The Encyclopedia is the definitive reference work on international economic law. This comprehensive resource helps redefine the field by presenting international economic law in its broadest, real-world context. Organized thematically rather than alphabetically, the subject is split into four principal sections: the foundations and architecture of international economic law, its principles, its main regulatory areas, and the future challenges that it faces. Comprising over 250 entries written by leading scholars and practitioners, traditional international economic law subject matter is supplemented by coverage of newly developing areas. Thus, the concepts and rules of trade, investment, finance and international tax law are found alongside entries discussing the relationship of international economic law with environmental protection, social standards, development, and human rights. The concise entries present an accessible and condensed overview of each topic within its legal context. Contributors offer insight into how institutions interact with each other and other legal systems, in addition to providing individual overviews of their history, structure, principles and procedures. Selected references follow each entry, suggesting directions for further detailed exploration of the topic. This Encyclopedia is an invaluable resource for both practitioners and academics. It acts as a handy reference to all areas of international economic law, and provides the ideal starting point for any research journey. Key features: valuable reference tool for scholars, students and practitioners organised thematically, covering newly developing areas of international economic law concise, structured entries from the top experts in the field selected references for further study.

The Sustainable Development Goals introduced by the United Nations in 2016 call for the significant mobilisation of finance. However, although sustainable investments are steadily increasing, there still remain large gaps within financing and the information that financial markets rely on is often incomplete or incorrect. For instance, the financial system has been structured around short-term frameworks and goals while the most pressing environmental and social challenges are long-term. Prices do not convey the cost of externalities associated with social and environmental challenges. It is therefore important to implement the effective pricing of externalities and create a common language and taxonomy between investors, issuers and policy-makers in order to best serve sustainable development. Addressing this challenge, the authors delve deeper into the levers that can be pulled within the financial system to prompt an efficient ecosystem of sustainability-related information, allowing social and environmental externalities to be incorporated into the decision-making process of all market agents. Incentives needed for investors, issuers and intermediaries are proposed along with regulation that can trigger these incentives. This book offers a comprehensive collection of chapters which explore the ongoing evolution of the European regulatory framework, providing essential reading for policymakers, practitioners and researchers alike.

Legal Aspects of the New International Economic Order draws together the results of discussions from the 58th Conference of the International law Association held in Manila in September 1978. Many there, including a number of contributors to this insightful book, felt that proposals for the establishment of a new international economic order bristled with complex legal issues, which merited the serious attention of lawyers. Moved by the conviction that these proposals aimed at restructuring international economic relations and effective a global redistribution of wealth and power, presented a challenge to legal creativity, the Conference adopted a resolution urging the International Law Association to undertake a study of the Legal Aspects of a New International Economic Order. Legal Aspects of the New International Economic Order draws together the papers that came from that study, to offer a fascinating and powerful examination of the legal challenges thrown up by the establishment of this new order.

The centrality of natural resources to global economic growth has placed the debate over their ownership and control at the forefront of legal, territorial and political disputes. Combining both legal and policy expertise with academic and practitioner perspectives this book considers the dimensions of natural resource governance at a time when disputes over their use grow more acute. Focusing on the law, regulation and governance of natural resources, this timely work examines in detail the conflicts and contradictions arising at the intersection between international economic law, sustainable development and other areas of international law, most notably human rights law and environmental law. Exploring the views of different stakeholder groups in the natural resources sectors, key chapters consider whether their differing interests and concerns are adequately addressed under national and international law. This book will appeal to scholars of law, political science and development studies. It will also benefit policy practitioners and advocacy specialists in development NGOs, research institutes and international organisations. Contributors include: S. Adelman, J.P. Bohoslavsky, C. Buggenhoudt, L. Cotula, D. Davitti, J. Faundez, J. Justo, L. Martin, J. McEldowney, S. McEldowney, C. Ochoa, D. Ong, M. Picq, F. Smith, C. Tan, J. Van Alstine, E. Wilson

