Is the Concept of Sovereignty Out-Dated? Discuss This in the Context of International Law

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Is the concept of sovereignty out-dated? Discuss this in the context of international law The out-dated concept of sovereignty is no longer applicable to a highly globalised world, dependent on international solutions. A nations domestic powers and influence defines its sovereignty, this concept of ‘sovereign power’ has slowly decreased in suitability and is currently an out-dated concept. The contemporary notion of Globalisation forms a heightened interpretation of global communication, collaboration and wide-ranging dependency on allied nations. As global connectedness and dependency becomes a commonality within worldwide relations, a states sovereign power become less pertinent. This is substantiated with the legitimate examples of environmental issues which cause complications on a global scale, consequently requiring international solutions. However, having higher importance, International commercial collaboration is a “central feature of modern international relations” subsequently equating to the theory that within a highly globalised world, current markets stray from conventional domestic approaches, depending rather on a wide scale global market. The current economic situation within Greece is a prime example of a loss of sovereignty and an increased dependency on international law, synonymously highlighting sovereignty as an out-dated concept. The debt crises itself is a result of countries borrowing ample amounts of economic resources with an economic revenue incapable of corresponding with this, furthermore as sovereign debts are sold and issues of the nation’s ability to pay arise, “The investing community that funds these governments through bond sales has been led to demand higher yields for their increased risk.  This raises borrowing costs and pushes indebted countries deeper into the hole in which they find themselves” Statistics highlight the extent of the crises with Average wages down by 20% and unemployment rates exceeding 20%....
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