The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.

Investment claims have exposed the vague nature of the standards by which arbitral tribunals are expected to adjudicate them and the policy reasons which explicitly or implicitly have an influence. The ad hoc nature of the tribunals and the decisions reached on various controversial issues have brought to the fore the issue of consistency. Andres Rigo Sureda's Hersch Lauterpacht Memorial Lecture examines how arbitral discretion is exercised in the face of uncertainty of the law. It explores the choices made by arbitral tribunals as they approach treaty interpretation, as they search for limits in determining jurisdiction and the content of the standards of protection and as they search for consistency in the exercise of arbitral discretion.

This book analyzes the business model of enterprises in the digital economy by taking an economic and comparative perspective. The aim of this book is to conduct an in-depth analysis of the anti-competitive behavior of companies who monopolize data, and put forward the necessity of regulating data monopoly by exploring the causes and characteristics of their anti-competitive behavior. It studies four aspects of the differences between data monopoly and traditional monopolistic behavior, namely defining the relevant market for data monopolies, the entry barrier, the problem of determining the dominant position of data monopoly, and the influence on consumer welfare. It points out the limitations of traditional regulatory tools and discusses how new regulatory methods could be developed within the competition legal framework to restrict data monopolies. It proposes how economic analytical tools used in traditional anti-monopoly law are facing challenges and how competition enforcement agencies could adjust regulatory methods to deal with new anti-competitive behavior by data monopolies.

Despite being an important legal instrument in the law of the WTO, the waiver has hitherto been the subject of little scholarly analysis. Isabel Feichtner fills this gap by challenging the conventional view that the WTO's political bodies do not engage in significant law-making. She systemises the GATT and WTO waiver practice and suggests a typology of waivers as individual exception, general exception and rule-making instruments. She also presents the procedural and substantive legal requirements for the granting of waivers, deals with questions of judicial review and interpretation of waiver decisions, and clarifies the waiver's potential and limits for addressing the need for flexibility and adaptability in public international law and WTO law in particular. By connecting the analysis of waiver competence and waiver practice to the general stability/flexibility challenge in public international law, the book sheds new light on the WTO, international institutions and international law.

International investment law is in a state of evolution. With the advent of investor-State arbitration in the latter part of the twentieth century - and its exponential growth over the last decade - new levels of complexity, uncertainty and substantive expansion are emerging. States continue to enter into investment treaties and the number of investor-State arbitration claims continues to rise. At the same time, the various participants in investment treaty arbitration are faced with increasingly difficult issues concerning the fundamental character of the investment treaty regime, the role of the actors in international investment law, the new significance of procedure in the settlement of disputes and the emergence of cross-cutting issues. Bringing together established scholars and practitioners, as well as members of a new generation of international investment lawyers, this volume examines these developments and provides a balanced assessment of the challenges being faced in the field.

This book explores engagement between the trade and investment law regimes and the extent to which this is being driven by Preferential Trade and Investment Agreements (PTIAs). It provides an empirical analysis of engagement between the two regimes using data from 60 PTIAs and 60 Bilateral Investment Treaties concluded between 2005-2019 to see whether PTIAs result in increased engagement and whether they are doing so over time. The book explores eight of the factors identified as evidencing inter-regime engagement. These chapters look at when engagement is appropriate and to what extent it is appropriate in relation to each of these areas. Based on the findings of this book's empirical and comparative law analysis of PTIAs, BITs, and the trade and investment law regimes, the book examines whether the conclusion of PTIAs compared to BITs has resulted in increased levels of engagement between the trade and investment law regimes. This book does not put forth the view that convergence between trade and investment is always appropriate, but provides recommendations as to how treaties may be formulated and interpreted in a manner that takes inter-regime engagement into account with a view to ensuring the harmonious simultaneous development of the two regimes. The question of the future direction for engagement between the trade regime and the investment regime is very topical in light of changes to the architecture of both regimes at present.

