Law Commons^™

Prejudgment Interest In International Arbitration, Jeffrey M. Colon, Michael S. Knoll

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Tribunals in international arbitration are regularly asked by claimants to award prejudgment interest. Unless foreclosed by an agreement between the parties, there is widespread agreement prejudgment interest should put the claimant in the same position as it would have been had it not been injured by the respondent. However, there is little consensus how to calculate prejudgment interest in order to accomplish that purpose. In this Essay, we describe the proper method of calculating prejudgment interest based on sound financial principles. Using the paradigm that the respondent has forced the claimant to make an involuntary loan to the respondent, we …

Remedying Trade Remedies, Sungjoon Cho

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Although competition has been an ideological beacon of economic governance ever since the birth of the Union, it has largely been an internal affair. External competition from foreign producers has failed to be factored into antitrust scrutiny. On the contrary, the government, through its trade policies such as antidumping remedies, has often hampered foreign competition to protect domestic producers at the expense of all the benefits that foreign competition might bring to the economy. Antidumping remedies tend to create a legal cartel: they fix the import prices and generate non-price predation by petitioners. However, the Federal Trade Commission (FTC)'s potential …

Of The World Trade Court's Burden, Sungjoon Cho

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Decisions of the WTO tribunal (Court) on sensitive disputes, such as those concerning human health, have often caused resentment from some groups, besides losing parties. Beneath this disapproval against the Court lies an image of a Dworkinian Hercules which capriciously renders its own answers on risks and science. In judging which party should win the case, this Hercules assesses parties' arguments and evidence on risks and regulatory responses through a technical rule labeled the “burden of proof” (BOP). Yet, the BOP is more of the Court's burden than of parties' burden (who to prove) in that the final outcome of …

Toward An Identity Theory Of International Organizations, Sungjoon Cho

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Conventional international relations (IR) theorists, such as realists, neo-functionalists or regime theorists, view international organizations (IOs) as passive tools with which to achieve certain goals. Although an IO may facilitate inter-state cooperation and reduce transaction costs, it does not have a life of its own. Therefore, conventional IR theorists focus mostly on the creation of an IO and inter-state cooperation leading up to the creation. As a result, an IO's institutional change remains rather an “under-studied” and “under-theorized” issue in the conventional international relations (IR) framework.

Granted, conventional IR theories may provide useful insights on an inter-national dynamic among creators …

The Economic Impact Of International Labor Migration: Recent Estimates And Policy Implications, Howard F. Chang

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In this essay, I survey the economic theory and the most recent empirical evidence of the economic impact of international labor migration. Estimates of the magnitude of the gains that the world could enjoy by liberalizing international migration indicate that even partial liberalization would not only produce substantial increases in the world’s real income but also improve its distribution. The gains from liberalization would be distributed such that if we examine the effects on natives in the countries of immigration, on the migrants, and on those left behind in the countries of emigration, we find that each group would enjoy …

Beyond Doha’S Promises: Administrative Barriers As An Obstruction To Development, Sungjoon Cho

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This article articulates the potentially fatal consequences of administrative barriers to the goal of developing poor countries and suggests retooling the current trade norms and policies in a developmentally-friendly manner. The article constructs the concept of administrative barriers centering on domestic regulations, i.e., antidumping measures, regulatory standards, and rules of origin, which have the most potential to obstruct development. It then highlights developmental hazards of these administrative barriers. It observes that both protectionist antidumping duties and the excruciating investigative procedures tend to offset developing countries' comparative advantages in favor of developed countries' domestic producers. It then argues that under-capacitated developing …

Doha’S Development, Sungjoon Cho

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This Essay argues that the current development crisis within the Doha Round is inextricably linked to the nature of modern day trade negotiations. This Round reveals a bargaining process in which the powerful can too easily exploit and prevail over the powerless. This process is also vulnerable to domestic political maneuvers such as capture. Under these circumstances, poor countries' development concerns are not well represented, which accounts, despite years of talks, for the current sorry state of the negotiational outcome on agricultural subsidies and tariffs. To overcome these flaws of trade negotiation, this Essay suggests that certain core legal precepts, …

Toward A New Economic Constitution: Judicial Disciplines On Trade Politics, Sungjoon Cho

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This article first observes that protectionism is an icon of trade politics and thus likely to gather fresh momentum as a domestic election approaches. The paper then problematizes protectionism beyond mere seasonal election politics by revealing its fatal pathologies both to the United States and to the rest of the world. Protectionism basically caters to the special interest at the expense of the larger public interest, which may be coined as a Madisonian constitutional failure. It also deviates from global trading norms, which the United States hypocritically continues to preach adherence to for the rest of the world. This double …

Competition Law And The Wto: Rethinking The Relationship, David J. Gerber

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This essay identifies obstacles to the inclusion of a competition law regime in the WTO and suggests changes that are likely to be necessary if competition law is to become an effective part of the WTO. Two obstacles have impeded inclusion of competition law in the WTO's legal regime and are likely to continue to do so. They are (i) a lack of confidence that the norms, practices and procedures of the WTO rest on a robust conception of community and (ii) uncertainty and concern about what form of competition law might be included and what its role in the …

Gender Dimensions Of Biotechnology Policy And Trade, Constance Z. Wagner

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Gender issues in biotechnology policy and trade are rapidly emerging as some of the most interesting and challenging within these fields. Gender issues have been identified in three important areas impacted by biotechnology, namely agriculture, traditional knowledge, and health. The policy discussion on these matters is still in its early stages and more research will be needed in order to formulate approaches that adequately incorporate a gender perspective. Gendered aspects of biotechnology also raise concerns in international trade law, which have not yet been addressed in the current legal framework at any level, including the World Trade Organization (“WTO”) regime. …