaly Rodríguez García, Kelvin Santiago-Valles, Nicole J. Siller, Marcel van der Linden, Sven Van Melkebeke.

Voices of Zimbabwean Orphans

A New Vision for Project Management in Southern Africa

Series:

Manasa Dzirikure and Garth Allen

The voices of orphans and other vulnerable children and young people and of their carers and professional development workers are documented and analysed to both criticise the inadequacies of current social development work and to create a new, alternative theory and practice of project management in Zimbabwe and southern Africa. This is the first extensive and intensive empirical study of Zimbabwean orphans and other vulnerable children and young people. Chronically poor children and their carers can be corrupted or silenced by management systems which fail to recognise their basic human needs. Resilience in the face of such adversity is celebrated by the dominant project management ideology and practice but is a major barrier to achieve genuine sustainable improvements in the lives of vulnerable children. We propose a new person-centred project management approach aimed at delivering comprehensive services for orphans, which explicitly recognises the needs of orphans and other poor children to be fully socially, politically and economically included within their communities and which avoids the reinforcement of power based inequalities and their unacceptable consequences. The moral bankruptcy of much social development work in Zimbabwe and elsewhere in Southern Africa is described and we delineate an alternative project management policy and practice.