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International Economic Relations in the 21st Century

Published online by Cambridge University Press:  17 February 2009

John H. Jackson
John H. Jackson
Affiliation:
University Professor of Law, Georgetown University Law Center (GULC), and Director, Institute of International Economic Law at GULC.
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Extract

It surprises few people today to see comments about the profound and growing extent of international economic linkages and interdependence. The causes of these developments are numerous: incredible advances in efficiency of communication, extraordinary reductions in transport costs, growing prevalence of instant tele and cyber transactions, treaty and other norms causing reduction of governmental barriers to trade, an economic climate more favorable to principles of markets economics, cross border influences of competition which have driven increases in production and service efficiencies, and last but not least, the blessing of relative peace in the world.

Type
Research Article
Information
European Business Organization Law Review (EBOR) , Volume 2 , Issue 3-4 , September 2001 , pp. 625 - 640
Copyright
Copyright © T.M.C. Asser Press and the Authors 2001

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References

1 See Richard, Lipsey/ Paul, Courant/ Douglas, Purvis/ Peter, Steiner, Microeconomics, 10th Edition (Harper Collins College Publishers 1993)Google Scholar; Dixit, & Nalebuff, , Thinking Strategically (Norton Publ. Co. 1991)Google Scholar; Corden, , Max, , Trade Policy and Economic Welfare (Oxford: Clarendon Press 1974)Google Scholar; Kenen, Peter B., The International Economy (Cambridge University Press 1994)Google Scholar; Paul, Krugman, International Economics: Theory and Policy (Harper Collins College 2000).Google Scholar

2 For an overview of the economic principles, which support policies of liberal international trade rules, see Alan, Sykes, “Comparative Advantage and the Normative Economics of International Trade Policy”, 1 Journal of International Economic Law (1998) 49.Google Scholar

3 See, e.g., James, Flanigan, “Turmoil is Free Market Watershed”, Los Angeles Times (29 October 1997, Home Edition) p. 1.Google Scholar

4 See, e.g., two Nobel Prize winning economists who stress this proposition: Ronald, Coase, The Firm, the Market and the Law (University of Chicago Press 1988)Google Scholar ch. 5 (reprint of 1960 article); and North, Douglas C., Institutions, Institutional Change and Economic Performance (Cambridge Univ. Press 1990)CrossRefGoogle Scholar. See also Goodhart, C.A.E., “Economics and the Law: Too Much One-Way Traffic?”, 60 Modern Law Review (1997) 1.CrossRefGoogle Scholar

5 Jackson, , World Trade and the Law of GATT (Bobbs-Merrill Company 1969) chapter 2.Google Scholar

6 See Henkin, , How Nations Behave, 2nd ed. (Council on Foreign Relations 1979)Google Scholar; Roger, Fisher, Improving Compliance With International Law (Charlottesville: University Press of Virginia 1981) 12–16Google Scholar; Chayes, , The New Sovereignty: Compliance with International Regulatory Agreements (Harvard University Press 1995).Google Scholar

7 See, e.g., Teresa, Wyszomierski & Christopher, Lingle, “Lessons of the Boeing Merger”, The Journal of Commerce (29 July 1997) at p. 8.Google Scholar

8 See, e.g., Stephanie, Nail, “Meat Dispute Threatens to Spoil U.S.-Europe Trade”, The Journal of Commerce (27 March 1997) at p. 1Google Scholar; Stephanie, Nail, “EU, U.S. Sling Charges, Threats at One Another”, The Journal of Commerce (3 April 1997) at p. 1.Google Scholar

9 See, e.g., John, Zarocostas, “U.S. Urged to Back Telecom Accord”, The Journal of Commerce (14 February 1997) at p. 1a.Google Scholar

10 These thoughts are drawn partly from the author's following publications which may also interest the reader: Jackson, , Hyman Soloway Lecture: The Uruguay Round, World Trade Organization, and the Problem of Regulating International Economic Behavior (Ottawa: Centre for Trade Policy and Law, May 1994)Google Scholar published in 1995; Jackson, , “Reflections on Constitutional Changes to the Global Trading System”, 72 Chicago Kent Law Review (1996) 511.Google Scholar

11 See, e.g., Richard Lipsey/ Paul Courant/ Douglas Purvis/ Peter Steiner, Microeconomics, supra n. 1, especially Part 4.

12 Dixit & Nalebuff, supra n. 1.

13 Joseph, Kahn, “Global Trade Forum Reflects a Burst of Conflict and Hope”, New York Times (28 November 1999) pp. 1, 14Google Scholar. He added: “Unlike the trade and tariffs group, its predecessor, this trade group has the power to decide disputes on its own and impose penalties on countries that do not abide by its conclusions. To avoid pressure from lobby groups and possible adverse effects on international financial markets, three-judge panels decide cases in closed chambers without having to reveal much about the process. Most of the appointee judges are trade lawyers”.

14 Kofi, Annan, New York Times (29 November 1999) p. A28.Google Scholar

15 US – Import Prohibition of Certain Shrimp and Shrimp Products, WT/DS58/AB/R, adopted on 6 November 1998. See Appleton, Arthur E., “Shrimp Turtle: Untangling the Nets”, 2 Journal of International Economic Law (1999) 477.CrossRefGoogle Scholar

16 EC – Measures Affecting Meat and Meat Products (Hormones), WT/DS26&48/AB/R, adopted 13 February 1998.

See Reinhard, Quick/ Andreas, Bluethner, “Has the Appellate Body erred? An appraisal and criticism of the ruling in the WTO Hormones case”, 2 Journal of International Economic Law (1999) 603Google Scholar, and Donna, Roberts, “Preliminary assessment of the effects of the WTO Agreement on Sanitary and Phytosanitary trade regulations”, 1 Journal of International Economic Law (1998) 377.Google Scholar

17 Feinerman, James V., “Free Trade, To a Point”, New York Times (27 November 1999) p. A31Google Scholar; Robert, Herzstein, “Is China Ready for the WTO's Rigors?” Wall Street Journal (16 November 1999) p. A30.Google Scholar

18 Sanger, David E., “At the Last Hour, Down to the Last Trick, and It Worked”, New York Times (11 November 1999) p. A14Google Scholar; John, Pomfret, “China's Bold Leap Into World Markets”, The Washington Post (16 November 1999) p. 1Google Scholar; Thomas, Friedman, New York Times (1 December 1999) p. A31.Google Scholar

19 See John Jackson, H., “The Great 1994 Sovereignty Debate: United States Acceptance and Implementation of the Uruguay Round Results”, in: Jackson, John H., The Jurisprudence ofGATT and the WTO: Insights on Treaty Law and Economic Relations (Cambridge University Press 2001) 367.Google Scholar

20 United Nations Non-Governmental Liaison Service, The NGLS Handbook of UN Agencies, Programmes and Funds Working for Economic and Social Development, 2nd ed. (1997).

21 See Schott, Jeffrey J. & Jayashree, Watal, Decision-making in the WTO (Institute of International Economics Policy Brief No. 00-2, March 2000)Google Scholar <http://www.iie.com/NEWSLETR/news00-2.htm> (suggesting that ‘the WTO needs to establish a small, informal steering committee (20 or so in number) that can be delegated responsibility for developing consensus on trade issues among the member countries’).