Economic Law

Topics: International law, Law, Sovereignty Pages: 19 (5374 words) Published: March 4, 2012
International economic law
Section A: Evolution and principles of international economic law Revised version – December 2006

S.P. Subedi

This study guide was prepared for the University of London by: Professor S.P. Subedi, OBE, MA, LLM, DPhil (Oxon.) Professor of International Law, University of Leeds

This is one of a series of study guides published by the University. We regret that owing to pressure of work the author is unable to enter into any correspondence relating to, or arising from, the guide. If you have any comments on this study guide, favourable or unfavourable, please use the form at the back of this guide.

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Introduction Chapter 1 1.1 1.2 1.3 Chapter 2 2.1 2.2 2.3 2.4 2.5 Chapter 3 3.1 3.2 3.3 3.4 3.5 Chapter 4 4.1 4.2 Law and economic policy: a historical overview From antiquity to empires From empires to modern nation states The aspirations of newly independent states The evolution of international economic law The history of economic development Restructuring of the world economy The dawn of the new era The height of corporate power The quest for a balanced system Fundamental principles of international economic law The definition of international economic law The basis of international economic law Economic sovereignty Permanent sovereignty over natural resources (PSNR) Fundamental principles of international economic law The institutional structure of international economic law Institutions The UN and its specialised agencies

1 7 7 8 11 13 14 16 17 18 19 21 21 22 22 23 24

35 35 36


Chapter 3: Fundamental principles of international economic law

This chapter will examine the definition of international economic law, the fundamental principles of this body of law and developments in other areas of international law that have influenced the development of international economic law.

Learning outcomes By the end of this chapter and the relevant readings you should be able to: explain the fundamental principles of international economic law explain the importance of the economic sovereignty of states and the PSNR.

Essential reading Lowenfeld, Chapters 1, 2, 11 and 22. UN Declaration on the Permanent Sovereignty of States over their Natural Resources 1962. UN Charter of Economic Rights and Duties of States 1974. Rio Declaration on Environment and Development 1992.


The definition of international economic law
International economic law regulates the international economic order or economic relations among nations. However, the term ‘international economic law’ encompasses a large number of areas. It is often defined broadly to include a vast array of topics ranging from public international law of trade to private international law of trade to certain aspects of international commercial law and the law of international finance and investment. The International Economic Law Interests Group of the American Society of International Law includes the following non-exhaustive list of topics within the term ‘international economic law’: (1) International Trade Law, including both the international law of the World Trade Organization and GATT and domestic trade laws; (2) International Economic Integration Law, including the law of the European Union, NAFTA and Mercosur;


International economic law: Section A

(3) Private International Law, including international choice of law, choice of forum, enforcement of judgments and the law of international commerce; (4) International Business Regulation, including antitrust...
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