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Economic and Regulatory Policy for Global Markets (Clayton,J)

Spring 2024   LAW 663-401  

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Jay Clayton

Adjunct Professor of Law

Additional Information
Satisfies Senior Writing Requirement



Class meets in person.

Meeting Times/Location
T 1:30PM - 3:30PM
Silverman Hall 245A



The interconnections among financial, goods and labor markets around the globe have become deeper and more complex over the past two decades as a result of various factors, including the broad availability of capital, the digitization of various economic sectors and increases in international trade. Capital flows rapidly across sectors and borders. Many labor markets, once local, are now regional, supranational or global. Technological adoption is more rapid than ever, global and unpredictably disruptive. Climate change i s recognized as an economic risk and driver of economic transition. What do these developments mean for economic policy makers and financial regulators in the United States? To what extent are traditional U.S. regulatory tools and objectives obsolete, less effective or effective in different ways? Are the multiple current objectives -- employment targets, inflation targets, financial stability, GDP growth, capital formation, market efficiency, and consumer protection -- being pursued in conflict or i n harmony with each other? Should some objectives be given greater relative weight? What new tools and objectives would enhance the effectiveness of U.S. policy makers? Should there be greater focus on wage growth and wage distribution? How has cooperation among economic policy makers, both inside the United States and globally, expanded i n response to recent developments? What are the risks to intra-U.S. and, in particular, global cooperation and how can cooperation be improved? To what extent, if any, should economic policy be compartmentalized from other policy objectives such as political stability, economic equality, anti-corruption, human rights and climate change? In l ight of these changes in factors driving economic outcomes and coordination challenges, what objectives should U.S. economic policy makers pursue currently and how should success in coordination be measured over the next two, five, and ten years?

This course explores these and related questions, starting with an overview of (1) the U.S. economic policy and regulatory framework, including the mandates and authorities of the Board of Governors of the Federal Reserve System, The Department of the Treasury, the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Commodities Futures Trading Commission (as well as other agencies and departments) and (2) the various components of the international framework for economic cooperation, including the G7 and G20, the Bank for International Settlements, the Financial Stability Board and the International Monetary Fund (as well as IOSCO, the OECD, the World Bank, the WTO and others). The exploration then moves to analyzing the actions of these various bodies i n response to economic trends and shocks over the past twenty years, including the global financial crisis of 2008, the rapid emergence of China as the world’s second largest economy, the digitization of broad sectors of the U.S. and global economy, the recognition of climate-change as an economic risk and a driver of economic transition, the increasingly cross-border nature of labor and goods markets, and the COVID-19 pandemic. The exploration concludes with an analysis of current global economic conditions, domestic regulatory responses and efforts at global cooperation.

Course Concentrations

International Corporate and Trade Law

Administrative and Regulatory Law Learning outcomes: Demonstrate a core understanding of administrative and regulatory law and the administrative process, including the role of statutory authorization and work of administrative agencies; Perform legal analysis in the context of administrative and regulatory law; Communicate effectively on topics related to administrative and regulatory law; Demonstrate an understanding of the role administrative and regulatory law play in our legal system and in society as a whole.