Technological change has transformed the ways knowledge is developed and shared internationally. Accordingly, in the quarter-century since the WTO was established, and since its Agreement on Trade-Related Aspects of Intellectual Property Rights came into force, both the knowledge dimension of trade and the functioning of the IP system have been radically transformed. The need to understand and respond to this change has placed knowledge at the centre of policy debates about economic and social development. Recognizing the need for modern analytical tools to support policymakers and analysts, this publication draws together contributions from a diverse range of scholars and analysts. Together, they offer a fresh understanding of what it means to trade in knowledge in today's technological and commercial environment. The publication offers insights into the prospects for knowledge-based development and ideas for updated systems of governance that promote the creation and sharing of the benefits of knowledge.

This book investigates the tensions between EU law and international commercial arbitration, i.e. tensions between two phenomena at opposite ends of the public to private ordering continuum. It focuses on the Commercial Agents Directive's regime for indemnity and compensation as one of the most frequent source of these tensions. To mitigate the consequential problems, the book proposes and describes a comprehensive framework for a preferable system of reviewing arbitration agreements and arbitral awards. To this end, it explores the prerequisites of this system through comparative legal analysis of the German, Belgian, French and English systems of review, an assessment of the observable aspects of arbitral practice, game theoretical analysis of the arbitral process, and microeconomic analysis of the cross-border market for commercial agency.

This book provides a unique comparative and global analysis of the regulation of disclosure in financial (securities) markets. It is written by two authors who represent both the new world (Australia) and the old world (Germany). The authors present their research in the global business context, with legal and regulatory perspectives including some references from Africa, Asia, the Middle East and South America. After every "boom" and "bust", legislators pass new disclosure legislation, often in a heated environment fuelled by politics and the media. Little regard is paid to existing regulation or the lessons learned from earlier regulation. The result is the continuing enactment of redundant and overlapping disclosure laws. Since financial markets are often described as markets for information, the failure to ensure disclosure is at the heart of financial services regulation. This book argues that the solution to the failure of disclosure is a brief, easily understood, principles-based, plain English safety-net amendment to statute law such as "you must keep the financial market fully informed", a measure that would support effective mandatory continuous disclosure of information to financial markets. This book examines the reasons for disclosure regulation, and how the efficient operation of financial markets is dependent on disclosure. It examines the adequacy of common law and civil law concerning broker/client disclosure, and concludes that industry licensing in itself fails to keep the market informed. While recognizing the failures of securities commissions to achieve good disclosure in financial markets, it confirms the effectiveness of coregulation of disclosure by a commission with the support of the financial markets (such as the stock exchange). Coregulation builds on financial market self-regulation, and is best described in the words of one-time SEC Chairman William O. Douglas, who, in the 1930s, described it as a shotgun behind the door.

This book explores how the EU's enforcement of competition law has moved from centralisation to decentralisation over the years, with the National Competition Authorities embracing more enforcement powers. At the same time, harmonisation has been employed as a solution to ensure that the enforcement of EU competition rules is not weakened and the internal market remains a level playing field. While employing a comparative law argument, the book, accordingly, analyses the need for harmonisation throughout the different stages of development of the EU's competition law enforcement (save Merger control and State Aid), the underlying rationale, and the extent to which comparative studies have been undertaken to facilitate the harmonisation process from an historical perspective. It also covers the Directives, such as the Antitrust Damages Directive and the ECN+ Directive. Investigating both public and private enforcement, it also examines the travaux preparatoires for the enforcement legislation in order to discover the drafters' intent. The book addresses the European and the Member States' perspectives, namely, the Central and Eastern European (CEE) countries, as harmonisation proceeds through dialogue and cooperation between the two levels. Lastly, it explores the extent to which harmonisation of the competition law enforcement framework has been accepted and implemented in the Member States' legal systems, or has led to the fragmentation of the national systems of the CEE countries.

Trade and the Environment is a penetrating analysis of the relation between trade and environmental protection policies in the EC and the US. It argues that the international tensions arising from policies designed to protect trade and the environment can be resolved by the free trade provisions of the EC Treaty and the US Constitution, and from the setting of common environmental standards for all parties. It discusses also the contributions of the judiciary and legislature toward the solution of these tensions. The interaction between them, writes Dr Geradin, shapes the balance between trade and environmental objectives in the Community and the United States. More generally, they define the progress of environmental protection in these systems.

