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Changes in policy processes have impacted policy participants and stimulated the development of new patterns of action and entrepreneurship, but also the emergence of new entrants claiming authority on 'global' policy terrains. Privately convened 'global initiatives' are proliferating while triggering some conceptual puzzles, blurring the already ill‐defined limits of 'global processes'. To seize the meanings and implications of 'going global', this article explores the empirical scope of such global framing of policy entrepreneurship and why such distinction matters for our understanding of global policy processes. To that end, the case of the Global Commission on Drug Policy (GCDP) is examined.

Various perspectives on the processes of addressing international problems; 9 articles. Partial contents: Global policy and the future of the United Nations, by J. Martin Rochester; Grass-roots perspectives on global policies for development, by Chadwick F. Alger; Atmospheric pollution as a global policy problem, by Tapani Vaahtoranta; Global water issues confronting humanity, by Malin Falkenmark.

AbstractThe current statistical picture of the world is probably the best it has ever been. But it also entails major limitations. In this article we show the limitations by focusing on three key areas: security, economy of development and the environment, and argue that they undermine the performance of global governance, and the possibility of global policy. In particular they do not allow taking the full measure and managing optimally the changes underway at the global level. To overcome this state of affairs, upgrading statistical capabilities is critical. To achieve this objective, the article suggests, among other ideas: adjusting and adapting the conceptualization, collection and implementation of statistical data to a world that is on its way to becoming global; improving the conditions of compilation of statistical data in developing countries; and investing in institution‐building and innovation, in developed and developing countries, and in national and international organizations.

This paper illustrates the applicability of the theoretical perspective of policy studies to the enterprise of global problem-solving by addressing three questions. First, what types of policy problems exist that are of global concern? Second, how are public policies made at the global level? In responding to this question, specific attention is given to the stages in global policy processes, the arenas in which they take place, and the participating actors. Third, what is the nature of the resulting policies and how are they implemented?

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during the bust. In the US, the interaction among the Fed's monetary stance, global real interest rates, distorted incentives in credit markets, and financial innovation created the mix of conditions which first drove growth, but then made the US the epicenter of the global financial crisis. Exchange rate and other economic policies followed by emerging markets such as China and the oil-exporting countries contributed to the US ability to borrow cheaply abroad and thereby finance its unsustainable housing bubble during the upswing. But we find that the key drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they continue to focus only on price stability.