Examining the principle of mutual recognition in the EU legal order, this book takes a cross-policy approach to focus on the principle in the internal market and in the criminal justice area. It asks whether the principle of mutual recognition, as developed in relation to the free movement provisions (internal market), can equally be applied in judicial cooperation in criminal matters (the area of freedom, security, and justice), and if such a cross-policy application is desirable. Divided into three parts, the book first looks at the way this principle functions in the internal market. Part II examines how the principle works in judicial cooperation in criminal matters, with the final part answering the book's central questions. In each part, further related questions are asked: What is the object of the principle of mutual recognition? Who are the main actors involved? How does the mechanism of mutual recognition operate (with an emphasis on the existing limits to mutual recognition)? How does mutual recognition relate to harmonization and to mutual trust? What is the relevance of equivalence requirements and the distribution of competence between the home (issuing) State and the host (executing) State? What are the main characteristics of the principle of mutual recognition? And is it a workable principle? Through an in-depth analysis of the relevant Treaty provisions, EU legislation, EU case law, and EU policy documents, the book comes to the conclusion that a cross-policy application of the principle of mutual recognition is both feasible and desirable.

This book examines the role of institutions and law on the economic performance of the Ottoman Empire between 1500 and 1800. By focussing on the pre-industrial period, the transition to industrialisation and the mechanisms behind it can be explored. Particular attention is given to the allocation of financial resources towards more productive and efficient economic activities and the role this played in economic divergence among societies. A comparative analysis with European societies highlights the importance of non-economic institutions during the pre-industrial period. This book aims to provide new analytical perspectives and ways of thinking about how the Ottoman Empire lost its powerful economic and political structures. It is relevant to students and researchers interested in economic history, law and economics, and the political economy.

At the heart of the European Union is the establishment of a European market grounded in the free movement of people, goods, services, and capital. The implementation of the free market has preoccupied European lawyers since the inception of the Union's predecessors. Throughout the Union's development, as obstacles to free movement have been challenged in the courts, the European Court of Justice has had to expand on the internal market provisions in the founding Treaties to create a body of law determining the scope and meaning of the EU protection of free movement. In doing so, the Court has often taken differing approaches across the different freedoms, leaving a body of law apparently lacking a coherent set of foundational principles. This book presents a critical analysis of the European Courts' jurisprudence on free movement, examining the Court's constitutional responsibility to articulate a coherent vision of the EU internal market. Through analysis of restrictions on free movement rights, it argues that four main drivers are distorting the system of the case law and its claims to coherence. The drivers reflect 'good' impulses (the protection of fundamental rights); avoidable habits (the proliferation of principles and conflicting lines of case law authority); inherent ambiguities (the unsettled purpose and objectives of the internal market); and broader systemic conditions (the structure of the Court and its decision-making processes). These dynamics cause problematic instances of case law fragmentation - which has substantive implications for citizens, businesses, and Member States participating in the internal market as well as reputational consequences for the Court of Justice and for the EU more generally. However, ultimately the Member States must take greater responsibility too: only they can ensure that the Court of Justice is properly structured and supported, enabling it to play its critical institutional part in the complex narrative of EU integration. Examining the judicial development of principles that define the scope of EU free movement law, this book argues that sustaining case law coherence is a vital constitutional responsibility of the Court of Justice. The idea of constitutional responsibility draws from the nature of the duties that a higher court owes to a constitutional text and to constitutional subjects. It is based on values of fairness, integrity, and imagination. A paradigm of case law coherence is less rigid, and therefore more realistic, than a benchmark of legal certainty. But it still takes seriously the Court's obligations as a high-level judicial institution bound by the rule of law. Judges can legitimately be expected - and obliged - to be aware of the public legal resource that they construct through the evolution of case law.

As economic populism and protectionism increasingly threatens the global trade order, this book examines the behavior of World Trade Organization (WTO) members at the judicial arm of the WTO-the dispute settlement mechanism (DSM). The author explores why and when governments cooperate at the WTO and comply with the ruling of its panels, focusing on how the growth of global value chains through the internationalization of trade and production has increased the importance of both trade liberalization and supra-national governance and policy-making. Finding that domestic organized interests-i.e. firms and sectors-mobilize and lobby national governments to change their domestic policies to better harmonize with their international trade commitments, the author outlines how the time it takes to comply with adverse WTO rulings is shorter when the potential domestic costs of non-compliance outweigh protectionist interests. The author's innovative research design highlights the conditions under which the WTO can preserve the rules of international trade and support a more open, global economy.

