Since 1995 there has been intense debate about whether the WTO Agreement is just. Many observers point to the association of the treaty with intensive interdependence and the disruptive effects of globalization to assert that it is unjust. Nevertheless, justice in sovereign terms is different from justice in human terms. This book puts forward a theory of WTO law to explain the difference and its implications for the international trading system. It details how economic interdependence gives rise to an interdependent view of the relationship between different forms of justice and to interdependent obligations in WTO law. It also suggests how the WTO dispute settlement system might have a residual value as a locus for transformative outcomes despite contemporary concerns about the system's political acceptability. Taken together, such insights may assist in identifying elements of a general theory of law.

This book is designed for a one-semester course in international economics, primarily targeting non-economics majors and programs in business, international relations, public policy, and development studies. It has been written to make international economics accessible to both students and professionals. Assuming a minimal background in economics and mathematics, the textbook goes beyond the usual trade-finance dichotomy to address international trade, international production, and international finance; and takes a practitioner point of view rather than a standard academic one, introducing students to the material needed to become effective analysts in international economic policy. This new edition features such additional topics as global production and global capital flows, migration, the Ricardian model, and international organizations like the IMF. Examples have been updated to include recent developments (Brexit, for example) and all charts include the latest data. The website for the text can be found at http://iie.gmu.edu.

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.

For the most part, competition policy literature has focused on large economies. Yet the economic paradigms on which such policies are based do not necessarily apply to small market economies. This book demonstrates that optimal competition policy is very much dependent on the size of an economy. Whether and how firms compete is a matter of the natural conditions of the markets in which firms operate. A critical feature of small economies is the concentrated nature of many of their markets, which are often protected by high entry barriers. Competition policy must be designed to deal effectively with these unique obstacles to competition. Accordingly, applying the same competition policy to all economies alike may be contrary to the policy's goals.

Michal Gal's thorough analysis shows the effects of market size on competition policy, ranging from rules of thumb to more general policy prescriptions, such as goals and remedial tools. Competition policy in small economies is becoming increasingly important, since the number of small jurisdictions adopting such policy is rapidly growing. Gal's focus extends beyond domestic competition policy to the evaluation of the current trend toward the worldwide harmonization of policies. This book will provide important guidance to academics, policy makers, and practitioners of competition policy as well as to anyone interested in the globalization of competition laws.

In pharmaceutical patent law, the problem of lack of policy direction and inappropriate legal framework is widespread - particularly among jurisdictions with little to no pharmaceutical research or manufacturing. This book aims to inform public policy and influence debate through a comprehensive review of Hong Kong's pharmaceutical patent law. By demonstrating the need for a holistic review of pharmaceutical patent laws and evaluating Hong Kong's system in light of health policy, economic and social factors, Bryan Mercurio recommends changes to the legal framework and constructs a more efficient and effective system for Hong Kong. He thoroughly evaluates the international framework and best practice models to offer a global perspective to each issue before providing local context in the analysis. While the focus of the book is Hong Kong, the analysis on pharmaceutical patent law and policy extends to other jurisdictions facing issues on reforming their national system.

The ability of countries to promote and protect their domestic industries in the face of stiff global competition is an important consideration in any trading agreement. Member states of the World Trade Organization are expected to adhere to the WTO Agreement on Subsidies and Countervailing Measures, but to what extent do the WTO Members have policy space to subsidize their industries? Using an economically informed framework, Caiado examines the flexibilities countries may find at the WTO to grant subsidies and impose tariffs to protect designated industries. By testing the Treaty system of entitlements and enforcement mechanisms against the theory of incomplete contract, this work offers a comprehensive analysis of the capacity of the SCM Agreement to achieve its goal: the concomitant regulation of opportunistic behavior and assurance of ex post flexibility.

The post-war liberal economic order seems to be crumbling, placing the world at an inflection point. China has emerged as a major force, and other emerging economies seek to play a role in shaping world trade and investment law. Might they band together to mount a wholesale challenge to current rules and institutions? Emerging Powers in the International Economic Order argues that resistance from the Global South and the creation of China-led alternative spaces will have some impact, but no robust alternative vision will emerge. Significant legal innovations from the South depart from the mainstream neoliberal model, but these countries are driven by pragmatism and strategic self-interest and not a common ideological orientation, nor do they intend to fully dismantle the current ordering. In this book, Sonia E. Rolland and David M. Trubek predict a more pluralistic world, which is neither the continued hegemony of neoliberalism nor a full blown alternative to it.

