This volume examines the controversy surrounding the use of competition law to combat excessive pricing. While high or monopolistic pricing is not regarded as an antitrust violation in the US, employing abuse of dominance provisions in competition laws to fight excessive pricing has gained popularity in some BRICS jurisdictions and a number of EU-member states in recent years. The book begins by discussing the economic arguments for and against the prohibition of excessive or unfair prices by firms with market power. It then presents various country studies, focusing on developed countries (such as the UK and Israel) and on the BRICS countries, to highlight various practical challenges involved in recognizing excessive prices as abusive conduct on the part of dominant firms, including how to define, measure and identify excessive prices. The contributors also discuss other policy options that can be used to fight excessive prices in order to protect consumer welfare.

This book explores the legal and regulatory aspects of the complex air cargo sector, discussing in detail the general principles of the carriage of air cargo; artificial intelligence and air cargo; facilitation; carriage of hazardous goods; human remains; and animals, as well as cargo security; price fixing and anti competitive conduct in air cargo operations; liability issues; the air cargo supply chain and contract of carriage. It also discusses related achievements of the International Civil Aviation Organization; the International Air Transport Association and Airports Council International. The value of goods carried by airlines represents 7.4% of the global Gross Domestic Product. While cargo carried by air accounts for less than 1% of global cargo carriage, airlines carry 35% of the value of world trade, making this industry highly valuable and efficient, and the most reliable way to transport goods throughout the world. On average, airlines transport 52 million metric tons of goods per annum, worth an equivalent of $6.8 trillion, i.e. $18.6 billion worth of goods daily.

This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.

This topical and important book identifies the short to medium-term economic, financial and social consequences of Brexit. Containing perspectives from leading thinkers across legal, economic and financial fields, it considers both the general effect of UK withdrawal on the European integration process, and the specific impact on the free movement of capital, goods and people. Addressing the main areas within both the UK and the EU that can and will be affected by Brexit, including the financial sector, immigration, social rights and social security, After Brexit: Consequences for the European Union will make fascinating reading for all those currently engaged in the study and practice of Law, Economics, Finance, Political Science, Philosophy, History and International Affairs.

The book offers a comprehensive perspective on the highly topical issue of protecting and promoting labour standards in international economic law and the globalized economy. For the purpose of an in-depth analysis of both the specific and the fundamental aspects in this regard, it combines views from specialized academics of the legal and political sciences as well as experienced practitioners. The contributions to this book do not only reveal recurring obstacles but also point at best practices and potential for synergies, providing important guidance for future research and practice in international economic and labour law and policy.

This book provides the first comprehensive analysis of unbundling and, in particular, ownership unbundling policies from the perspective of international economic law. It does so by focusing on the prominent example of the EU's energy sector and its Third Energy Package. Unbundling has become an increasingly crucial competition instrument in network-bound industries worldwide. It is designed to ensure access to bottleneck infrastructures on fair and non-discriminatory terms and thus to suppress the anti-competitive potential deriving from vertical integration in natural monopoly situations. While promoting important public policy objectives, unbundling policies have also raised a number of legal issues. This book analyzes how international economic law limits the adoption and maintenance of unbundling and related measures and also outlines how international trade law can play a 'positive' role in this field. As a result, it provides a valuable reference for academics, practitioners and policy-makers.

This book presents comprehensive information on a range of issues in connection with the Fair and Equitable Treatment (FET) standard, with a particular focus on arbitral awards against host developing countries, thereby contributing to the available literature in this area of international investment law. It examines in detail the interpretation of the FET standard of key arbitral awards affecting host developing countries, demonstrating the full range of interpretation approaches adopted by the current investment tribunals. At the same time, the book offers valuable practical guidance for counsels/scholars representing host developing countries in investment arbitration, where balancing the competing interests of the foreign investors and the host developing countries in investment disputes poses a complex challenge. The book puts forward the pressing need for a re-conceptualized interpretation of the FET standard in tune with the developmental issues and challenges faced by host developing countries, recognizing these countries' particular perspectives as an important and relevant aspect of investment disputes (often ignored by the current investment tribunals), while continuing to ensure reasonable protections for foreign investors and therefore serving the needs of the system as whole. The findings presented here will greatly benefit host developing countries engaged in investment arbitration. In addition, the book offers an insightful guide for all researchers whose work involves investment law and investment arbitration issues.