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.

This book is the first of its kind in focusing on the enforcement of corporate and securities laws, both public and private, which is a relatively understudied but critically important issue for the development and health of global capital markets. The book has a special focus on the young system coming into being in the People's Republic of China (PRC), but also examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective. This single volume assembles a veritable 'dream team' of contributors who are amongst the very best scholars and legal specialists in the many national jurisdictions covered in the book. Hence, it is of significant value to corporate and securities regulators, judicial officials, prosecutors, litigation specialists, corporate counsel, legal and economic policymakers, scholars, think tanks, students, and investors alike.

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. This Yearbook monitors current developments in international investment law and policy, focusing on recent trends and issues in foreign direct investment (FDI). It then discusses regulatory and policy developments regarding FDIs in extractive industries, with an additional focus on the extent of protection afforded by international investment treaties. 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. The Yearbook on International Investment Law & Policy 2011-2012 monitors current developments in international investment law and policy, focusing on recent trends and issues in foreign direct investment. It also discusses regulatory and policy developments regarding FDIs in extractive industries, with an additional focus on the extent of protection afforded by international investment treaties.

This book addresses challenges that new technologies and the big data revolution pose to existing regulatory and legal frameworks. The volume discusses issues such as blockchain and its implications for property transactions and taxes, three (or four) dimensional title registration, land use and urban planning in the age of big data, and the future of property rights in light of these changes. The book brings together an interdisciplinary collection of chapters that revolve around the potential influence of disruptive technologies on existing legal norms and the future development of real estate markets. The book is divided into five parts. Part I presents a survey of the current available research on blockchain and real estate. Part II provides a background on property law for the volume, grounding it in fundamental theory. Part III discusses the changing landscapes of property rights while Part IV debates the potential effects of blockchain on land registration. Finally the book concludes with Part V, which is devoted to new technological applications relevant to real estate. Providing an interdisciplinary perspective on emerging technologies that have the potential to disrupt the real estate industry and the regulation of it, this book will appeal to a broad audience, consisting of scholars, policy-makers, practitioners, and students, interested in real estate, law, economics, blockchain, and technology policy.

The topic of this book is the external action of the EU within international economic law, with a special focus on investment law. The aim of the volume is to provide the reader with an appraisal of the most recent trends and developments that have characterised a field that has been rapidly evolving and in which the EU has imposed itself as a leading actor. The book is aimed at academics, practitioners and graduate students as well as at EU officials and judges, all of whom should find the subject matter discussed useful for keeping updated on a scholarly discussion of relevance to case law. Mads Andenas is Professor of Law at the Faculty of Law of the University of Oslo in Norway. Luca Pantaleo is Doctor of Law and Senior Lecturer in International and European Law at The Hague University of Applied Sciences in The Netherlands. Matthew Happold is Professor of Law at the Universite du Luxembourg in Luxembourg. Cristina Contartese is Lecturer in Law at the European Law and Governance School in Athens, Greece.

This book reviews for the first time some of the less frequently addressed actors in international investment law. Traditional studies concerning actors in international investment law have tended to focus on arbitrators, claimant investors and respondent states. This book explores transnational actors, such as UNCITRAL, the EU, international standardizing bodies, domestic and international courts and tribunals, etc., shedding light on their transnational activity and pluralistic role in international investment law.

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.

The expansion of cross-border power transmission infrastructures and the regional integration of electricity markets are accelerating on several continents. The internationalization of trade in electric energy is embedded in an even greater transformation: the transition from fossil fuels to renewable energies and the race to net zero emissions. Against this backdrop, this book provides a comprehensive examination of the regulatory framework that governs the established and newly emerging electricity trading relations. Taking the technical and economic foundations as a starting point and thoroughly examining current developments on four continents, the book provides a global perspective on the state of the art in electricity market integration. in doing so, it focuses on the most relevant issues including transit of electricity, quantitative restrictions, market foreclosure and anti-competitive practices employed by the actors on electricity markets. In turn, the book carefully analyzes the regulatory framework provided by the WTO Agreements, the Energy Charter Treaty and other relevant preferential trade agreements. In its closing section, it moves beyond the applicable legal architecture to make concrete proposals on the future design of global trade rules specifically tailored to the electricity sector, which could provide a more reliable and transparent framework for the multilateral regulation of electricity trade.