In this important new book, Giandomenico Majone examines the crucial but often overlooked distinction between the general aim of European integration and the specific method of integration employed in designing an (ill-considered) monetary union. Written with the author's customary insight and precision, this highly topical and provocative book reviews the Union's leaders' tradition of pushing through ambitious projects without considering the serious hurdles that lie in the way of their success. Regional and European integration topics are discussed, including credibility of commitments, delegation of powers, bargaining and influence activities, adverse selection and moral hazard. The author also offers a deeper examination of the specific crisis of monetary integration, arguing that it might be more effectively achieved with inter-jurisdictional competition and suggesting how integration should be managed in the globalized world.

Updated and expanded for the second edition, this volume provides attorneys, academics and students with a detailed yet accessible overview of the United Nations Convention on Contracts for the International Sale of Goods (CISG). Adopted by more than eighty nations and governing a significant portion of international sales, the CISG regulates contract formation, performance, risk of loss, conformity to contractual requirements and remedies for breach. This volume explains the CISG doctrines and their ambiguities, and appraises the extent to which the doctrines reduce transaction costs for commercial actors. Its topic-based approach will be ideal for those pursuing academic analysis or subject-specific research.

This book selects leading, innovative and influential Chinese maritime judgments and presents full translation of them, with brief summary, to the readers so that they can have insights of how the Chinese maritime judges interpret, apply and develop Chinese maritime law in practice. China trades with other states in trillions of USD every year, and about 95% of the cargoes are carried by ocean-going ships calling at hundreds of Chinese ports each single day. Due to the enormous and steadily growing trade volume and shipping activities, foreign ships, companies and persons are often caught by the Chinese maritime law and court. The parties involved and their lawyers are more than ever enthusiastic to study Chinese maritime cases in order to deal with their own cases properly or, if possible, predict the potential problems and avoid the disputes outright. The book is appealing to and benefits worldwide law students, academics, practitioners and industrial people in the shipping, trade, insurance and financial fields. The book remedies to certain extent the situation that there is lack of authoritative sources available to foreign personnel to look into how Chinese justice system functions.

Investors must be held to account for their flawed contributions or otherwise wrongful conduct, but exactly what 'holding to account' means remains an enigma. Opinions vary on whether such circumstances are relevant to admissibility, jurisdiction, liability, or remedies. Reasoning from certain proposed axioms, this book suggests that such circumstances are only relevant to liability, meaning that the legal concepts that they activate, contributory fault and illegality, are defences. Three defences are identified: mismanagement, investment reprisal, and post-establishment illegality. While they might lack formal recognition, arbitral tribunals have implicitly applied them in multiple investment arbitrations. In detailing their legal content, special attention is paid to resolving the problems that they raise relating to causation, apportionment of liability, distinguishing these defences from their conceptual cousins, and arbitral tribunals' jurisdiction over pleas based on investor misconduct. The result is a restatement of the rules on contributory fault and investor misconduct applicable in investment arbitrations.

This book selects leading, innovative and influential Chinese maritime judgments and presents full translation of them, with brief summary, to the readers so that they can have insights of how the Chinese maritime judges interpret, apply and develop Chinese maritime law in practice. China trades with other states in trillions of USD every year, and about 95% of the cargoes are carried by ocean-going ships calling at hundreds of Chinese ports each single day. Due to the enormous and steadily growing trade volume and shipping activities, foreign ships, companies and persons are often caught by the Chinese maritime law and court. The parties involved and their lawyers are more than ever enthusiastic to study Chinese maritime cases in order to deal with their own cases properly or, if possible, predict the potential problems and avoid the disputes outright. The book is appealing to and benefits worldwide law students, academics, practitioners and industrial people in the shipping, trade, insurance and financial fields. The book remedies to certain extent the situation that there is lack of authoritative sources available to foreign personnel to look into how Chinese justice system functions.