? The Hon. Michael Kirby AC CMG This splendid book performs the heroic task of introducing readers to the large canvas of the commercial law of the European Union (EU). The EU began as an economic community of six nations but has grown into 27 member states, sharing a signi?cant political, social and legal cohesion and serving almost 500 million citizens. It generates approximately 30% of the nominal gross world product. The EU is a remarkable achievement of trans-national co-operation, given the history (including recent history) of national, racial, ethnic and religious hatred and con?ict preceding its creation. Although, as the book recounts, the institutions of the EU grew directly out of those of the European Economic Community, created in 1957 [1.20], the genesis of the EU can be traced to the sufferings of the Second World War and to the disclosure of the barbarous atrocities of the Holocaust. Out of the chaos and ruins of historical enmities and the shattered cities and peoples that survived those terrible events, arose an astonishing pan- European Movement.

Amid the ongoing crisis surrounding the WTO, China's role and behaviour in the multilateral trading system has attracted overwhelming attention. This timely monograph provides the first comprehensive and systemic analysis of China's compliance with the rulings of the WTO's dispute settlement mechanism (DSM). It covers all the disputes in which China has been a respondent during its 17-year WTO membership and offers a detailed discussion of China's implementation of adverse WTO rulings, its approaches to settling WTO disputes, the possible explanations for such approaches, and post-compliance issues. The book shows how China has utilised the limitations and flexibilities of WTO rulings to ensure that its implementation of the rulings not only delivers adequate compliance but also maintains its own interests. Overall, this book argues that the issues relating to the quality of China's compliance and post-compliance practices concern the loopholes within the DSM itself which may be utilised by all WTO Members. However, despite the loopholes, China's record of compliance suggests that the DSM has been largely effective in inducing compliance and influencing domestic policy-making. It is therefore in the interest of all WTO Members and other stakeholders to protect the DSM as the 'crown jewel' of the multilateral trading system.

In recent years the relationships between trade and the environment and trade and development have become increasingly complex. The need to reconcile the competing demands of economic growth, economic development, and environmental protection has become central to the multi-lateral trade agenda. In this volume various commentators debate the role of the World Trade Organization and other institutions in addressing these challenges. The book arises from the papers presented at two High Level Symposia hosted by the World Trade Organization in March 1999, on "Trade and the Environment" and "Trade and Development". The first section of the work focuses on the relationship between trade and the environment. The issues addressed include the need for WTO members to pursue integrated trade and environmental policies in order to achieve sustainable development, ways in which the removal of trade restrictions and distortions can lead to positive environmental and development solutions, the relationship between WTO provisions and trade measures contained in environmental agreements, and the need for transparency and effective interaction between civil society and the trade community. The second section examines the growing importance of developing countries in the global trading system over the last 30 years, and the ways in which the inequalities which persist between countries may be addressed. The papers include discussion of the need for integration of the least-developed countries into the multilateral trading system, the ways in which international institutions may work together to realize the objective of development, the complex role of trade liberalization in development, and the importance of new technologies in accelerating integration between developing and developed countries.

How ought scholars and students to approach the rapidly expanding and highly multidisciplinary study of international economic law? Academics in the field of international political economy used to take for granted that they worked with the overarching concepts of rules and governance, while legal scholars analyzed treaties and doctrines. However, over the past twenty years formerly disparate fields of study have converged in a complex terrain, where academic researchers and governmental policy analysts use a pluralistic set of theoretical and methodological tools to study the ongoing development of international economic law. This volume argues that the extensive development of international economic law makes it impossible to discuss international political economy and international law as if they were mutually exclusive processes, or even as if they were separate and mutually reinforcing. Rather, we must think of them as a deeply interconnected set of rapidly evolving activities. This is a paradigm shift in which we cease to think about an international system in which politics and law interact, and begin to think about an international system in which politics take place in a legal frame. Froese terms this a shift from politics and law, to the politics of international economic law. This book does for political economy what others have already done for law - introduces political scientists, economists, and other practitioners of IPE, to the potential of engaging with legal theory and method; it will be of great interest to scholars in a range of areas including IPE, global governance, IR and international law.

This volume scrutinises the main challenges faced by States in their current international economic relations from an interdisciplinary perspective. It combines legal research with political and economic analysis and favours dialogue among scientific disciplines. Readers are offered a series of in-depth studies on a rich variety of topics: how to reconcile States' interest to benefit from economic liberalization with their need to pursue social goals (such as the protection of human rights or of the environment); recent developments under WTO law and regional integration processes; international cooperation in the energy sector; national regulatory developments in the banking sector, sovereign wealth funds and investor-State arbitration.

