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If member countries are not willing to enforce fiscal discipline themselves, ultimately the market enforces that discipline through withdrawal of credit (following downgrading of the credit rating) or increase in the interest rate.
PMC supporters argue that the market enforces a certain kind of accountability on PMCs - namely, accountability to shareholders.
The United States of America market enforces more strictly on a sanitary standard such as HACCP or Sensory Assessment, but has also instigated strict controls over banned antibiotics in shrimp.
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The rich world is unlikely to help the emerging markets enforce their capital controls any more than it will set monetary policy with their interests at heart.
Would Spain and Portugal be able to remain in the euro if Greece leaves, or will the markets enforce a "Devil take the hindmost," picking off the weakest members of the remaining herd, one by one?
He practiced them by giving priority to new technologies, moving into Asian and European markets, enforcing quality controls and customer-satisfaction goals, and establishing early profit-sharing plans for employees.
The Jacobs street, a perfect reflection of the miracle of self-organizing systems that free markets create, becomes a perfect reflection of the brutal and unappeasable destruction that free markets enforce.
Economists do not have a great handle on why productivity ebbs and flows, and thus our policy solutions range from speculative — tight labor markets enforce more efficient production (my personal belief for which there is at least some evidence) — to … um … wrong (tax cuts for the rich!).
"I believed that the market was enforcing," he says.
If confirmed as Labor secretary, Puzder would be tasked with tracking trends in the labor market and enforcing worker protections.
Pubcos might, for example, be forced to offer tenants a "free of tie" option at a "fair and open market rent" enforced by the adjudicator.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com