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The Cultures of MarketsThe Political Economy of Climate Governance$
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Janelle Knox-Hayes

Print publication date: 2016

Print ISBN-13: 9780198718451

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198718451.001.0001

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Universal Norms versus Local Practice

Universal Norms versus Local Practice

Cross-National Comparison of Market Meaning-Making

(p.46) 3 Universal Norms versus Local Practice
The Cultures of Markets

Janelle Knox-Hayes

Oxford University Press

Chapter 3 provides a macro analysis of the perspectives and beliefs that shape market making across the regions in which the cases are embedded and across sociodemographic characteristics. Using quantitative methods, the chapter examines the ways market governance of climate change is situated at the interface of two competing logics: universalistic governance predicated on technocratic norms, and local political and cultural knowledge and practice. It also examines patterns in these logics across the cases as well as regionally (i.e. Europe and Asia). While values such as efficiency, efficacy, and scale resonate as advantages and opportunities of market-based governance, concepts such as the intangibility of emissions credits, the need for technical complexity, and political instability express the concerns situated around markets in different regions.

Keywords:   universal norms, local practice, efficiency, political viability, global scale, emissions reduction, governance cohesion

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