Anti-dumping and anti-subsidy measures are the most important elements of the European Union's trade defence instruments. Since the beginning of the European integration process, they have been used to combat trade practices which are considered "unfair" and their distortive effects on competition in the internal market. However, while the imposition of trade defence measures aims to level the playing field between EU producers and their foreign competitors, it also produces negative effects on competition itself. Based on the role attributed to competition and trade defence policy respectively throughout the European integration process, this book argues that the trading bloc's trade defence instruments should not be designed or applied with the objective of granting maximum protection to EU producers, but that their use should be limited to what is necessary to ensure fairness in competition between EU producers and exporting producers. However, an analysis of the changes made to the European Union's Basic Anti-Dumping Regulation and the Basic Anti-Subsidy Regulation by the Trade Defence Modernisation Package reveals that several aspects of the European Union's modernised trade defence instruments do not meet this requirement. Rather than being limited to offsetting the unfair competitive advantages of producers practicing dumping or benefiting from subsidies, the reformed provisions go beyond this, distorting competition in favour of the EU industry instead. Furthermore, the book critically assesses the reformed rules relating to the integration of social and environmental aspects in the imposition of anti-dumping or anti-subsidy measures as well as the modernised basic regulations' compatibility with WTO law.

This open access book offers a new account on the legal conflict between privacy and trade in the digital sphere. It develops a fundamental rights theory with a new right to continuous protection of personal data and explores the room for the application of this new right in trade law. Replicable legal analysis and practical solutions show the way to deal with cross-border data flows without violating fundamental rights and trade law principles. The interplay of privacy and trade became a topic of worldwide attention in the wake of Edward Snowden's revelations concerning US mass surveillance. Based on claims brought forward by the activist Maximilian Schrems, the ECJ passed down two high-profile rulings restricting EU-US data flows. Personal data is relevant for a wide range of services that are supplied across borders and restrictions on data flows therefore have an impact on the trade with such services. After the two rulings by the ECJ, it is less clear then ever how privacy protection and trade can be brought together on an international scale. Although it was widely understood that the legal dispute over EU-US data flows concerns the broad application of EU data protection law, it has never been fully explored just how far the EU's requirements for the protection of digital rights go and what this means beyond EU-US data flows. This book shows how the international effects of EU data protection law are rooted in the EU Charter of Fundamental Rights and that the architecture of EU law demands that the Charter as primary EU law takes precedence over international law. The book sets out to solve the problem of how the EU legal data transfer regime must be designed to implement the EU's extraterritorial fundamental rights requirements without violating the principles of the WTO's law on services. It also addresses current developments in international trade law - the conclusion of comprehensive trade agreements - and offers suggestion for the design of data flow clauses that accommodate privacy and trade.

Developing countries make up 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 unachieved. Coming on the heels of the 9/11 terrorist attacks, the ongoing Doha Development Round, launched in that Middle Eastern city in the fall of 2001, is now on 'life support'. It was inaugurated with much fanfare as a means of addressing the difficulties faced by developing countries 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 are multiplying because of widespread dissatisfaction with the effectiveness, enforceability, and implementation of those special treatment provisions.

As computer-related crime becomes more important globally, both scholarly and journalistic accounts tend to focus on the ways in which the crime has been committed and how it could have been prevented. Very little has been written about what follows: the capture, possible extradition, prosecution, sentencing and incarceration of the cyber criminal. Originally published in 2004, this book provides an international study of the manner in which cyber criminals are dealt with by the judicial process. It is a sequel to the groundbreaking Electronic Theft: Unlawful Acquisition in Cyberspace by Grabosky, Smith and Dempsey (Cambridge University Press, 2001). Some of the most prominent cases from around the world are presented in an attempt to discern trends in the handling of cases, and common factors and problems that emerge during the processes of prosecution, trial and sentencing.