This book is a primer on economics of competition law by a Commissioner based on cases of the Competition Commission of India (CCI). It presents economic theories in lucid ways while providing an in depth economic analysis of the cases dealt by CCI and in the process, it blends the diversity of responses by including the orders upheld by majority and minority. In essence. It is a unique work that addresses the gap between competition law and economics.

There is a common perception of reciprocity as a concept that is opposed to the communitarian interests that characterise contemporary international law, or merely a way of denoting reactions to unfriendly or wrongful conduct. This book disputes this approach, and highlights how reciprocity is instead linked to the structural characteristic of sovereign equality of States in international law. This book carries out an in-depth analysis of the concept of reciprocity and the elements that characterise it, before examining the various roles and articulations of reciprocity in a number of fields of public international law: the law of treaties, the treatment of individuals, the execution of international law, and the jurisdiction of international courts and tribunals. In all these areas, it analyses both more traditional and more contemporary examples, to demonstrate how reciprocity is closely linked to the very structure of public international law.

This volume assesses the viability of various theories of economic integration that take into account the legal, economic, political and social challenges of incorporating free trade with retaining the plurality of social welfare standards and consumer protection. Chapters cover the governance of trade in services at the European and global level; studies on the recent Services Directive and how this interacts with the principle of managed mutual recognition and harmonization in different sectors of trade in services (social services, financial services); the recent case law of the European Courts on the enforcement of the principle of free movement of services and how this accommodates various national public interest concerns; and the interaction of the freedom to provide services with fundamental rights, including social rights. The operation of the principle of managed mutual recognition in other economic integration regimes, in particular in the context of the WTO, is also discussed.

In a time of changing trade norms, when free trade seems to be giving way to new kinds of nationalism, some fundamental questions about trade are still not being asked. Is trade consensual or coercive? Is 'free trade' as currently practiced really free? If not, what difference can trade law make in addressing economically oppressive practices that nationalistic trade policies cannot? In this book Garcia offers an examination of trade law's roots in consensual exchange, highlighting the central role of consent in differentiating trade from legally facilitated coercion, exploitation or predation. The book revisits the premise of consensual exchange which underlies the rhetoric of 'free trade', and then examines the social and political conditions that are a necessary part of a more genuine trade law system, in service of the idea that recovering consent in trade law can promote human flourishing on a global scale.

Global lawmaking by international organizations holds the potential for enormous influence over world trade and national economies. Representatives from states, industries, and professions produce laws for worldwide adoption in an effort to alter state lawmaking and commercial behaviors, whether of giant multi-national corporations or micro, small and medium-sized businesses. Who makes that law and who benefits affects all states and all market players. Global Lawmakers offers the first extensive empirical study of commercial lawmaking within the United Nations. It shows who makes law for the world, how they make it, and who comes out ahead. Using extensive and unique data, the book investigates three episodes of lawmaking between the late 1990s and 2012. Through its original socio-legal orientation, it reveals dynamics of competition, cooperation and competitive cooperation within and between international organizations, including the UN, World Bank, IMF and UNIDROIT, as these IOs craft international laws. Global Lawmakers proposes an original theory of international organizations that seek to construct transnational legal orders within social ecologies of lawmaking. The book concludes with an appraisal of creative global governance by the UN in international commerce over the past fifty years and examines prospective challenges for the twenty-first century.

Rapid changes in the price of oil and the impact of such price changes on economies around the globe have attracted considerable attention. In mid-2008 as the price of oil rose to unprecedented heights and then dropped sharply, the international exchange value of the dollar fell and then rose relative to a broad basket of currencies. For some, these two events seem to indicate a cause and effect relationship between changes in the price of oil and changes in the value of the dollar. This book analyses the relationship between the dollar and the price of oil and how the two might interact and provides an assessment of the impact a range of prices of imported oil could have on the U.S. trade deficit.

