Remarks: Professor James Feinerman

By Feinerman, James | Law and Policy in International Business, Summer 1999 | Go to article overview

Remarks: Professor James Feinerman


Feinerman, James, Law and Policy in International Business


Thank you, Philip. It is nice to be back with old friends and also to have a chance to make the acquaintance of Ambassador Jones and Attorney General Solis Zelaya, but you may be wondering what I am doing here as an Asian specialist in a conference that is focused on Latin America. And with Phil's introduction I think it is clear that my knowledge of legal and economic development issues, which I hope are more global than parochial, may have some bearing on today's discussion.

Also, since Professor Fried made the point about the "Asian contagion" and its possible spread, I am here to say that I am not trying to spread the contagion, but perhaps to suggest some prophylactic measures that can be taken in Latin America to avoid falling ill to the same things that have affected so desperately the markets in certain Asian countries.

In fact, if you look in recent Washington Post articles from just the past several weeks, you can see a certain concern about what Henry Kissinger called in one article The Perils of Globalism and how interconnected markets, particularly financial markets, have become. Paul Blustein, The Post's economic correspondent for international matters, wrote in one of the Sunday op-ed pieces about the annus panicus--which, based on my Jesuit education, I do not think is legitimate Latin--based on my Jesuit education--for the IMF and what it means for the global economy.

And what I am going to talk about in the short time that I have this morning is essentially what national legal systems and national markets can do as a kind of reinforcing role with respect to what happens on the larger regional and global basis. I want to focus particularly about the role of the U.S. capital markets--which I have studied both as an academic and as a practitioner on Wall Street--and how they have acted to provide liquidity to foreign investors. They do this in a way that enhances overall confidence about economies and markets, but they also try to function as a disciplinary mechanism that allocates capital to more efficient users, penalizes those who fail to pursue shareholder and other stakeholder interests, and hopefully reduce the need for legal intervention in other areas.

I will not be able to cover all of this, and as a last-minute replacement for another panelist I am sorry that you do not have a paper in front of you that could flesh out my views.

I want to talk almost exclusively about the legalities of securities markets and finance, but I think it is important to note that this is part of a larger enterprise that parallels not only diversification and change in many other related commercial and financial markets, but really speaks to the question of the overall economic, political, and legal reform that is going on around the world, particularly--with the focus of this conference--in our own hemisphere. I think a number of important changes are transforming not only our financial markets but how we think about markets in general.

Capital markets are not, any more, domestic or even regional. They are truly global and what happens halfway around the globe can have a very direct effect on what was previously a more insulated national economy.

In fact, there are three points that I would make in greater detail if I had more time. I would speak about the increased volatility that flows as a result of this globalization, about the global competitive pressures that it puts secondly on many economies that have previously not had to face that kind of intense scrutiny, and about the attitude of various regions to try to circle the wagons--the European Union is particularly notable in this regard--to try to consolidate their own regulatory regimes but also act in a way that may make it possible for them to withstand the pressures that come from outside.

And underlying all this, of course, is a global attitude, which I think was initiated in the United States in the 1970s, about deregulation that complicates the efforts in these areas. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Remarks: Professor James Feinerman
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.