Investment protection treaties generally provide for the obligation to treat investments fairly and equitably, even if the wording of the rule and its relationship with the customary international standard may differ. The open-textured nature of the rule, the ambiguous relationship between the vague treaty and equally vague customary rules, and States' interpretations of the content and relationship of both rules (not to mention the frequency of successful invocation by investors) make this issue one of the most controversial aspect of investment protection law. This monograph engages in a comprehensive analysis of the relationship between the international minimum standard and fair and equitable treatment. It provides an original argument about the historical development of the international standard, a normative rationale for reading it into the treaty rules of fair and equitable treatment, and a coherent methodology for establishing the content of this standard. The first part of this book untangles the history of both the international minimum standard and fair and equitable treatment. The second part addresses the normative framework within which the contemporary debate takes place. After an exhaustive review of all relevant sources, it is argued that the most persuasive reading of fair and equitable treatment is that it always makes a reference to customary law. The third part of the book builds on the historical analysis and the normative framework, explaining the content of the contemporary standard by careful comparative human rights analysis.

The economic approach to law, or law and economics, is by far the most successful application of basic economic principles to another scholarly field, but most of the critical appraisal of the field has been scattered among law reviews and economics journals. Theoretical Foundations of Law and Economics is the first original, book-length examination of the methodology and philosophy of law and economics, featuring new essays written by leading legal scholars, philosophers, and economists. The contributors take issue with many of the key tenets of the economic approach to law, such as its assumption of rational behavior, its reliance on market analogies, and its adoption of efficiency as the primary goal of legal decision-making. They discuss the relevance of economics to the law in general, as well as to substantive areas of the law, such as contracts, torts, and crime.

Developing countries comprise the majority of the membership of the World Trade Organization. Many developing countries believe that the welfare gains that were supposed to ensue from the establishment of the WTO and the results of the Uruguay Round remain largely elusive. Though often aggregated under the ubiquitous banner developing countries, their multilateral trade objectives -- like their underlying policy interests and the concerns -- vary considerably from country to country and are by no means homogenous. Coming off the heels of the 9/11 terrorist attacks, the ongoing Doha Development Round, launched in that Middle Eastern city in the fall of 2001 and now on life support so to speak, was inaugurated with much fanfare as a means of addressing the difficulties that developing countries face within the multilateral trading system. Special and differential treatment provisions in the WTO agreement in particular are the focus of much discussion in the ongoing round, and voices for change have been multiplying, due to widespread dissatisfaction with their effectiveness, enforceability, and implementation.

This 2005 text explores the implications of a bargaining perspective for institutional governance and public law in deregulated industries such as electric power and telecommunications. Leading media accounts blame deregulated markets for failures in competitive restructuring policies. However, the author argues that governmental institutions, often influenced by private stakeholders, share blame for the defects in deregulated markets. The first part of the book explores the minimal role that judicial intervention played for much of the twentieth century in public utility industries and how deregulation presents fresh opportunities and challenges for public law. The second part of the book explores the role of public law in a deregulatory environment, focusing on the positive and negative incentives it creates for the behavior of private stakeholders and public institutions in a bargaining-focused political process.

Economic development is the most important agenda in the international trading system today, as demonstrated by the Doha Development Agenda (DDA) adopted in the current multilateral trade negotiations of the World Trade Organization (the Doha Round). This book provides a relevant discussion of major international trade law issues from the perspective of development in the following areas: general issues on international trade law and economic development; and specific law and development issues in World Trade Organization, Free Trade Agreement, and regional initiatives. Although there are publications on trade and development issues, mostly discussing developing countries, few publications deal with law and development issues of international trade law comprehensively in its key areas. This book offers an unparalleled breadth of coverage on the topic and diversity of authorship, as seventeen leading scholars contribute chapters from nine major developed and developing countries, including the United States, Canada, Japan, China (including Hong Kong), South Korea, Australia, Singapore, and Israel.

The international dimensions of competition law and policy are most often examined at the level of substantive law. In this legal area both intentional and spontaneous assimilation and harmonization trends can be recognized, which manifest themselves e.g. in comparable approaches to combating particularly harmful restraints (so-called "hardcore cartels"). However, the complex terrain of enforcement law has been mainly ignored up to date. Are there common approaches in this field as well? How are the various competition laws linked with each other in respect to procedural norms? This book conceptualizes "International Competition Enforcement Law" against the backdrop of these issues and at the level of comparative law. The ciphers "cooperation" and "convergence" will serve as the two principle ideas for this book.

