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Transforming Global Information and Communication MarketsThe Political Economy of Innovation$
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Peter F. Cowhey and Jonathan D. Aronson

Print publication date: 2009

Print ISBN-13: 9780262012850

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262012850.001.0001

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Theory before Policy

Theory before Policy

(p.129) 6 Theory before Policy
Transforming Global Information and Communication Markets

Peter F. Cowhey

Jonathan D. Aronson

Donald Abelson

The MIT Press

This chapter analyzes how and why global market governance rules and institutions change, investigates the architecture of governance, and describes how the explanations in the changes in market governance penetrate people’s thinking. It shows that although the predominant explanations reviewed point to significant components of a workable theory, they have individual failings and omit important arguments. The chapter also demonstrates that a critical element of changing information and communication technology (ICT) governance is the shift in the agents delegated to coordinate global markets. The ensuing shifts in the delegation of power to institutions and expert communities, and the reorganization of property rights, altered the structure, conduct, and consequences of world markets.

Keywords:   global market governance, workable theory, ICT, property rights, world markets

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