Sovereign Investment: Concerns and Policy Reactions provides the first major holistic examination and interdisciplinary analysis of sovereign wealth funds. Sovereign wealth funds currently hold three trillion dollars' worth of investments, almost twice the amount in all the hedge funds worldwide, and are predicted to hold nine trillion more by 2015.
This relatively new and rapidly expanding phenomenon remains relatively unregulated, but the International Monetary Fund and the G7 aim to establish temporary and voluntary rules to introduce transparency and uniformity until more permanent regulatory structures are instituted. What permanent rules and procedures should govern sovereign wealth funds? What bodies should enforce them? Do the current provisional rules answer the national security concerns of host countries? Editors Karl P. Sauvant, Lisa Sachs, and Wouter P.F. Schmit Jongbloed address these questions in a collection of essays by leading authorities from the IMF, academic institutions, law firms, multi-national corporations, and think tanks. Together, these authors analyze how sovereign wealth funds have helped to limit the effects of the current global economic crisis, and what rules can govern their operation in the future.

This authoritative collection brings together major articles written by leading economists, political scientists and legal scholars to analyse the complexities of the modern global system of intellectual property rights (IPRs) and its relationship with the WTO. The papers selected consider the role of IPRs in the knowledge economy, itself a force for rapid globalisation. They first place IPRs into context as a trade issue and their controversial role within the WTO. Several articles analyse the ability of IPRs to encourage innovation and support markets, emphasising controversial problems in developing countries: special attention is given to the role of patents in biodiversity and essential medicines. Additional contributions provide important theoretical and empirical perspectives on the economics of IPRs in the global economy, including effects on trade, investment, innovation, growth, and technology policies. This authoritative volume will be an important source of reference for scholars and policymakers seeking to understand the development and trade impacts of intellectual property protection. 21 articles, dating from 1991 to 2003

This book analyses actual and potential normative (whether legislative or contractual) conflicts and complex transnational disputes related to state-controlled enterprises (SCEs) operations and how they are interwoven with the problem of foreign direct investment. Moreover, SCEs also fall within the remit of international political economy, international economics and other SCE-related fields that go beyond purely legal or regulatory matters. In this connection, research on such economic and political determinants of SCE's operations greatly informs and supplements the state of knowledge on how to best regulate cross-border aspects of SCE's and is also be covered in this book. The book also aims to analyse the "SCE phenomenon" which includes a wide panoply of entities that have various structures with different degrees of control by states at the central or regional level, and that critically discuss the above-mentioned overlapping legal economic and political systems which can emerge under various shades of shadows casted by governmental umbrellas (i.e., the control can be exercised through ownership, right to appoint the management, and special-voting-rights). The chapters in this book are grouped, so as to address cross-border investment by and in SCE, into four coherent major parts, namely --- (i) the regulatory framework of state capitalism: laws, treaties, and contracts; (ii) economic and institutional expansion of state capitalism; (iii) the accountability of state capitalism: exploring the forms of liabilities; and (iv) regional and country perspectives. Contributions address the core theme from a broad range of SCE and international economic regulations, including but not limited to competition law, WTO law, investment law, and financial/monetary law. They also cover the new emerging generation of Free Trade Agreements (EU-Vietnam FTA, EU China investment treaty, Regional Comprehensive Economic Partnership; and the coordination between treaty systems). The book is a valuable addition and companion for courses, such as international trade law, international law of foreign investment, transnational law, international and economic development, world politics, law of preferential trade agreements, international economics, and economics of development.