The theoretical basis of commercial law, corporate governance law, and corporate law is still unsatisfactory. There essentially is no theory of commercial law, and existing theories of corporate governance and corporate law cannot explain the behaviour of firms or the contents of existing regulation. This book proposes a coordinated solution for all three areas. The starting point is that all three areas deal with the organisation of firms. Commercial law, corporate governance, and corporate law are therefore studied from the perspective of the firm rather than that of the judge or the investor. Changing the perspective makes it easier to formulate an "umbrella" theory of commercial law, and theories of corporate governance and corporate law as applications of the main theory. The book provides examples of how the proposed theories work by studying legal corporate governance tools and practices that increase the sustainability of the firm. Sustainability can be bolstered by making the governance model more self-enforcing and ensuring that it fosters innovation.

Much of international law, like much of contract, is enforced not by independent sanctions but rather through cooperative interaction among the parties, with repeat dealings, reputation, and a preference for reciprocity doing most of the enforcement work. Originally published in 2006, The Limits of Leviathan identifies areas in international law where formal enforcement provides the most promising means of promoting cooperation and where it does not. In particular, it looks at the International Criminal Court, the rules for world trade, efforts to enlist domestic courts to enforce orders of the International Court of Justice, domestic judicial enforcement of the Geneva Convention, the domain of international commercial agreements, and the question of odious debt incurred by sovereigns. This book explains how international law, like contract, depends largely on the willingness of responsible parties to make commitments.

Today, international investment law consists of a network of multifaceted, multilayered international treaties that, in one way or another, involve virtually every country of the world. The evolution of this network raises a host of issues regarding international investment law and policy, especially in the area of international investment disputes.The Yearbook on International Investment Law & Policy 2012-2013 monitors current developments in international investment law and policy, focusing on recent trends and issues in foreign direct investment (FDI). With contributions by leading experts in the field, this title provides timely, authoritative information on FDI that can be used by a wide audience, including practitioners, academics, researchers, and policy makers.
Contributions to the Yearbook on International Investment Law & Policy 2012-2013 cover the 2012-2013 trends in international investment agreements, the Foreign Direct Investment (FDI) trends, and the challenge of investment policies for outward FDI, as well as a review of 2012 international investment law and arbitration. This edition contains essays from the Symposium on Sustainable Development and International Investment Law: Bridging the Divide. Also included are general articles providing an analysis of arbitral tribunal practice regarding the applicable law to state contracts under the ICSID Convention in the Twenty First Century; the role of municipal laws in investment arbitration; the status of state-controlled entities under international investment law, the US and the Trans-Pacific partnership (TPP); new 2012 US Model BITs; and the Regulation of FDI in Bolivia. This volume concludes with the winning memorials from the 2012 FDI International Moot Competition.

This book brings together the 2009 output of the American Law Institute (ALI) project on World Trade Organization Law. Each chapter focuses on a different dispute from the adjudicating bodies of the WTO. Each case is jointly evaluated by well known experts in trade law and international economics. ALI reporters critically review the jurisprudence of WTO adjudicating bodies and evaluate whether the ruling 'makes sense' from an economic as well as a legal point of view, and, if not, whether the problem lies in the interpretation of the law or the law itself. The studies do not always cover all issues discussed in a case, but they seek to discuss both the procedural and the substantive issues that form, in the reporters' views, the 'core' of the dispute. This paperback will be an invaluable resource for students, lecturers and practitioners of international trade law.

This analysis of how multi-level networked governance has superseded the liberal system of interdependent states focuses on the role of law in mediating power and shows how lawyers have shaped the main features of capitalism, especially the transnational corporation. It covers the main institutions regulating the world economy, including the World Bank, the IMF, the WTO and a myriad of other bodies, and introduces the reader to key regulatory arenas: corporate governance, competition policy, investment protection, anti-corruption rules, corporate codes and corporate liability, international taxation, avoidance and evasion and the campaign to combat them, the offshore finance system, international financial regulation and its contribution to the financial crisis, trade rules and their interaction with standards especially for food safety and environmental protection, the regulation of key services (telecommunications and finance), intellectual property and the tensions between exclusive private rights and emergent forms of common and collective property in knowledge.

Originally an important but relatively obscure plurilateral instrument, the WTO Agreement on Government Procurement (GPA) is now becoming a pillar of the WTO system as a result of important developments since the Uruguay Round. This collection examines the issues and challenges that this raises for the GPA, as well as future prospects for addressing government procurement at a multilateral level. Coverage includes issues relating to pending accessions to the GPA, particularly those of developing countries with a large state sector such as China; the revised (provisionally agreed) GPA text of 2006, including provisions on electronic procurement and Special and Differential Treatment for Developing Countries; and procurement provisions in regional trade agreements and their significance for the multilateral system. Attention is also given to emerging issues, especially those concerning environmental, social and SME policy; competition law; and the implications of the recent economic crisis.

