Edited by Julio Faundez and Celine Tan
Chapter 2: International Economic Law and Development: Before and After Neo-Liberalism
2. International economic law and development: before and after neoliberalism Julio Faundez* INTRODUCTION 1. Two features have characterised international economic law (IEL) during the recent period of rapid and seemingly unrestrained economic globalization: its emergence as the most important field of international law and its close association with the ruling paradigm of development, as embodied in the celebrated Washington Consensus. The rise to prominence of IEL is a novel development. Indeed, until recently, IEL rules were not regarded as real law, even by the undemanding standards of legal validity and efficacy applied by most international lawyers. As a consequence, courses devoted to general international law rarely covered IEL. Most international law treatises and textbooks either ignored it or dedicated only a short chapter noting that there were few rules in this area and that most of them were either not binding (such as the numerous rules in the GATT Agreement) or highly contested (such as those in the area of international investment law). From the 1980s, however, after the outbreak of the current wave of globalization, IEL underwent a massive transformation to become the most important field of international law. Its importance is confirmed by three different measures: volume, scope and efficacy. The volume of new international economic rules is reflected in the large number of multilateral and bilateral treaties on matters relating to trade, finance and investment and in the numerous decisions by international economic organisations and other bodies that set standards and voluntary codes in areas as varied...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.