This special issue focuses on the opportunities and challenges connected with investment courts. The creation of permanent investment courts was first proposed several decades ago, but it has only recently become likely that these proposals will be implemented. In particular, the European Commission has pushed for a court-like mechanism to resolve investment disputes in various recent trade and investment negotiations. Such a framework was included in some free trade agreements (FTAs) and investment protection agreements (IPAs) the European Union (EU) signed or negotiated with Vietnam, Singapore, Mexico and Canada. While it was shelved long before the publication of this Special Issue, the European Commission had also formally proposed a court system during the negotiations for the Transatlantic Trade and Investment Partnership (TTIP) agreement with the United States. The issue of a Multilateral Investment Court (MIC) has also been prevalent at the Working Group III proceedings of the UNCITRAL on investor-State dispute settlement reform, attracting scholarly and public attention.Will these developments lead to the creation of permanent investment courts? How will such courts change the future of international investment law? Will they bring about a real institutional change in adjudicatory mechanisms? Will they introduce a 'hybrid' system, which borrows important characteristics from both arbitration and institutional methods of international adjudication? How will the enforcement mechanisms work, and under which rules of ethics will its adjudicators function and exercise their duties? This special issue brings together leading scholars sharing a common interest in investment courts to address these questions.

This book brings forth the philosophical, conceptual and practical contours of the trade regionalism provisions under the GATT/WTO. It analyses SAARC as the regional integration organisation of South Asia along with identifying major challenges and bottlenecks faced by it in the process of achieving regional integration. It presents ways and methods through which SAARC can be made a more effective regional organisation. The book predominantly focuses on trade regionalism. However, other areas of integration which have impacts on the trade regionalism are also examined like social and political integrations etc. The book takes off from the premise that trade regionalism under SAARC has failed and has been marred by political and security concerns among its member nations. It has failed to achieve its objective on all the three counts, which are promoting peace, development and economic cooperation. However, with the developing countries as members, SAARC has great potential for trade integration. Certain structural, normative and organisation alteration along with favourable ideation can still make SAARC achieve its full potential. The book also deals with the comparative analysis of SAARC regional integration with the regional integration under European Union and ASEAN. Regarding comparative regionalism, the discussion has been confined only to the EU and ASEAN. The EU has been chosen because it is comparatively established as one of the most successful regional organisations in the contemporary world. Whereas, ASEAN has been chosen because of its similarity to the SAARC's economy, society and political structure. The analysis presented in the book is from the perspectives of international law and international relations' theories and practise. This book thus is of particular relevance to the students, researchers, academicians, policymakers and practitioners of international trade law, international relations and South Asian studies.

This book offers insights into how international investment law (IIL) has frustrated states' protection of human rights in Latin America, and IIL has generally abstained from dealing with inter-regime frictions. In these circumstances, this study not only argues that IIL should be an object of contention and debate ('politicisation'). It also contends that Latin American countries have traditionally been the frontrunners in the politicisation of international legal instruments protecting foreign investment, questioning whether the paradigms informing their claims' articulation are adequate to frame this debate. It demonstrates that the so-called 'right to regulate' is the paradigm now prevalently used to challenge IIL, but that it is inadequate from a human rights perspective. Hence, the book calls for a re-politicisation of IIL in Latin America through a re-conceptualization of how states' regulation of foreign investment is understood under international human rights law, which entails viewing it as an international duty. After determining what the 'duty to regulate' constitutes in relation to the right to water and indigenous peoples' right to lands based on human rights doctrine, the book analyses the extent to which Latin American countries are currently re-politicising IIL through an articulation of this international duty, and arbitral tribunals' responses to their argumentative strategies. Based on these findings, the book not only proposes investment treaties' reform to anchor the 'duty to regulate' paradigm in IIL, and in the process, to induce tribunals' engagement with human rights arguments when they come to underpin respondent states' defences in investor-state dispute settlement (ISDS). In addition, drawing upon the (now likely defunct) idea of creating a regional ISDS tribunal, the book briefly reflects on options available to such a tribunal in terms of dealing with troubling normative/institutional interactions between regimes during ISDS proceedings.