Like many other international organizations, the World Trade Organization stands at a crossroads. There is an obvious imbalance between the organization's dispute settlement arm and its negotiation platform. While its current rules, supported by a strong dispute settlement system, have provided some buffering against the negative effects of the financial crises, its negotiation machinery has not produced any substantial outcomes since the late 1990s. It has become obvious that the old way of doing business does not work any more and fresh ideas about governing the organization are needed. Based on rigorous scholarship, this volume of essays offers critical readings on the functioning of the system and provides policy-relevant ideas that go beyond incremental redesign but avoid the trap of romantic scenarios.

The legitimacy or illegitimacy of information exchanges between competitors remains a topical debate with regard to EU competition law and policy. This book reexamines the issue in the retail financial services sector, focusing on the peculiar problems that it poses for EU market integration, consumer policy and protection and the intersection with fundamental rights. It analyzes and reflects on the relevant case law and guidelines offered by the corresponding European authorities, providing a critique of the current approach and advancing the proposition that information markets themselves need attention, in addition to the markets that they serve. The book also advances new perspectives on cases in which consumers' personal information is involved in the exchange, recognizing the inevitable interaction between EU competition law, the interests and protection of consumers and personal data protection. It suggests that the status quo under competition law is unsatisfactorily short sighted and that the EU should take a holistic approach (including information markets) to the analysis of competition law, reflecting consumer protection and fundamental rights aspects in the assessment.

Numerous international legal regimes now seek to address the global depletion of fish stocks, and increasingly their activities overlap. The relevant laws were developed at different times by different groups of states. They are motivated by divergent economic approaches, influenced by disparate non-state actors, and implemented by separate institutions such as the World Trade Organization and the United Nations Food and Agriculture Organization. Margaret Young shows how these and other factors affect the interaction between regimes. Her empirical and doctrinal analysis moves beyond the discussion of conflicting norms that has dominated the fragmentation debate. Case-studies include the negotiation of new rules on fisheries subsidies, the restriction of trade in endangered marine species and the adjudication of fisheries import bans. She explores how regimes should interact, in fisheries governance and beyond, to offer insights into the practice and legitimacy of regime interaction in international law.

For a long time, the GATT led a life of its own as a self-contained regime. The evolution from tariff to non-tariff barriers brought about increasing overlaps with other regulatory areas. WTO rules increasingly interface with other areas of law and policy, including environmental protection, agricultural policies, labour standards, investment, human rights and regional integration. Against this backdrop, this book examines fragmentation in international trade regulation across a wide array of regulatory fields. To this end, it uses a conceptually coherent theoretical framework which is based on the effort to bring about greater coherence among different policy goals and fields, and thus to embed the multilateral trading system within the broader framework of international economics, law and relations. It will appeal to those interested in a forward-looking discussion of the most pressing issues of the international trade agenda.

Farm support is contentious in international negotiations. This in-depth assessment of the legal compliance and economic evaluation issues raised by the WTO Agreement on Agriculture presents consistent support data and forward-looking projections for eight developed and developing countries (EU, US, Japan, Norway, Brazil, China, India, Philippines), using original estimates where official notifications are not available. Variations over time in notified support in some cases reflect real policy changes; others merely reflect shifts in how countries represent their measures. The stalled Doha negotiations presage significantly tighter constraints for developed countries that provide the highest support, but loopholes will persist. Developing countries face fewer constraints and their trade-distorting farm support can rise. Pressure points and key remaining issues if a Doha agreement is reached are evaluated. Vigilant monitoring for compliance of farm support with WTO commitments will be required to lessen its negative consequences whether or not the Doha Round is concluded.

Business ethics as a discipline leans on cases but flourishes by thorough analysis and reflection. The present volume offers both. After three introductory chapters into business ethics eight recent European cases, mainly stemming from The Netherlands and Belgium and all of them with a clear moral impact, are extensively described and analysed. Among them are the Lernout and Hauspie speech technology disaster, Heineken's struggle with the promotion girls selling beer in Cambodia, cartels in the Dutch construction industry, the pharmaceutical industry and the Aids crisis, and Unilever allegedly making use of child labour in the cotton industry in India. Each case is followed by two expert comments, from the fields of general ethics, but also of law, economics, management and organisation theory, sociology and social psychology. Cases and comments together offer an unique entrance in varieties of moral reasoning and in the personal and institutional dimensions to be taken into account when facing a corporate case saturated with moral ambiguities. This book will be of interest to researchers as well as teachers of undergraduate and graduate courses in Business Ethics, Business in Society, Management and Organisation Theory and Strategic Management. It will also be useful for business practitioners eager to find moral guidance in their specific field.