This book brings together academics and experts on Turkish network industries. It provides fundamental information on the current developments regarding regulation of the different network industries in Turkey. Turkey has gone through a liberalization process in most of the network industries during the past 20 years. In most of them, independent regulatory authorities have been established, but some network industries are still remaining under the central or local government regulatory regime. As a result, there is now a very complicated regulatory regime in place which makes Turkey's regulatory system difficult to understand for practitioners, academics, lawyers, researchers and investors. This book offers unique insight into Turkey's regulatory regime in various network industries. It also offers a historical background to regulation, a description of the current regulatory regimes, as well as an analysis of the foreseeable evolutions. The book covers all the important network industries in Turkey. No similar book is available on the market to date. Moreover, the book provides an extensive analysis of the current regulatory regimes in the energy, the transport, and the telecommunications industries. This book should be of interest to anyone wishing to understand Turkish regulation and will be very helpful handbook to researchers who are interested in regulation of network industries not only in Turkey but also in other developing countries, as Turkey is quite representative of other emerging countries. Readers will acquire a thorough understanding of the state of play of the Turkish network industries and their regulation.

The book analyzes the most relevant developments in the relation between contracts and technology, from automatically concluded contracts to today's revolutionary "smart contracts" developed through blockchain, which are beginning to and will increasingly disrupt many economic and social relations. First of all, the author offers a broad analysis of the peculiarities and evolution of the relation between contracts and technology. The main features and elements of electronic contracts are then examined in depth to highlight the specific rules applicable to them in the international comparative legal framework. In turn, the book provides a detailed explanation of the technology, economic and social dynamics, and legal issues concerning blockchain and smart contracts. The analysis focuses on the question of the legal nature of smart contracts, the issues posed by their development and the first legal solutions adopted in some countries. The comparative approach pursued makes it possible to focus attention on the first solutions adopted until now in various systems, with particular regard to the circulation of models and ideas and to the specificities of their local variations, in terms of e.g. applicable law and jurisdiction. In reviewing the characteristics of distributed ledger technologies, and in particular of the blockchain technology on which smart contracts are based, above all the peculiarities of the latter are taken into consideration, especially automatic execution and resistance to tampering, which simultaneously present significant opportunities and complex legal issues. A comprehensive framework is then provided to reconcile smart contracts with comparative contract law, in order to define the scope and specificities of their binding force, legal effectiveness and regulation in various legal systems. Lastly, with specific reference to the elements, pathologies and contractual remedies for smart contracts, the book examines the peculiarities of their application and the main issues that emerge in comparative contract law in order to promote their harmonized use, in keeping with the transnational nature of such a revolutionary tool.

African regional trade integration has grown exponentially in the last decade. This book is the first comprehensive analysis of the legal framework within which it is being pursued. It will fill a huge knowledge gap and serve as an invaluable teaching and research tool for policy makers in the public and private sectors, teachers, researchers and students of African trade and beyond. The author argues that African Regional Trade Agreements (RTAs) are best understood as flexible legal regimes particularly given their commitment to variable geometry and multiple memberships. He analyzes the progress made toward trade liberalization in each region, how the RTAs are financed, their trade remedy and judicial regimes, and how well they measure up to Article XXIV of GATT. The book also covers monetary unions as well as intra-African regional integration, and examines free trade agreements with non-African regions including the Economic Partnership Agreements with the European Union.

This book discusses the different aspects of the rules of origin with a multidisciplinary perspective. It offers the first overview on the status of the negotiations of non-preferential rules of origin under the WTO agreement on rules of origin after more than ten years of negotiations and the possible implications for other WTO agreements. This book deals extensively with preferential rules of origin both under unilateral trade instruments like GSP, EBA, and AGOA and in free trade areas. Inama analyzes the experience of the United States and the EU in developing the NAFTA and Pan-European rules of origin. He also compares and discusses the parallel experiences of the major southern regional trade agreements such as Mercosur and ASEAN and the ASEAN China free trade area, as well as Comesa and SADC in their negotiations of the European partnership agreements (EPAs) with the EU. It discusses the evolution of the different sets of rules of origin, the technical options for drafting rules of origin, a methodology for drafting product specific rules origin, and the possible implications.