This EYIEL Special Issue is devoted to the European Union's Trade Defence Instruments (TDIs). The recent legislative changes at the EU level are indicative of global policy trends and legal challenges surrounding trade remedies law. Although TDI measures have always been a fiercely debated topic in international economic law, they have received increased attention in recent years. This book offers a comprehensive and insightful legal analysis of the recent legislative changes at the EU level and investigates TDIs in the context of regional trade relationships, including the United Kingdom in post-Brexit times. Beyond the EU, it examines the national trade defence law frameworks of important trading partners such as Switzerland, the United States, China and Vietnam.The selected contributions in this edited volume examine the recent trends in trade defence law from a legal and practical perspective and offer analytical insights from EU officials, legal practitioners and leading academics. A unique collection of essays in a changed global framework, this EYIEL Special Issue provides an up-to-date overview of the state of play of trade defence in the EU and around the globe.

This book gives readers the theoretical and empirical methods to analyze applied economics. They are institutional economics, information economics, environmental economics, international economics, financial economics, industrial organization, public economics, law and economics, and spatial economics. Because the chapters of this book deal with current topics in these categories, they are relevant not only to researchers and graduate students but also to policy makers and entrepreneurs. As there is uncertainty about the global economy, it is necessary to consider optimal, efficient behavior to survive in the confused world. The book is organized in three parts. Part 1 deals with institutional economics, information economics, and related topics, approached through game theory. Part 2 focuses on environmental economics, international economics, and financial economics, through a microeconomic or econometric approach. Finally, Part 3 concentrates on public economics, social security, and related fields, through microeconomics or macroeconomics.

This book focuses on the Asia-Pacific region, delineating the evolving dynamics of foreign investment in the region. It examines the relationship between efforts to increase foreign direct investment (FDI) and efforts to improve governance and inclusive growth and development. Against a background of rapidly developing international investment law, it emphasises the need to strike a balance between these domestic and international legal frameworks, seeking to promote both foreign investment and the laws and policies necessary to regulate investments and investor conduct. Foreign investments play a pivotal role in most countries' political economies, and in order to encourage cross-border capital flows, countries have taken various steps, such as revising their domestic legal frameworks, liberalising rules on inward and outward investment, and creating special regimes that provide incentives and protections for foreign investment. Alongside the developments in domestic laws, countries have also taken bilateral and multilateral action, including entering into trade and/or investment agreements. Further, the book explores regional investment trends, highlights specific features of Asia-Pacific investment laws and treaties, and analyses policy implications. It addresses four overarching themes: the trends (how Asia-Pacific's agreements compare with recent global trends in the evolving rules on foreign investment); what China is doing; current investment arbitration practice in Asia; and the importance of regionalising investment law in the Asia-Pacific region. In addition, it identifies and discusses the research and policy gaps that should be filled in order to promote more sustainable and responsible investment. The book offers a valuable resource not only for academics and students, but also for trade and investment officials, policy-makers, diplomats, economists, lawyers, think tanks, and business leaders interested in the governance and regulation of foreign investment, economic policy reforms, and the development of new types of investment agreements.

This book provides an insight into commercial relations between large economies and Small States, the benefits of regional integration, the role of Small States as financial centres as well as B2B and State to State dispute resolution involving Small States. Several contributions allow the reader to familiarise themselves with the general subject matter; others scrutinise the particular issues Small States face when confronted with an international dispute and discuss new and innovative solutions. These solutions range from inventive ideas to help economic growth to appropriate mechanisms of dispute resolution including inter-State dispute resolution and specific areas of arbitration such as tax arbitration. Researchers, policy advisors and practitioners will find a wealth of insights, information and practical ideas in this book.