Mega-regionalism in the Asia Pacific has led to the formation of several emerging trade blocs, including the Trans-Pacific Partnership. This book, in addition to the examination of trade policies in the region, offers a comprehensive analysis of ongoing developments such as the impact of new members on the incumbent TPP-12 and its spillover to third parties, as well an objective study of the crucial issues of liberalization of agriculture, pharmaceuticals, and intellectual property rights. Split into three diverse sections, this book is a joint venture of many outstanding scholars in various disciplines, all with expertise in the Asia Pacific's regional affairs. These contributions provide readers with a rigorous assessment of membership enlargement and sectorial liberalization of the TPP as well as the pathways toward region-wide free trade areas. Editor Peter C.Y. Chow includes both an analysis of the trade policies of China and the US and a discussion of the impact of new members on trade complementarity, global value chains, and the US's trade balance. Detailed studies on the effect of Taiwan's membership on the US economy and industries such as agriculture, manufacturing, and service are also explored. This edited volume will attract readers interested in international trade, economic integration, and globalization. Academics and practitioners in geopolitics, geo-economics, and international relations in the Asia Pacific will also be of interest. Contributors include: C. Barfield, T.-J. Cheng, L.-i. Chen Chiu, P.C.Y. Chow, D. Ciuriak, B.-X. Hsu, W.-C. Lee, C.-Y. Liu, A. Somwaru, H. Thompson, F. Tuan, J. Xiao

Uniform customs administration is of great importance for the EU and the competitiveness of EU businesses in global trade. However, the EU's so-called executive federalism raises the potential for the non-uniform application of EU customs law. This problem has already arisen in the European Communities - Selected Customs Matters WTO dispute settlement. Therefore, the central research question of this book concerns the challenge presented to executive federalism in the EU Customs Union by the WTO. It also examines those safeguard measures for uniform customs administration which are in operation. Valuable empirical analysis of the decision-making procedures and practices of the national customs authorities allows for the fullest understanding of the operation of the customs administration. An important feature of the exploration is its analysis of the reform of EU customs law and of the effectiveness of the European Union's strategies to enhance uniform customs administration. That analysis helps to identify potential weak points in the decentralised administration of EU customs law and suggests ways in which it might be improved. Scholarly, rigorous and timely, this important study will be required reading for all scholars of EU customs law.

This book collects a large number of essays written in honour of Professor Ernst-Ulrich Petersmann by his friends, colleagues and former students. The respective contributions cover the fields of international economic law, international constitutional law/transnational constitutionalism, EU law and human rights. The broad thematic scope of this book mirrors the extremely large field of interests of the jubilarian.

This book questions whether investment law influences the wider field of general international law, and more specifically, whether approaches adopted by tribunals in investment arbitrations have radiated, or should radiate, into other fields of international law. To answer this question, the book engages in a detailed analysis of pronouncements by investment tribunals on state responsibility, the law of treaties, and general principles of dispute resolution, and evaluates their impact beyond the narrow field of investment law. The perspectives provided in the book highlight how rules of general international law are concretised, specified, and at times moulded in investment arbitration practice. By doing so, the book enhances our understanding of the relationship between general international law and one its most dynamic sub-disciplines. Combining conceptual and practical perspectives, and offering a detailed analysis of the pertinent case law, the book is a plea for a fuller engagement directed at both general international lawyers and international investment lawyers. It will help investment lawyers better understand the role of general international law in their field of practice. General international lawyers will benefit from paying close attention to how investment lawyers apply and interpret rules of general international law.

This book provides an innovative insight into the regulatory conundrum of genetically modified organisms (GMOs), deploying transnational legal analysis as a methodological framework to explore the most controversial area of risk governance. The book deconstructs hegemonic and counter-hegemonic transnational narratives on the governance of GMO risks, cutting across US law, EU law, the WTO Agreement on Sanitary and Phytosanitary Measures, and hybrid standard-setting regimes. Should uncertain risks be run unless adverse effects have been conclusively established, and should regulators only act where this is cost-benefit effective? Should risk managers make a convincing case that a product or process is safe enough for the relevant uncertain risks to be socially acceptable? How can intractable transnational regulatory conflicts be solved? The book complements a close analysis of regulatory frameworks and case law with a more encompassing perspective on the political, socio-economic and distributional implications of different approaches to the regulation of health and environmental risks at times of globalisation. The GMO deadlock thus becomes a lens through which to investigate the underlying value systems, goals, and impacts of transnational discourses on risk governance. Against this backdrop, the normative strand of analysis points to the limited ability of science and procedural deliberation to generate authentic agreement and to identify normatively legitimate solutions, in the absence of pre-existing shared perspectives.

