Title: New Institutional Arrangements in International Economic Law: The Working of Codes of Conduct
Abstract: New institutional arrangements for the world economy are in many instances legal institutions like the International Monetary Fund (IMF), the General Agreement on Tariffs and Trade (GATT), bank regulations, long-term contracts in resource economics and so on. These legal institutions are of interest for economists because they affect the functioning of the international economic system; institutional changes may lead to more efficiency of the world economy or reduce it. These institutions are of interest for lawyers as well, because they are part of the overall legal framework of the world economy. They are centre-pieces of what is called international economic law 1. International economic law poses various difficult and complex problems to lawyers: the lawmaking process differs from national legislation, the binding force of legal or semi-legal rules of international economic law often is different from that of national law. And the relationship between lawmaker and addressee may be quite different on the international level as compared to the level of the nation state. The problems mentioned are not too difficult to deal with, if there is an international treaty between nations establishing an international organization like the IMF or the GATT. The problem is still manageable if private actors, on the basis of consensus, create their own contract law as in international investment contracts.2 The complexity of the problem situation fully comes into play when the lawmaker is an international organization without lawmaking powers established by an international treaty, and if the output of this lawmaking process is a legally not binding code of conduct, and if the addressees are not only nation states but private enterprises as well.
Publication Year: 1989
Publication Date: 1989-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 1
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