As a standard bridging law and other spheres of normativity, due diligence is pervasive across numerous areas of international law. This paper defines the features and functions of due diligence, illustrating how the concept's development reflects structural changes in the international legal order. Concerning their content, due diligence obligations can be separated into two overlapping types: procedural obligations and obligations relating to States' institutional capacity. Thus, due diligence serves to manage risks, compensate for States' freedoms being circumscribed through legalisation, expand State accountability and possibly stabilise the international order through ‘proceduralisation’. However, it is argued that due diligence cannot be characterised as a general principle of international law due to its diverse content in different fields of international law and its dependence on accompanying primary rules. Finally, it is contended that due diligence introduces certain risks, particularly by diluting States' substantive obligations and contributing to the rise of ‘informal’ international law.
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Anne Peters, Heike Krieger and Leonhard Kreuzer
Catherine Drummond and Patrick Simon Perillo
Some optimistic heterodox economists felt that the effects of the global financial crisis might open the door for a new approach capable of providing a better understanding of how a monetary production economy works. However, this hope quickly evaporated as mainstream economists regained their confidence and the orthodox paradigm reasserted its ascendency, albeit in a slightly modified form. Three questions follow; first, how was mainstream economics able to maintain its hegemony? Second, is it nevertheless feasible that the mainstream paradigm could be challenged in the foreseeable future? Third, do heterodox economists have enough in common to work together as part of a coherent alternative approach? In a series of in-depth interviews with leading economists from different schools; Austrian, monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist, Sraffian and Institutionalist, as well as policy–makers, the book aims to shed light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues. I hope to provide a stimulating resource for researchers who are interested in understanding the pre-suppositions that underpin the way key thinkers theorise and to reveal the opinions of key thinkers regarding the most important issues that the discipline might address going forward.
When popular Michael Manley took office as the Prime Minister of Jamaica in 1972, the country suffered from high illiteracy, unemployment and poverty. In the two decades before, the private sector had proven not to be able to guarantee long-term economic and social development. The government was expected to initiate change and steer growth (Davis, 1986, p. 77). Immediately after his election, Manley started the program he had promised: among other measures, a minimum wage was established; his land reform redistributed farmland to small-scale farmers; education at all levels became free; adult education programs reduced illiteracy. Did the story end as a success? To finance the program, the government ran high budget deficits that were mainly financed by foreign capital flows. The government expanded, while support for the private sector was reduced. This prompted capital flight (Shams, 1989, p. 75). Capital leaving the country meant currency devaluation, inflation, and economic contraction. Violence spread over the country. Manley lost his election in 1980.