This book comprehensively examines various issues regarding the scope of Most-Favoured Nation (MFN) Clauses in International Investment Agreements (IIAs), and addresses the reform, interpretation, and enforcement of IIAs with a specific focus on the MFN clause. The book begins with a study of the history and evolution of the MFN. It then presents a substantive analysis focusing on the drafting style and how it affects the scope of the MFN; rules of interpretation and arbitral case law on the scope of the MFN, procedural prerequisites to arbitration and jurisdiction of arbitral tribunals, and the implications of adopting an expansive approach to the MFN clause. The book's argument centres on the need for arbitral tribunals to interpret the MFN in a manner that reflects the expressed intent of the parties. This requires taking into consideration the text of the MFN, its purpose, and the overall context of the IIA, rather than relying on values and assumptions that have nothing to do with the original intent of the parties. In making this argument, the book draws on Articles 31 and 32 of the Vienna Convention on the Law of Treaties and other interpretative rules. What sets the book apart is its comprehensive coverage of issues concerning the interpretation and application of the MFN in IIAs. At the same time, it addresses issues in connection with an expansive interpretation of MFN clauses, as well as concerns regarding the legitimacy crisis in investor-state arbitration. Accordingly, it contributes to future Investor-State Dispute Settlement (ISDS) reform, while also offering a wealth of theoretical and practical insights for future treaty drafters, arbitrators, and policymakers.

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.

This book develops John Rawls's theory of justice by adding reality-based analyses. This is accomplished by answering the question of who makes rules and how, and by providing new answers to three of today's most practical and critical issues. The question of who and how makes rules is discussed first; and group orientation instead of individualism, and a balance of negotiating power instead of a veil of ignorance are presented as new answers to this question. Based on this new understanding of rulemaking, three important practical rules are subsequently discussed: the rule of distribution of land and other natural resources, including the question of natural talent or who should bear the costs of children's education; the rule of distribution of products; and what motives support our acts of kindness. These rules are all dealt with from a shared perspective, viewing society as a single integrated construct. Equal distribution of land, not private but public payment of education fees, strengthening employees' bargaining power, and moving toward nobility-based kindness are put forward as central answers. By addressing critical questions on social rules and proposing answers, this book provides reliable principles to fall back on in our daily lives, and in our rapidly changing, globalized world.

With changes to the international investment law landscape and Asian countries now actively developing their network of bilateral investment treaties (BITs) and free trade agreements (FTAs), this volume studies issues relating to Asian perspectives on international investment law and forecasts the future of Asian contribution to its science and practice. The book discusses the major factors that have been driving Asian countries to new directions in international investment rule-making and dispute settlement. It also looks at whether Asian countries are crafting a new model of international investment law to reflect their specific socio-cultural values. Finally, the book examines whether there are any 'Asian' styles of international investment rule-making and dispute settlement, or if individual Asian countries are seeking specific national 'models' based on economic structure and geopolitical interests. This unique collection is exceptionally useful to students, scholars and practitioners of international investment law, international trade law and public international law.

Now more than ever, indigenous peoples' interests in their cultural heritage are in the spotlight. Yet, there is very little literature that comprehensively discusses how existing laws can and cannot be used to address indigenous peoples' interests. This book assesses how intangible aspects of indigenous cultural heritage (and the tangible objects that hold them) can be protected, within the realm of a broad range of existing legal orders, including intellectual property and related rights, consumer protection law, common law and equitable doctrines, and human rights. It does so by focusing on the New Zealand Maori. The book also looks to the future, analysing the long-awaited Wai 262 report, released in New Zealand by the Waitangi Tribunal in response to allegations that the government had failed in its duty to ensure that the Maori retain chieftainship over their tangible and intangible treasures, as required by the Treaty of Waitangi, signed between the Maori and the British Crown in 1840.

This book addresses the legal and contractual obligations of sea carriers regarding due care for the cargo under a contract of carriage. While the general framework employed is the leading international liability regime, the Hague-Visby Rules, the discussions in each chapter also account for the possible future adoption of a new regime, the Rotterdam Rules. The subject matter concerns the standard for the duty of care for goods as codified in the Hague-Visby Rules, but the work also touches upon a wide range of related topics found both in law and in practice, providing valuable commercial, technical and historical links as well as various solutions that have been found at the national and international level to address challenges arising in this specialised area of law. The book is divided into six chapters, which gradually reveal the complexity of the topic. Chapter 1 provides a thorough introduction to the two main transport documents in use, and to the basic logic behind shipping, sea-going trade and related national and international legislation. In turn, Chapter 2 presents an overview of the relevant provisions of the Hague-Visby Rules. Chapters 3, 4 and 5 examine the problems arising out of the insertion of a FIOS(T) clause in the contract of carriage; the carriage of goods on deck; and the carriage of goods in containers, respectively. Lastly, Chapter 6 provides an overall conclusion on the legal status quo and current practice, as well as future prospects. The book was written with a number of potential readers in mind and is intended to open up the topic to a broader audience. It is suitable both for readers who wish to advance their learning (e.g. professionals, practitioners and postgraduates) and for readers with little or no prior knowledge of the topic (e.g. students and researchers).

