Table of Contents

International Economic Law, Globalization and Developing Countries

International Economic Law, Globalization and Developing Countries

Edited by Julio Faundez and Celine Tan

International Economic Law, Globalization and Developing Countries explores the impact of globalization on the international legal system, with a special focus on the implications for developing countries.

Chapter 1: Introduction

Julio Faundez and Celine Tan

Subjects: development studies, development economics, law and development, economics and finance, development economics, international economics, law and economics, law - academic, human rights, intellectual property law, international economic law, trade law, law and development, law and economics, politics and public policy, human rights

Extract

Julio Faundez and Celine Tan The ongoing process of economic globalization has been accompanied by a comprehensive and ambitious agenda aimed at incorporating developing countries into the global economy. A critical feature of this agenda is the prominent role played by international economic law as a vehicle for bringing together the complex and seemingly disparate components of economic globalization. The prominent role played by law is manifested in the comprehensive codification of international trade, the proliferation of international investment treaties, the enhanced role of international adjudication and the dominant role played by international financial institutions, such as the World Bank and the IMF, in national economic policymaking and governance. The surge of international economic law and the consequent legalisation and judicialisation of international economic relations would suggest that the weaker members of the inter-state system have fared well during the past three decades of economic globalization. After all, as a corollary to assumptions about the rule of law, it would be reasonable to expect that the development and application of international legal rules would protect the rights and interests of weaker states. This expectation is reinforced by two parallel processes that have taken place in recent years: the widespread democratisation experienced by most states in the developing world and the new prominence achieved by the international human rights movement. Yet, despite these seemingly auspicious conditions, developing countries, as a group, have not fared as well as expected. Unlike economically powerful countries, developing countries face enormous and often irresistible pressures to...