Examining the notion, nature, and extent of consent in both commercial arbitration and investment arbitration, this book provides practitioners and academics with a thorough, case-related analysis of an issue which raises many questions. Whilst considering the evolution of arbitration and its consensual nature - enlargement of the parties' freedom to consent to arbitration, and development from commercial arbitration to investment arbitration - it addresses important theoretical questions to offer practical solutions. These include: how consent to arbitrate is expressed and when mutual consent to arbitration is reached; which law shall govern the arbitration agreement or, more particularly, consent as an element of the substantive validity of it; and, conversely, according to which law will a possible lack of consent be judged; how consent should be interpreted; which relationship exists between consent as part of the substantive validity of an arbitration agreement and its formal validity; which, if any, are the implied terms when consenting to arbitration; how consent to arbitrate influences procedural aspects (counterclaims, joinder, consolidation), and which solutions adopted by treaties, national laws or arbitration rules are, or would be, the most respectful of parties' consent in this respect; what in investment arbitration is the relationship between consent and most-favoured-nation clauses or the influence of umbrella clauses. The book includes original arguments and puts forward new suggestions with regard to the changeable consensual character of arbitration. It also provides a particular focus on problems that frequently arise in practice of international arbitration, for example issues related to complex multiparty arbitration and to jurisdictional questions in investment arbitration.

This book analyses the 2018 Global Compact on Migration and the need for, and difficulties of adopting a multilateral agreement on migration. Particular attention is given to the challenges and constraints involved, given not only the divergent needs and conditions of different counties but also the varying interests of different groups within countries. A synoptic history of previous attempts at reaching a multilateral migration agreement is provided, from 1927 onwards, to give context to the recent negotiations. The lack of a clear recognition of migration as a global process and the absence of a firm commitment to responsibility- sharing arrangements are highlighted. The book explains why the 2018 migration is both a breakthrough and at the same time an opportunity lost. In doing so,] it also analyses the limitations of the present deal, including inadequate attention to the root causes of forced and disruptive migration in origin countries, and highlights how the 2018 agreement can be built upon to create a dynamic harmony in the global migration system. The book will be relevant to researchers and policy makers as well as to professionals and activists concerned with migration, labour economics and international development.

This book defines oil price as a social institution that exists beyond supply-demand mechanisms. Discussing oil markets in the context of the broader sociology of prices, it covers a number of theoretical and practical dimensions, such as new market uncertainties and trends, and social perceptions of energy security and of power. Further, based on case studies it explores the implications for OPEC, Russia, and Central and Eastern Europe, as well as for the energy transition and for international investment arbitration. Featuring contributions from leading academics, researchers and business professionals, the book offers an interdisciplinary perspective on the oil price. "This book brings together an impressive team of scholars with fresh perspectives on the oil price. Even as the world attempts energy transition, oil consumption continues and the oil price is likely to become even more unpredictable and unclear than in the past. This book helps make sense of this challenging topic." -Indra Overland is a Research Professor and Head of Centre for Energy Research, Norwegian Institute of International Affairs (NUPI) "A revealing and multidimensional analysis of oil price fluctuations in a market that seeks less uncertainty. This book discusses market and price evolution in the context of market theories, history and real-time market analysis. A welcome and timely contribution to our understanding of global energy markets." Dr. Sara Vakhshouri is Founder and President of SVB Energy International and Professor of Energy Security at the Institute of World Politics.

Since a reform in 2010, foreign investors can establish a Foreign-Invested Limited Partnership Enterprise (FILPE) in China together with Chinese or foreign investors. The FILPE can be combined with a domestic or foreign corporate general partner, thus allowing for a structure that offers the flexibility and taxation conditions of a partnership while protecting its investors against personal liability like a company. The book explores from the perspective of a foreign investor if the FILPE is an attractive investment vehicle by analysing whether it provides the characteristics that are internationally recognized as constituting a standard corporate form. Among these characteristics, the three that are most strongly interconnected and interdependent form the core of the analysis: legal personality, limited liability and transferable ownership interest. These are analyzed in context of China's restrictive framework of foreign investment regulations and enterprise organization law.