This book was the first in a groundbreaking series of annual volumes utilized in the development of an American Law Institute (ALI) project on World Trade Organization Law. The project undertakes yearly analysis of the case law from the adjudicating bodies of the WTO. The Reporters' Studies for 2001 cover a wide range of WTO law ranging from classic trade in goods issues to intellectual property protection. Each of the cases is jointly evaluated by an economist and a lawyer, both well-known experts in the field of trade law or international economics. The Reporters critically review the jurisprudence of WTO adjudicating bodies and attempt to evaluate whether the ruling 'makes sense' from an economic as well as a legal point of view, and, if not, whether the problem lies in the interpretation of the law or the law itself. The Studies do not always cover all issues discussed in a case, but they seek to discuss both the procedural and the substantive issues that form the 'core' of the dispute.

This volume assembles a stellar group of scholars and experts to examine preferential trade agreements (PTAs), a topic that has time and again attracted the interest of analysts. It presents a discussion of the evolving economic analysis regarding PTAs and the various dysfunctions that continually place them among the priority items for (re)negotiation by the WTO. The book explores recent empirical research that casts doubt on the old 'trade diversion' school and debates why the WTO should deal with PTAs and if PTAs belong under the mandate of the WTO as we now know it.

How do politics and international economic law interact with each other? Financial crises and shifts in global economic patterns have refocused our attention on how the fingerprints of the visible hand can be seen all over the institutions that underpin the rules of globalization. From trade and investment to finance, governments are under pressure to enforce, resist, and re-write international economic law. Lawyers have seldom given enough attention to the influence of politics on law, whereas political scientists have had an on-again, off-again fascination with how the law influences relations among states. This book leads the way toward filling this interdisciplinary gap, through a series of important studies written by leaders in the field on specific problems in international economic relations. The book demonstrates a variety of ways in which the international political-economic nexus may be researched and understood.

This 2004 book aims at advancing our understanding of the influences international norms and international institutions have over the incentives of states to cooperate on issues such as environment and trade. Contributors adopt two different approaches in examining this question. One approach focuses on the constitutive elements of the international legal order, including customary international law, soft law and framework conventions, and on the types of incentives states have, such as domestic incentives and reputation. The other approach examines specific issues in the areas of international environment protection and international trade. The combined outcome of these two approaches is an understanding of the forces that pull states toward closer cooperation or prevent them from doing so, and the impact of different types of international norms and diverse institutions on the motivation of states. The insights gained suggest ways for enhancing states' incentives to cooperate through the design of norms and institutions.

This book examines how national law is treated in WTO law, both in the WTO treaty and dispute settlement cases. The WTO treaty contains a set of far-reaching obligations establishing a systemic and constitutional framework of interaction between WTO law and national law. WTO dispute settlement operates as an international layer of judicial review of national laws and administrative, judicial or quasi-judicial measures. Consequently, much of the WTO dispute settlement decisions and rulings relate in different ways to Members' national laws. Yet, up until the publication of this book, there was no systematic analysis of this vastly important subject. This book provides a thorough map of an increasingly complex field. In doing so, it extends the enquiry beyond well-known formulas and combines practical analysis with principled discussion of how the treatment of national law in international law can and should ensure effectiveness of international rules and promote good governance within nation-states.

The Commission of the European Union has identified divergences between the national contract laws of the Member States as an obstacle to the completion of the European Internal Market and put this issue on its highest political agenda. Alexander J. Wulf analyses and predicts the effects. The study is situated in the context of the recent developments in the discussion on European contract law. The book begins with an introduction to the economic and legal theories that serve as the rationale for the development of the line of argument. These theories are then applied to the issues involved in the current controversy on European contract law. The author develops a model that he uses to analyze the institutional processes of European contract law. Empirical data are employed to test this model and discuss the results. From his analysis the author develops criteria that can serve as a starting point for thinking about the economic desirability of an optional European contract law."

This guide to the WTO Customs Valuation Agreement is based on the authors' experiences of teaching its finer points to customs officials and policy-makers around the world. Covering the methods of valuation and the provisions on enforcement, implementation and dispute settlement, the authors give practical examples, explain interpretative decisions of national and international customs bodies, and analyse the history of its negotiation. Written as a learning tool, it helps both new and experienced policy-makers, customs officials, importers and exporters to gain a deeper understanding of the Agreement's function and aims.