This book offers a dynamic theory of law and economics focused on change over time, aimed at avoiding significant systemic risks (like financial crises and climate disruption) and implemented through a systematic analysis of law's economic incentives and how people actually respond to them. This theory offers a new vision of law as fundamentally a macro-level enterprise establishing normative commitments and a framework for numerous private transactions, rather than as an analogue to a market transaction. It explains how neoclassical law and economics sparked decades of deregulation culminating in the 2008 financial collapse. It then shows how economic dynamic theory helps scholars and policymakers make wise choices about how to avoid future catastrophes while keeping open a robust set of economic opportunities, with individual chapters addressing the law and economics of financial regulation, contract, property, intellectual property, antitrust, national security and climate disruption.

This book offers a systematic study of the interpretation of investment-related treaties - primarily bilateral investment treaties, the Energy Charter Treaty, Chapter XI NAFTA as well as relevant parts of Free Trade Agreements. The importance of interpretation in international law cannot be overstated and, indeed, most treaty claims adjudicated before investment arbitral tribunals have raised and continue to raise crucial and often complex issues of interpretation. The interpretation of investment treaties is governed by the Vienna Convention on the Law of Treaties (VCLT). The disputes relating to these treaties, however, are rather peculiar as they place multinational companies (or natural person) in opposition to sovereign governments. Fundamental questions dealt with in the study include: Are investment treaties a special category of treaty for the purpose of interpretation? How have the rules on interpretation contained in the VCLT been applied in investment disputes? What are the main problems encountered in investment-related disputes? To what extent are the VCLT rules suited to the interpretation of investment treaties? Have tribunals developed new techniques concerning treaty interpretation? Are these techniques consistent with the VCLT? How can problems relating to interpretation be solved or minimised? How creative have arbitral tribunals been in interpreting investment treaties? Are States capable of keeping effective control over interpretation?

The law of foreign investment is at a crossroads. In the wake of an unprecedented global financial crisis and a sharp surge of investment arbitration cases, states around the world are reflecting on the pros and cons of the current liberal investment regime and exploring new ways ahead. This book brings together leading investment lawyers from more than 20 main jurisdictions of the world to tackle the challenge of producing a first comparative study of foreign investment law. Based on the General and National Reports presented at the 'Protection of Foreign Investment' Session at the 18th International Congress of the International Academy of Comparative Law (Washington DC, July 2010), the book is a unique resource for investment lawyers. Part I of the book presents a comparative overview of key aspects of foreign investment protection in the world today, including admission, investment contracts, treatment standards, tax regime and incentives, performance requirement, property and expropriation, monetary transfer and dispute settlement. Part II presents in-depth and detailed accounts of the investment laws of more than 20 jurisdictions, including Argentina, Australia, Canada, China, Croatia, Czech Republic, Ethiopia, France, Germany, Greece, Italy, Japan, South Korea, Macau, Peru, Portugal, Russia, Singapore, Slovenia, Turkey, the UK and the USA. The book will be an invaluable guide to legal and business communities with an interest in the law and practice of foreign investment in the world in general and in these jurisdictions in particular.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Written from a public international lawyer's perspective, this short but significant book gives a broad overview of international investment law (IIL), explaining core concepts of investment protection, their evolution, and how investment tribunals have interpreted them. It examines the main features of the prevailing investment dispute settlement system and takes into account historic antecedents and possible future developments. August Reinisch facilitates easy access to the field by putting international investment law into its broader historical, political and legal context. Key features include: a combination of academic and practical perspectives a broad-based contextual introduction a nuanced, integrated overview of the links and connections between different areas of international investment law. This Advanced Introduction is an indispensable guide for students of law, political science, international relations and economics. Comprehensive and accessible, it is essential reading for lawyers, scholars and policy advisors seeking to further their understanding of international investment law.