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.

This book provides one of the most comprehensive and compelling analysis of Non-Market Economies (NMEs) and their treatment under the current world trading system. In particular, it examines the treatment of China as an NME in anti-dumping investigations, especially post-December 2016. Central to this analysis is Section 15 of China's Protocol of Accession to the WTO, which is the focal point of the controversy between China and other major WTO Members. The book highlights multiple perspectives on the interpretation of Section 15 and the Second Ad Note to Article VI of the General Agreement on Tariffs and Trade (GATT), which form the legal basis for China's special treatment in anti-dumping proceedings, and provides unique approaches on interpreting the above treaty texts. In addition, the book explores recourses to trade remedy instruments other than anti-dumping to identify and address state-driven market distortions in the case of NMEs. Authored by leading practitioners and scholars, the chapters offer a detailed commentary and rich insights into the diverse approaches and methods used by anti-dumping investigation agencies of leading users. This book serves as an all-inclusive resource for discerning all facets of this issue, magnitude of the consequences, and potential threats to the delicate trading system. It is of particular relevance to economies-in-transition and newly acceding countries to the WTO. This book generates special interest among legal practitioners, exporters, trading firms, think tanks, academicians, policy makers and the entire community engaged in international trade disputes with China.

This book analyses the fast spread of free trade agreements (FTAs) across the globe, their content and their economic impact. In the wake of Brexit and the new protectionism of President Trump, Melchior offers a timely assessment of key issues relating to FTAs. Dividing the world into seven major regions, he analyses world trade, the globalisation of FTAs and their role within and between the regions. Using a new world trade model, he then presents new evidence on the impact of trade agreements, the value of trade, the impact of China's growth and the West's industrial decline, and the role of reciprocity in trade policy. Covering rich and poor countries, commodity exporters and all of the world's regions, he offers new and original insights about a number of pertinent issues facing today's world.

This book examines the impact of multinational enterprises (MNEs) on local economies, and presents selected case studies of MNEs operating in low income countries. By balancing external social and environmental costs against its corresponding benefits, the book demonstrates that MNEs can have a positive net-impact on local development if they build up social capital by embedding themselves in local economies and engaging responsibly with local stakeholders. By doing so MNEs contribute to inclusive growth, a central pillar of the UN Sustainable Development Goals. In this context, the book challenges popular narratives in civil society and academia that frame foreign direct investment (FDI) merely as a threat to human rights and sustainable development. Moreover, it offers practical guidance for globally operating businesses seeking to establish progressive Corporate Social Responsibility (CSR) strategies of their own.

Students in various disciplines-from law and government to business and health policy-need to understand several quantitative aspects of finance (such as the capital asset pricing model or financial options) and policy analysis (e.g., assessing the weight of probabilistic evidence) but often have little quantitative background. This book illustrates those phenomena and explains how to illustrate them using the powerful visuals that computing can produce. Of particular interest to graduate students and scholars in need of sharper quantitative methods, this book introduces the reader to Mathematica, enables readers to use Mathematica to produce their own illustrations, and places specific emphasis on finance and policy as well as the foundations of probability theory.

The TPP was negotiated among 12 economically diverse countries, including some most highly developed and rich countries (i.e., the United States, Japan, Australia, Canada, New Zealand, and Singapore), some newly industrialized countries (i.e., Mexico and Malaysia), and some less-developed countries (i.e., Peru, Chile, and Vietnam). A new paradigm created in this context is that countries with vastly different economic developments can actually agree on a set of very high standards to regulate their economic activities, to liberalize their trade, and to protect intellectual property and foreign investment. The contents of the TPP also reflect its status of being a "new paradigm" as the "21st-Century Trade Agreement" and being a pioneer in rule making in many key regulatory areas. These include not only the improved and enhanced rules on traditional issues already covered by the WTO , such as goods, services, and IP rights, but also the carefully designed rules in areas that have never been addressed in the WTO or comprehensively covered in other FTAs , such as state-owned enterprises, electronic commerce, and labor and environmental issues. Although the United States has withdrawn from the TPP, the remaining countries are still putting efforts into establishing a TPP without the United States or a TPP with China. Economically speaking, the current 11 parties account for about 20 % of the global economy. If such agreement is put into force, there will be significant implications for the region, for the multilateral system, and even for other FTAs. The book addresses the potential of the TPP to change the ways trade and investments are conducted and argues for its potential to be the start of an international trade/economic law revolution. The book elaborates the relationship between the TPP and other existing trade agreements such as the WTO and other FTAs and explains how the TPP is to deal with traditional and new issues. Taken together, the authors argue that the implications of the TPP go beyond its current membership. It is hoped that the book will make an important contribution to the field of international economic law.