A breach of fair and equitable treatment is alleged in almost every investor-state dispute. It has therefore become a controversial norm, which touches many questions at the heart of general international law. In this book, Roland Klager sheds light on these controversies by exploring the deeper doctrinal foundations of fair and equitable treatment and reviewing its contentious relationship with the international minimum standard. The norm is also discussed in light of the fragmentation of international law, theories of international justice and rational balancing, and the idea of constitutionalism in international law. In this vein, a shift in the way of addressing fair and equitable treatment is proposed by focusing on the process of justificatory reasoning.

The Energy Charter Treaty has come of age, with almost 50 States parties and a small but growing body of arbitral case law. In this new study of the Treaty's investment protection provisions, Thomas Roe and Matthew Happold set out to identify and explain the Treaty's principal provisions and to suggest answers to some of the difficult problems thrown up by its drafting. They discuss in detail questions such as the standards of protection granted by the Treaty and the international responsibility of States for breaches of the Treaty, the various procedures available for the vindication of rights under the Treaty and the conditions to be satisfied before a claimant's complaint may be considered on the merits. Specific issues addressed include the impact of EU law on claims under the Treaty and the Treaty's provisions concerning taxation.

Debate about trade and culture has a long history, but the application of WTO rules to cultural products such as films, radio, and books remains one of the most divisive issues in the organization. After assessing the economic and social arguments for treating cultural products differently from things like steel or wheat, this 2007 book explains how the vastly different views of WTO members in earlier negotiations led to an outcome that is disappointing for all. It goes on to provide a comprehensive evaluation of possible solutions, including evolution of the law through WTO dispute settlement, an agreement outside the WTO, and reforms to improve the balance between trade liberalization and cultural policy objectives.

This book provides a guide to the challenges of special economic zones. Focusing on Africa, while also discussing China, Taiwan, Dominican Republic, Malaysia, and South Korea, the impact on economic development of special economic zones is analysed to highlight the successes and failures of these zones. New emerging issues, such as the sustainable development goals and the fourth industrial revolution, are presented as factors that need to be addressed in order for special economic zones to be productive in Africa. The role of foreign direct investments, job creation, industrialization, and regulation is also discussed. Special Economic Zones: Economic Development in Africa aims to set out an empirical framework on how to create effective special economic zones. It will be relevant to researchers and policymakers interested in African and development economics.

This volume brings together work by authors who draw upon sociological and criminological methods, theory, and frameworks, to produce research that pushes boundaries, considers new questions, and reshape the existing understanding of "art crimes", with a strong emphasis on methodological innovation and novel theory application. Criminologists and sociologists are poorly represented in academic discourse on art and culture related crimes. However, to understand topics like theft, security, trafficking, forgery, vandalism, offender motivation, the efficacy of and results of policy interventions, and the effects art crimes have on communities, we must develop the theoretical and methodological models we use for analyses. The readership of this book is expected to include academics, researchers, and practitioners in the fields of criminology, sociology, law, and heritage studies who have an interest in art and heritage crime.

This book is the first attempt to establish a collaborative and interdisciplinary field of economics and legal studies. It is designed to help readers - advanced undergraduate and graduate students, but also fellow scholars who are interested in interdisciplinarity - to think through the dual lenses of economics and law. "Econo-Legal Studies," as we call it, is an economics that pays greater attention to the perspective and heritage of legal studies, and at the same time legal studies that fully utilize the views and methods of economics - while "law and economics" is just a one-way economic approach to law focusing on the effects of the latter on efficiency. The aim of this book is to encourage readers to think like economists and, at the same time, legal scholars as they analyze complex real-world issues. It presents stimulating discussions on the intersection of law and economics, the differences and unexpected similarities between the two perspectives, and the new insights to be gained when approaching a problem from both angles. For this purpose, the extensive corpus of knowledge produced within the framework of the Econo-Legal Studies interdisciplinary program at Kobe University can be capitalized on. Basic knowledge of both economics and law is also included in this volume, making it an engaging read for beginners in both fields as well.