Today most people agree that no business is purely domestic and that even the smallest local firms are affected by global competition and world events. INTERNATIONAL BUSINESS AND ITS LEGAL ENVIRONMENT is designed to deliver comprehensive, yet accessible, coverage of the legal implications and ramifications of doing business internationally, along with the related cultural, political, economic, and ethical issues faced by global business managers. Focusing on trade, the licensing of intellectual property, and foreign direct investment, the authors present the three major forms of doing business in a foreign country through real-world examples, precedent-setting cases, managerial implications, and ethical considerations. From the legal relationship between parties in an international business transaction to managing risk to learning the special challenges of doing business in emerging economies, the 9th Edition helps students understand the most common practices and critical issues in global business law.

The WTO Agreement on Agriculture subjects different groups of developed and developing countries to different limits on domestic support and allows various exemptions from these limits. Offering a comprehensive assessment of the Agreement's rules and implementation, this book develops guidance toward socially desirable support policies. Although dispute settlement has clarified interpretation of the Agriculture and SCM Agreements, gaps remain between the legal disciplines and the economic effects of support. Considering the Agriculture Agreement also in the context of today's priorities of sustainability and climate change mitigation, Lars Brink and David Orden build a strategy that aligns the rules and members' commitments with the economic impacts of agricultural support measures. While providing in-depth analysis of the existing rules, their shortcomings and the limited scope of ongoing negotiations, the authors take a long-term view, where policies directed toward evolving priorities in agriculture are compatible with strengthened rules that reduce trade and production distortions.

The second volume of the Balkan Yearbook of European and International Law (BYEIL) focuses on the United Nations Convention on Contracts for the International Sale of Goods (CISG), which was signed 40 years ago. The contributions analyse a broad range of aspects and reflect the latest developments; those in the permanent sections on European Law and International Law explore contemporary challenges in public and private law disciplines, offering fresh new perspectives on established concepts.

This path-breaking book focuses on the WTO, e-commerce and information communications technologies. It sheds light on how international economic law can be used as a tool in the application of technological processes to facilitate development in developing countries. Rohan Kariyawasam begins by looking predominantly at the rise of international digital networks. He offers an introduction to the networks used in the delivery of electronic products and network-based transactions, and the application of WTO law to the sector. He then suggests how developing countries can use economic law and technology to tap digital markets in the developed world. The book also argues that the advance of basic living standards in some developing countries can be achieved through technological processes, but that this cannot happen without such states paying greater attention to the enforcement of economic, social and cultural rights at home. Picking up the property rights debate (including through bilateral trade), the author argues that ensuring beneficial technology transfer will require balancing foreign investor rights to protect intellectual property. It will also involve restrictions imposed by competition law and WTO surveillance to check the possible misuse of market power by multinational companies. The proposed mixture of measures should, he argues, provide incentives for Foreign Direct Investment. Providing a thorough review of the application of WTO law to the telecommunications sector and the regulation of international digital networks, this book will be of great interest to postgraduate students in international economic law and international development law, as well as those interested in human rights law and technology. It will also appeal to government regulators, NGOs and technologists interested in ICTs and development.

This book is intended to be a comprehensive treatise of Guernsey trust law providing answers for practitioners advising on Guernsey trusts and trustees administering them. In particular, it provides a detailed analysis of the provisions of the Trusts (Guernsey) Law 2007 (as amended), a consideration of Guernsey trust cases as well as relevant cases in Jersey and in other jurisdictions, and analysis of the legal principles underpinning Guernsey trust law. Where there is no clear Guernsey authority on a particular point of law it gives a reasoned view, drawing on relevant legal principles, together with a broad assessment of the confidence of which the authors hold that view.

One feature of globalization is that barriers to international competition have come to be associated with differences in regulatory policies that increase the costs of engaging in cross-border sales. Such non-tariff measures (NTMs) have attracted growing attention from policy makers and raise important questions for policy research. This book provides a valuable overview of key issues related to NTMs and domestic regulation. It covers the classification and definition of NTMs, new sources of data on NTMs, the impacts of (different types of) NTMs, the challenges that confront efforts to reduce the negative trade effects of NTMs and what can and should be done through international cooperation to promote good practices in the design and implementation of NTMs. The contributors comprise a mix of leading trade policy experts - both academics and practitioners - and younger researchers who have specialized in the analysis of NTMs.