The path from single market to economic union is a continuing, and controversial, story; raising questions about the present and future regulation, structures, and purpose of economic union within the broader objectives of the EU legal and political order. This collection focuses on the evolution and regulation of the EU as an economic union, in tribute to the scholarship of the late Professor John A Usher. The process of treaty reform within the EU has now reached fruition and attention is being re-focused on substantive aspects of EU law and policy. The essays in the collection consider the EU internal market in its broadest sense: the fundamental free movement provisions remain at the core, but the concept of the transnational market must also accommodate competing interests to which the EU is committed but the implications of which can nonetheless distort, and thus need to be carefully balanced within, the basic free trade framework (for example, intellectual property rights and the protection of innovation, and also the implementation of social policy objectives). The collection also situates the market in its broader politico-economic context. The global economic climate remains precarious and questions about optimal financial and fiscal regulation, and monetary stability, remain critically significant, especially in a transnational context given the degree of inter-dependency generated by the EU integration project. The essays in the collection offer in-depth reflections on different 'parts' of this evolving transnational economic union, linked together as a whole by cross-cutting thematic concerns about competence and regulation, and about where and how the economic law of the EU fits within the broader integration narrative. Together, these different elements of the proposed collection demonstrate the different facets of EU economic law and its regulation; and this approach, in turn, reflects the extraordinary breadth of John Usher's remarkable contribution to scholarship.

The regulation of foreign investment represents one of the most topical and controversial subjects in European Union law and international investment law. EU foreign investment law is emerging as a critically important issue, particularly since the introduction of EU competence over foreign direct investment after the Lisbon Treaty and the recent successful challenge of the compatibility of Member States Bilateral Investment Treaties with EU law. Within this framework, the book sets out to identify whether and to what extent the EU has become an international actor in the field of foreign investment. Exploring the existing legal framework on the scope and exercise of EU competence and its legal effects, it examines the foundations upon which EU investment policy is based and will be based in the future. The book addresses questions relating to the definition of foreign investment; the scope of EU competences; the exercise of EU powers; the substantive content of existing and future EU International Investment Agreements; and the objectives of EU investment policy and its EU law effects. From this grounding, the study widens to scrutinize the influence that the EU exerts on international law and regulation of foreign investment. Paying careful attention to the substantive content and orientation of EU International Investment Agreements, the book takes a comparative approach to the content of Bilateral Investment Treaties, as well as to the ramifications of EU foreign investment regulation for international law, especially with regard to the EU's international responsibility. Taking into account the recent developments in the field, this book provides the first comprehensive treatment of the legal, practical, and political concerns that the creation of an EU common investment policy creates.

This book explores the impacts of current mining licensing regimes in Africa and how they influence sustainable development principles. International law and conventions on mining are used as a lens to examine a regionalized perspective of the history of mining law and customary land law. Alternative approaches are then suggested, through a comparative and sovereignty-based study of mining laws and policies, to see how the challenge of uneven development can be combatted using minerals. This book aims to highlight how mineral possessions can transform communities if the economic policies, customary law structures, and the geopolitical landscape guarantee inclusivity and equal partnerships. It will be relevant to researchers and policymakers interested in mineral economics, mining law, and African economies.

This book explores how the European Union designs its trade policy to face the most recent challenges and to influence global policy issues. It provides with an interdisciplinary perspective, by combining legal, political, and economic approaches. It studies a broad set of trade instruments that are used by the EU in its trade policy, such as: trade agreements, multilateral initiatives, unilateral trade policies, as well as, internal market tools. Therefore, the contributions to this volume present the EU's Trade Policy through different lenses providing a complex view of it.

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.

This book examines the impact of EU trade and investment agreements on public services, a topic that continues to be the subject of heated political debate. It surveys a broad range of EU agreements and provides a comprehensive, up-to-date analysis of the rules and disciplines of such agreements that can affect the provision of public services. Going beyond the existing literature, it asks whether the treatment of public services in EU trade and investment agreements is coherent with the special status of public services in "internal" EU law, specifically internal market law, while also challenging the notion that trade and investment agreements automatically pose serious threats to public services. The book will be of keen interest to legal scholars and students specialising in EU and/or international economic law together with national and international policy-makers. Luigi F. Pedreschi is affiliated to the European University Institute in Florence, Italy, and currently works as a Research Associate at the Robert Schuman Centre for Advanced Studies, also located in Florence.