Humanizing globalization: practice of multi-stakeholder global regulatory standards in the globalized world : the case of extractive industries transparency initiative
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Multilateralism, once viewed as a mechanism of global governance, recently came under criticism due to its incapacity to address global problems of social justice. It is argued that more deliberative and multi-stakeholder processes are needed in order to lead the world towards more ethical development. The purpose of the study is to examine deliberation process within the multi-stakeholder global regulatory initiative, and assess the normative capacity of its multi-level system of regulation to emerge as an important determinant of global politics. To do so, the study will examine the practice of the Extractive Industry Transparency Initiative at different levels. The main characteristic of this type of regulation is that civil society is recognized as an equal partner in decision-finding and decision making processes. By linking theories on humanizing globalization with practice of EITI, the study argues that, an answer to the increasing need for humanizing globalization lies in global civil society which provides a way to supplement ‘traditional’ democracy and creates foundation for global deliberation. Global civil society through the mechanism of multi-stakeholder global regulatory standards make international society more susceptible to normative changes and helps foster social dynamics at all levels. However, sometimes corporate and governmental actors at national level implicitly challenge the appropriateness of international norms. For this reason, it is maintained, that in order the EITI to meet its aim and objectives and the multi-stakeholder global regulatory standards to provide more legitimate, ethically grounded and “globally just” alternative to current intergovernmental forms, a better mechanism for safeguarding deliberative practices is necessary.