This is the first book that explores whether there are any rules in international law applicable to unilateral sanctions and if so, what they are. The book examines both the lawfulness of unilateral sanctions and the limitations within which they should operate. In doing so, it includes an analysis of State practice, the provisions of various international legal instruments dealing with such sanctions and their impact on other areas of international law such as freedom of navigation, aviation and transit, and the principles of international trade, investment, regional economic integration, and the protection of human rights and the environment. This study finds that unilateral sanctions by a state or a group of states against another state as opposed to 'smart' or targeted sanctions of limited scope would be unlawful, unless they meet the procedural and substantive requirements stipulated in international law. Importantly, the book identifies and consolidates these requirements scattered in different areas of international law, including the additional rules of customary international law that have emerged out of the recent practice of States and that increase the limitations on the use of unilateral sanctions.

The present work examines the economics and legal doctrine of private equity. After a consideration of private equity's origins, the book will explore the evolution of private equity in the United States and Europe. The reference economic model then will be reconstructed, with particular attention to financial flows to and from private equity firms and funds. This reconstruction will be instrumental for the subsequent analysis of remunerative policies and practices of private equity firms and the illustration of recommendations to improve them, especially following the subprime mortgage crisis of 2008. The book concludes with critical points for operators, legislators, and regulatory authorities in the light of the results of the economic analysis of private equity and of comparative regulatory analysis.

This Research Handbook explores the latest frontiers in services trade by drawing on insights from empirical economics, law and global political economy. The world's foremost experts take stock of the learning done to date in services trade, explore policy questions bedeviling analysts and direct attention to a host of issues, old and new, confronting those interested in the service economy and its rising salience in cross-border exchange. The Research Handbook's 22 chapters shed analytical light on a subject matter whose substantive remit continues to be shaped by rapid evolutions in technology, data gathering, market structures, consumer preferences, approaches to regulation and ongoing shifts in the frontier between the market and the state. Expert contributors explore the subject through a multidisciplinary lens, offering a comprehensive overview of lessons learned over two decades of GATS jurisprudence. The book further chronicles the rising stakes and involvement of developing countries in global services trade, notably their growing insertion in global value chains, as well as the latest advances and remaining challenges in the statistical measurement of trade in services. Academics and experts in the policy research community will find value in this book, as will officials in governmental and international organization circles as well as representatives of service sector industry associations. Contributors include: A. Berry, T. Bohn, T. Broude, M. Burri, R. Chanda, P. Delimatsis, G. Gari, B. Hoekman, G.C. Hufbauer, M. Krajewski, R. Lanz, E. Leroux, J. Magdeleine, A. Maurer, P. Mavroidis, M. Mayakeshi, S. Miroudot, M. Molinuevo, S. Moses, N. Mulder, M. Roy, S. Saez, P. Sauve, B. Shepherd, A. Shingal, S. Stephenson, D. Taglioni, L. Tuthill, E. van de Marel, C. Van Grasstek, N. Ward, J. Wilson

External relations is currently among the most dynamic areas of EU law, its institutional structures profoundly affected by the Lisbon Treaty. This volume gathers leading analysts to assess core recent developments in the field, taking stock of the current law and potential developments in major policy areas.
The volume opens with an assessment of a central concept at the heart of EU external relations, underpinning its international identity. Christophe Hillion analyses the legal principles which ensure coherence between different strands of the EU's external activity, and the contribution of law to the consistency of the EU's international presence. Frank Hoffmeister turns the focus outwards to the interaction between the EU and the international legal order- the legal basis for the EU's activity in shaping international law and the EU's contribution to 'state practice'.
These opening chapters develop a picture of the EU's active international participation as well as the characteristic structural complexity of its external relations, and against this background the remainder of the book examines key policy areas of EU external action. Lorand Bartels analyses the relationship between trade policy and development; Markus Krajewski discusses trade in services and the link between external and internal policy issues; and Nathalie Tocci assesses the EU's contribution to conflict resolution, an important focus of the Common Foreign and Security Policy. The complex policy picture that emerges from the different goals, values and instruments across these areas is examined in the book's final chapter which focuses on the European Neighborhood Policy, frequently proclaimed as a strategic priority for the EU.
Together, the essays present a clear picture of the complex development of EU external relations, of the struggle for coherence in the increasingly active, visible and self-conscious role played by the EU as a participant in the international legal order.