With a focus on how trade, foreign investment, commercial arbitration and financial regulation rules affect impoverished individuals, Poverty and the International Economic Legal System examines the relationship between the legal rules of the international economic law system and states' obligations to reduce poverty. The contributors include leading practitioners, practice-oriented scholars and legal theorists, who discuss the human aspects of global economic activity without resorting to either overly dogmatic human rights approaches or technocratic economic views. The essays extend beyond development discussions by encouraging further efforts to study, improve and develop legal mechanisms for the benefit of the world's poor and challenging traditionally de-personified legal areas to engage with their real-world impacts.

This edited collection brings together a series of interdisciplinary contributions in the field of Information Technology Law. The topics addressed in this book cover a wide range of theoretical and practical legal issues that have been created by cutting-edge Internet technologies, primarily Big Data, the Internet of Things, and Cloud computing. Consideration is also given to more recent technological breakthroughs that are now used to assist, and - at times - substitute for, human work, such as automation, robots, sensors, and algorithms. The chapters presented in this edition address these issues from the perspective of different legal backgrounds. The first part of the book discusses some of the shortcomings that have prompted legislators to carry out reforms with regard to privacy, data protection, and data security. Notably, some of the complexities and salient points with regard to the new European General Data Protection Regulation (EU GDPR) and the new amendments to the Japan's Personal Information Protection Act (PIPA) have been scrutinized. The second part looks at the vital role of Internet intermediaries (or brokers) for the proper functioning of the globalized electronic market and innovation technologies in general. The third part examines an electronic approach to evidence with an evaluation of how these technologies affect civil and criminal investigations. The authors also explore issues that have emerged in e-commerce, such as Bitcoin and its blockchain network effects. The book aims to explain, systemize and solve some of the lingering legal questions created by the disruptive technological change that characterizes the early twenty-first century.

This comparison of EU and WTO approaches to common trade-liberalisation challenges brings together eighteen authors from Europe and America. Together they explore fundamental legal issues, such as the role of general principles of law, the role of the judiciary in the development of law, the effect of the principle of non-discrimination and the elimination of non-discriminatory barriers to trade. The contributions also examine the most recent developments in trade law across a full range of trade issues, including TBT and SPS, services, intellectual property, customs rules, safeguards, anti-dumping and government procurement. Adopting a comparative perspective throughout, this volume sheds light on today's trade law and suggests paths forward for each system through the perennial tensions between open, non-discriminatory trade and strongly held national values and objectives.

