1 / 13

International Law

International Law. Economic Relations. International Economy. International Economic Law This is where the $$$$$ is [private int’l law] Governs economic transactions that cross State boundaries or otherwise affect more than one State

henry
Download Presentation

International Law

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. International Law Economic Relations

  2. International Economy • International Economic Law • This is where the $$$$$ is [private int’l law] • Governs economic transactions that cross State boundaries or otherwise affect more than one State • Based almost entirely on bilateral and multilateral treaties based on quid pro quo • Customary law plays almost no part

  3. International Economy • Bretton Woods Conference (1944) • Purpose: • Reduce tariffs and other barriers to trade • Minimize the economic conflicts among nations • Led to the creation of • International Monetary Fund (IMF) • International Bank for Reconstruction and Development (World Bank) • General Agreement on Tariffs and Trade (GATT)

  4. International Economy • Move in international economy to establish regional economic commissions or organizations • Danger: Block vs. Block competition instead of worldwide cooperation

  5. International Monetary Fund (IMF) • To expand trade and balance growth • IMF – 184 States • Exchange rate stability: promotes convertibility • Promotes international monetary cooperation • Balance of payments deficits • Foreign debt • Not a bank-maintains a system of buying and selling currencies

  6. International Monetary Fund (IMF) • Voting based on contributions • US: 371,743 votes [17.5% of total vote] • East Timor: 332 votes • Another main purpose: loan to countries experiencing balance of payment difficulties • Not for specific projects

  7. World Bank • 184 member states • Reconstruction and development funding • Promote private foreign investment • Promote balanced growth • Grants loans to developing countries for infrastructure and economic development • Debt forgiveness

  8. International Economy • GATT • Establish rules and general principles liberalization of trade • Reduce custom barriers • Eliminate discriminatory treatment between states • Central principle: Most Favored Nation Clause • Exceptions: Tariffs on certain goods, free trade area, developing country preferences

  9. World Trade Organization (WTO) • 148 members: A GATT replacement/child of • Administering WTO trade agreements • Forum for trade negotiations • Handling trade disputes • Monitoring national trade policies • Technical assistance and training for developing countries • Cooperation with other international organizations

  10. World Trade Organization (WTO) • 5 fundamental principles: • Nondiscrimination through most-favored-nation treatment • Free fair trade • Consistent trade policies • Open and fair competition • Concessionary treatment for developing countries • i. e., free and fair flow of trade

  11. International Economy • New International Economic Order (NIEO) • To increase the flow of finance to developing countries • $$$$ from North to South • A right • 0.7% of GNP • Demands too severe for developed countries: NIEO failed

  12. International Economy • Expropriation • Should only be for public purposes • Should be accompanied by compensation • ‘prompt, adequate, and effective compensation’ • Charter of Economic Rights and Duties of States • ‘appropriate compensation should be paid…taking into account its relevant laws and regulations and all the circumstances that the State considers pertinent’

  13. International Economy • Right to Develop • 1993 Vienna Human Rights Conference • The right to development is a ‘universal and inalienable right and an integral part of fundamental human rights’ • HDI

More Related