Foreign investments in the energy sector raise formidable legal questions, often requiring a delicate balance between private and public interests of the various stakeholders. Foreign Investment in the Energy Sector: Balancing Private and Public Interests opens with a discussion of the legal protection of foreign investment in the main segments of the energy sector (namely oil, gas, mining and hydroelectric industry), both in substantive and procedural terms. This second part of the book focuses on the Energy Charter Treaty, by far the most important international legal instrument in the energy sector, and its future after the decision of the Russian Federation not to ratify it. In its third part, the book examines four critical areas that are often negatively concerned by economic activities by multinational in the energy sector, namely compliance with safety and labour standards, protection of the environment, respect of indigenous peoples rights, and protection of public health. Foreign Investment in the Energy Sector: Balancing Private and Public Interests, a comprehensive collection of essays from experts and practitioners, offers an important new resource to the field.

The book systematically describes the theory and practice of ICSID annulment proceedings by thoroughly analyzing this mechanism in light of the annulment decisions rendered so far as well as the publications on the issue.
Organized to suit the needs of the practitioner, it outlines the recent trends in the area, providing the most up to date analysis of the subject. It also addresses key topics involving ICSID annulment such as the procedural issues which frequently arise in this type of proceedings, for example admissability of new evidence and arguments in annulment proceedings, res judicata in resubmitted cases.
The sections on each ground for annulment include an analysis of the applicable standard as well as a detailed description and study of each annulment decision that addressed the respective ground, creating an authoritative and complete resource.

This concise and practical guide to the most important economic techniques and evidence employed in modern merger control draws on the authors' extensive experience in advising on European merger cases. It offers an introduction to the relevant economic concepts and analytical tools, and stand-alone chapters provide an in-depth overview of the theoretical and practical issues related to market definition, unilateral effects, coordinated effects and non-horizontal mergers. Each form of economic evidence and analysis is illustrated with practical examples and an overview of key merger decisions.

In the wake of the credit crunch, structured finance is linked to bailed-out investment banks and overpaid executives rather than to the innovative financial solutions it continues to provide. The initial response from the financial markets has been a move back to basics, to plain vanilla transactions. Furthermore, securitization, derivatives and other structured products are facing intense regulatory and political scrutiny. These pressures notwithstanding, the potential of structured finance will play an important part in facilitating recovery. This book explains why. This book serves three purposes. First, it complements and updates the analysis of structured finance in the popular and highly acclaimed first volume in this series ("Securitization Law and Practice in the Face of the Credit Crunch"), with plenty of focus on derivatives. It includes a discussion of the collateralization of derivatives exposure as well as an analysis of novel derivative products such as weather and property derivatives. Second, it defines the key milestones of the credit crunch, focusing on the potential impact of the expected flow of litigation by aggrieved investors against the perceived deep pockets of arrangers and rating agencies around the world. Third, it illustrates ways in which the untapped potential of structured finance may well facilitate recovery. To this end, the book explores opportunities for securitization by sovereign states, by companies in emerging markets through DPRs, and by financial institutions plagued with non-performing loans and negative equity mortgages in the wake of property market conditions. Like its predecessor, this second volume in the series will again appeal to a wide variety of practitioners, whether lawyers in private practice or in-house or those active in the financial markets or in a supervisory or regulatory environment. Example structures and actual transactions make the topic very easily accessible and practice oriented. This book is an indispensable tool for any professionals connected with financial law in these turbulent times.

Since its foundation in 1995, the World Trade Organization, with its extensive legal provisions, has been defining the world trade relations and also had an enormous impact on both European and national economic law. At the same time, the WTO is perceived within the political discussion as a symbol for the world trade relations as a whole, the challenges of globalization and justice of the world trade order. Due to the expansion, consolidation and the increased enforcement of its rules, the relevance of the World Trade Organization will continue to increase. This book describes the institutional system, the basic principles and the vast variety of rules of the World Trade Organization. It aims at clarifying the structures and the general concepts, in order to enable the reader to get a better understanding of the issues at stake in many of the discussions and controversies on world trade.