Many people are concerned as to whether the open market is truly subject to democratic control. As international markets extend further beyond the borders of nation states, it becomes less clear who governs them. Some people fear that openness has resulted in elected authorities ceding sovereignty to international investors or multinational corporations – e.g. via investor-state dispute settlement mechanisms.
International cooperation between elected governments has been rekindled following the global financial crisis (particularly in the context of the G20), but beyond efforts to tackle immediate crises, the effective remit of such cooperation has largely been confined to financial regulation (and, more recently, tax cooperation).