To whom are international financial organizations accountable? This unusual book asks not only this searching question, but also examines the extent to which accountability is honoured - or evaded - by the International Monetary Fund, the World Bank Group, and the regional development banks (collectively the international financial institutions, or IFIs). The fundamental recognition in this book is that the issue of what international legal principles are applicable to the operations of the IFIs is an important topic that would benefit from more rigorous study. Twelve deeply committed contributors - whose work spans the academic, policy, and activist spectrum - suggest that a better understanding of these legal issues could help both the organizations and their Member States structure their transactions in ways that are more compatible with their developmental objectives and their international responsibilities. Five essays set out the general principles of international law that are applicable to the IFIs and consider how these are or should be evolving to produce IFIs that are respectful subjects of international law and accountable to all relevant stakeholders for their compliance with international law. Six more focus on selected aspects of the IFIs' operations that both raise important and challenging international legal issues and that have substantial impacts on both the different stakeholders in the operations of the IFIs, and on the sustainability and success of the operations. Introductory and concluding essays frame the volume. The many issues raised include the following: * IFIs' impact on economic policies in Member States; * IFI operations as private financial transactions; * IFIs as key players in the creation of international law; * IFIs as promoters of the international capitalist system; * IFIs as bearers of human rights obligations under international human rights law or as participants in the UN system; * consequences of an IFI's breach of its own internal policies or directives; * IFI immunity; * IFI capacity to sue and to be sued in national courts; * ability of various claimants to sue IFIs in domestic courts; * environmental and social rights and interests of third parties affected by IFI financing; * right of indigenous people to give their free, prior, and informed consent to IFI operations that affect them; and * IFIs' treatment of workers' rights. Diverse perspectives in terms of experience, political viewpoint, and focus help define the topic with greater clarity and depth. In its detailed and critical overview, the book demonstrates that the IFIs have important responsibilities under international law and a powerful capacity to influence the development of international law in a number of areas. It is sure to stimulate thought, debate, research, and action on the topic, and encourage more rigorous engagement between the IFIs and international lawyers.

This book investigates under which circumstances vertical unbundling can lead to a more efficient market result. The assessment is based on an interdisciplinary approach combining law and economics. Drawing on the assessment, circumstances are subsequently presented under which unbundling might become necessary. Additionally, less severe means of regulatory intervention are suggested in order to protect competition. Given its scope, the book is chiefly intended for scholars and practitioners in the field of economic policy and regulation law; in addition, it will give interested members of the public a unique opportunity to learn about the underlying rationales of regulation law and regulation economics.

This book offers guidance for US-based IT businesses on both sides of the Atlantic when dealing with big data and government data, since transatlantic data flows are key to the success of these enterprises. It offers practical insights into many of the data-protection challenges US companies in various industries face when seeking to comply with US and EU data-protection laws, and analyses the potential conflicts in the light of their risks and the way in which US-based cloud providers react to the uncertainties of the applicable data-protection rules. The book particularly focuses on the insights derived from a qualitative study conducted in 2016 with various cloud-based IT businesses in the Silicon Valley area, which shows the diversity of views on data protection and the many approaches companies take to this topic. Further, it discusses key data-protection issues in the field of big data and government data.

This book offers a comprehensive analysis of the new framework of relationship between the United Kingdom (UK) and the European Union (EU) applicable since 1st January 2021, following the end of the Brexit transition period and the entry into force of the EU-UK Trade & Cooperation Agreement (TCA), concluded on Christmas Eve 2020. The book contextualizes the new framework of EU-UK relations, including the ongoing challenges of implementing the Withdrawal Agreement (WA), and sheds light on the new mechanisms for EU-UK cooperation both in the economic domain including free movement of goods, financial services, and mobility of persons, and in the security domain including law enforcement, defence, and data protection. The work underlines the profound differences between the new status quo compared to the legal framework applicable when the UK was still an EU member state including end of free movement of persons, financial passporting, and cooperation in foreign affairs and defence, and reflects on what the latest stage in the Brexit process means for governance, sovereignty, and the future of European integration.

From the nation-building of Alexander Hamilton to the trade wars of Donald Trump, trade policy has been a key instrument of American power and wealth. The open trading system that the United States sponsored after the Second World War serves US interests by promoting cooperation and prosperity, but also allows the allies to become more independent and China to rise. The case studies in Trade and American Leadership examine how the value of preferential trade programs is undercut by the multilateral liberalization that the United States promoted for generations, and how trade sanctions tend either to be too economically costly to impose or too modest to matter. These problems are exacerbated by a domestic political system in which the gains from trade are unevenly distributed, power is fragmented, and strategies are easily undermined. Trade and American Leadership places special emphasis on today's challenges, and the rising danger of economic nationalism.