There has been an exponential rise in the use of ICA for resolving international business disputes, yet international arbitration is a scarcely regulated, specialty industry. International Commercial Arbitration: An Asia Pacific Perspective is the first book to explain ICA topic by topic with an Asia Pacific focus. Written for students and practising lawyers alike, this authoritative book covers the principles of ICA thoroughly and comparatively. For each issue it utilises academic writings from Asia, Europe and elsewhere, and draws on examples of legislation, arbitration procedural rules and case law from the major Asian jurisdictions. Each principle is explained with a simple statement before proceeding to more technical, theoretical or comparative content. Real-world scenarios are employed to demonstrate actual application to practice. International Commercial Arbitration is an invaluable resource that provides unique insight into real arbitral practice specific to the Asia Pacific region, within a global context.

This book sheds new light on the potential application of EU law to situations arising outside EU territory, and its consequences. In today's globalized world, EU law and the ECJ's decisions have been calling for exceptions and defining new connecting elements that make the traditional approach of EU law, based on the territoriality principle, less straightforward. This is the case with e.g. the effects doctrine in the context of EU competition law, as was fully recognized after the ECJ's Intel case. Moreover, recently approved rules concerning the EU's internal market, EU environmental law and EU data protection law have made it more difficult to define the application of EU law in terms of a pure link to the territoriality principle. The book examines these and other problems from the perspectives of various branches of EU economic law. With regard to EU competition law it presents, among others, studies on the evolution of the effects doctrine in the US and the EU; extraterritoriality of competition law; global cartels; merger control; state aid and cooperation between NCAs. Furthermore, it includes several studies concerning extraterritorial issues in trade relations between the EU and China; EU screening regulation of foreign direct investments; EU trade agreements; EU investment law and EU financial services. The twenty-one contributing authors are internationally respected experts on EU law.

This book analyses the egalitarian foundations of equality law from a classical liberal perspective by asking two central questions: does justice ideally demand equality? Are differences in abilities among people in some sense unfair? The book examines these questions in the context of racial diversity. Racial justice as a component of social justice is often considered to be so emotionally and morally compelling that its implications for economic freedom are rarely subjected to critical scrutiny. In defending the classical ideal of formal equality in contexts of racial diversity this book questions the ethical status of egalitarian social and moral ideals. Economic Freedom and Social Justice argues that egalitarian ideals, like all subjective value judgements, must be subjected to critical intellectual inquiry rather than treated axiomatically. Drawing upon the legal framework in the UK and other common law jurisdictions, this book shows some of the ways in which egalitarian ideals, in addition to resting on false premises, are costly, harmful, and ultimately inimical to justice and liberty. The book argues that legal entitlements and policy guidelines constructed upon notions of racial equity are wrongly constituted as the main prism through which liberal market democracies govern private relationships, including the employment relationship. Written in a clear and forthright style, this book will be of interest to students and scholars in law, economics, philosophy and political economy.

This book focuses on the PRC's cross-border data transfer legislation in recent years, as well as the implications for international trade law. The book addresses the convergence of industries and technologies notably caused by digitization; the issue of conflicts between goods and services; and the General Agreement on Tariffs and Trade (GATT) and General Agreement on Trade in Services (GATS) as well as the difficulty of classifying service sectors under WTO members' commitments. The book also examines the FTAs that entered into force after 2012 that regulate digital trade beyond the venue of the WTO and analyzes their rules of relevance for cross-border data flows and international trade. It asks whether and how these FTAs have deliberately reacted to the increasing importance of data flows as well as to the trouble of governing them in the context of global governance

This open access book presents global perspectives and developments within the information and communication technology (ICT) sector, and discusses the bearing they have on policy initiatives that are relevant to the larger digital technology and communications industry. Drawing on key developments in India, the USA, UK, EU, and China, it explores whether key jurisdictions need to adopt a different legal and policy approach to address the unique concerns that have emerged within the technology-intensive industries. The book also examines the latest law and policy debates surrounding patents and competition in these regions. Initiating a multi-faceted discussion, the book enables readers to gain a comprehensive understanding of complex legal and policy issues that are beginning to emerge around the globe.