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A Just World Under Law: A View From the South by BS Chimni

This is an important work - very much worth reading. Here are two quotes from it.: "Transnational capital sees a borderless world economy as its field of operation leading to the globalization of national production and financial systems. Its third world component plays the role of a junior partner with the crucial task of legitimizing the vision of global capital in its own world. There is also support for this vision in a growing global middle class that hopes to benefit from the ongoing globalization process." ... then he goes on to discuss a number of core concepts which need discussion - "The unified global economic space is being established through a range of international law instruments that include international trade law as embodied in World Trade Organization ("WTO") texts and international monetary law as prescribed by international financial institutions. The key development here is the prescription of minimum uniform global standards. That is to say, irrespective of the sovereign territory on which transnational capital operates it is increasingly governed by the same set of norms or norms that possess family resemblance. For example, every WTO member state has to abide by the norms governing intellectual property rights as embodied in the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights ("TRIPS"). Some states merely get a longer transition period in which to implement them. The examples can easily be multiplied. The emergence of a unified global economic space may also be conceptualized in terms of the growing internationalization of property rights through the medium of international law. Indeed, the phenomenon of internationalization of property rights is crucial to the creation of a unified global economic space. "

Transnational mercantilism and the emergent global trading order

Jean-Christophe Graz ABSTRACT It is often argued that the problems currently facing the World Trade Organization stem from an important shift in the trade agenda from tariff reduction to the harmonisation of domestic regulations considered as non tariff barriers. From this perspective, the lack of harmonisation of domestic regulations severely impairs the capacity of the WTO to fulfil its mission. This article argues, in contrast, that the underlying problems facing the contemporary trade agenda are different, and are caused by a lack of differentiation in the regulatory framework of the WTO. To substantiate this claim, a conception of transnational mercantilism is derived from recent scholarly revisions of classical mercantilism. This clarifies a continuity between the external dimension and the comprehensive pattern of social organisation involved in the political economy of international trade. This framework is used to appraise four structures upon which trade policy is predicated: the implementation of market mechanisms, the embeddedness of trade in state-society relations, the link between trade and the natural environment, and special and differential treatment for developing countries. KEYWORDS World Trade Organisation; new trade agenda; Doha development agenda; international political economy; transnational mercantilism.