This book deals with some aspects of the future shape of the socio-economic order which would be founded on sustainability principles and the role of law therein, instead of on the prevailing capitalist economic order. The volume elaborates in particular on how innovation, a crucial aspect of free-market capitalism and its laws which constitute the current socio-economic order, could result in a more sustainable economy which, in turn, could lead to a more sustainable society. Moreover, the book analyses current developments in financial and economic law and evaluates their perks, risks and sustainability levels.The book contains no less than 11 chapters in which a variety of experts share their state-of-the-art insights regarding specific domains of socio-economic life. As such, the book deals with topics that are at present fully under debate in societies, such as student credit and the dangers it entails, crypto currencies and how the law tries to regulate this basically private law instrument, groups of companies under Belgian (company) law, a proposal for improving the international monetary system, and seeds and intellectual property rights, besides various other similar themes. The book forms the latest volume of the book series Economic and Financial Law & Policy - Shifting Insights & Values, and fully complies with the series' goal of critically exa mining the legal methods and mechanisms that shape the global free markets and proposing alternatives to them. The book will hereby prove a valuable instru ment for all researchers investigating these matters, besides policymakers and their ad visers as well as all lawyers active in the field of economic law who look for a new per spective on the subject matters dealt with.

The proliferation of regional trade agreements, including both free trade agreements and customs unions, over the past decade has provoked many new legal issues in WTO law, public international law, and an emerging law of regional trade agreements. The various Parts of this book chart this development from a number of perspectives. Part 1 introduces the economic and political underpinnings of regional trade agreements, their constitutional functions, and their role as a locus for integrating trade and human rights. Part 2 examines the WTO rules governing regional trade agreements, focusing on a number of areas in which regional trade agreements prove problematic, such as trade remedies, regulatory standards and rules of origin. Part 3 investigates areas in which regional trade agreements go beyond WTO rules, in areas such as intellectual property, investment, competition, services, sustainable development and mutual recognition, while Part 4 is devoted to the dispute settlement mechanisms of regional trade agreements, and includes illuminating case studies. Part 5 explores the interrelationship between regional trade agreements and the WTO system from the perspective of public international law, involving questions with significance beyond the trade community.

This book provides readers with a unique opportunity to explore how the international economic legal order (IELO) may look in a post-WTO world. The substance of this book presupposes (whether correct or not) that the WTO either: (a) Stagnates into the foreseeable future (Doha withers, no new Rounds, at best minor amendments, little new jurisprudence, effective collapse of the DSB); or (b) Falls apart completely. While neither is desirable, the book underlines that it must be conceded that neither is inconceivable. The collapse of the Soviet Union tells us that anything is possible (in 1986 no one foresaw the end of the Cold War - clearly it was a much more significant event than would be the case for the demise of the WTO and the current international economic legal order (IELO)). Similarly, just a year or two before Brexit or the election of US President Donald Trump, no one foresaw those two eventualities. Consequently, a worst-case scenario for the future of the WTO cannot be ignored - rather, it must be explored, as has been done in this book. Indeed, despite most IEL academics' commitment to multilateralism and specifically to a vibrant and dynamic WTO, academics in the field are now beginning to seriously discuss what a post-WTO world could look like (and it was the project behind this book that first launched those discussions). Accordingly, this examination of the post-WTO world will be of great value to practitioners, governmental and international officials and scholars in the IELO. This is particularly so in an era of increasingly rapid change, during which legal scholarship must also address the future if it wants to contribute creative solutions to the resolution and management of the many serious contemporary problems facing our field.

The International Maritime Organization (IMO), as the United Nations specialized agency responsible for the regulation of shipping engaged in international trade from the points of view of maritime safety and the prevention and control of pol- tion by ships, recognizes that these goals can only be effectively achieved if each and every link in the corresponding chain of responsibility meets fully its obli- tions. Flag, port and coastal States, as well as the shipping industry itself, all have roles to play in collectively improving safety and protecting the environment, both marine and atmospheric, through the development, adoption, and uniform imp- mentation and enforcement of, global standards. In this book, Dr. Christodoulou-Varotsi sets out to explore the extent to which the actions of the European Union and the United States, as the main originators of high standards in these fields, constitute a paradigm to the rest of the inter- tional maritime community. In this regard, while underscoring the need for a - listic, multilateral approach to maritime regulation - as epitomized by the work of IMO - the author explores how standards could be enhanced through the use of unilateral action.

Monetary sovereignty is a crucial legal concept dictating that states have sovereignty over their own monetary, financial, and fiscal affairs. However, it does not feature as part of any key instruments of international law, including the Articles of Agreement of the International Monetary Fund. Rather, it has remained a somewhat separate notion, developed under contemporary international law from an assertion of the former Permanent Court of International Justice in 1929. As a consequence of globalization and increasing financial integration and a worldwide trend towards the creation of economic and monetary unions, the principle of monetary sovereignty has undergone significant change. This book examines this evolution in detail, and provides a conceptual framework to demonstrate what this means for the legal and economic challenges faced by the international community. The book examines the historic origins and evolution of the concept of monetary sovereignty, putting it into the context of broader concepts of sovereignty. It argues that monetary sovereignty remains relevant as a dynamic legal concept with both positive and normative components. It investigates the continuing hybridization of international monetary law resulting from changes to its formal and material sources. It then examines the complex phenomenon of exchange rate misalignment under international monetary and trade law, and the increasing regionalization of monetary sovereignty, notably in light of the European sovereign debt crisis. Finally, it assesses the role the concept of monetary sovereignty can play in the reorganization of international finance following the recent global financial crisis.

International investment law and arbitration is its own 'galaxy', made up of thousands of treaties to be read in relation to hundreds of awards. It is also diverse, as treaty and arbitration practices display nuances and differences on a number of issues. While it has been expanding over the past few decades in quantitative terms, this galaxy is now developing new traits as a reaction to the criticisms formulated across civil society in relation to the protection of public interest. This textbook enables readers to master and make sense of this galaxy in motion. It offers an up-to-date, comprehensive and detailed analysis of the rules and practices which form international investment law and arbitration, covering its substantive, institutional and procedural aspects. Using analytical and practice-oriented approaches, it provides analyses accessible to readers discovering this field anew, while it offers a wealth of in-depth studies to those who are already familiar with it.

This volume contains a collection of studies examining trade-related issues negotiated in regional trade agreements (RTAs) and how RTAs are related to the WTO's rules. While previous work has focused on subsets of RTAs, these studies are based on what is probably the largest dataset used to date, and highlight key issues that have been negotiated in all RTAs notified to the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). New rules within RTAs are compared to rules agreed upon by WTO members. The extent of their divergences and the potential implications for parties to RTAs, as well as for WTO members that are not parties to RTAs, are examined. This volume makes an important contribution to the current debate on the role of the WTO in regulating international trade and how WTO rules relate to new rules being developed by RTAs.

This book presents the development and reformation of economic law in China and explores the "three relationships" between the government and market, between reform and rule of law, and between the constitution and economic law. On this basis, it subsequently focuses on development theory, distribution theory, risk theory and crisis theory. Further, it addresses effective development, fair distribution, and prevention and resolution of related risks and crises, which are important functions of economic law. In order to achieve the above functions and objectives, the book argues, we must vigorously promote the integration of rule of law in economic law, and constantly refine the theory of economic rule of law employed in China.The book demonstrates that no matter how the "three major relationships" are adjusted or the relevant systems are reformed - i.e., regarding the implementation of the concept of coordinated development or the optimization of economic structures; the solution of distribution problems or the improvement of distribution systems; the prevention of risks or the response to crises - any such changes depend on economic rule of law. The above-mentioned theoretical discussion presents a "new horizon" of contemporary Chinese economic law theory, which will be of great value to the future development of economic law theory.

Since the beginning of the process of European integration the EU Common Commercial Policy (CCP) has been one of the most dynamic political fields. The EU has achieved a leading role among the economic superpowers and is regarded as a single economic area in which the EU speaks also on behalf of its Member States for most aspects of external economic politics. This volume analyzes the implications of the Treaty of Lisbon for the Common Commercial Policy of the EU. The Lisbon Treaty has declared all matters concerning external commercial policy as exclusive competences of the EU. Which consequences does this have for the Member States of the EU? With regard to institutional modifications, the Lisbon Treaty has significantly strengthened the role of the European Parliament and has substantially changed the role of the 'High Representative of the Union for Foreign Affairs and Security Policy' (HR). Further topics of this volume are the new normative framework of the CCP, inter alia the linkage of the CCP to the general objectives for the EU's external actions and its dependence on secondary legislation, as well as investment policy now being part of the CCP.