Law Commons^™

Legal Protection Of Loans To Developing Country Borrowers, Lajos Schmidt

Vanderbilt Journal of Transnational Law

At the Bretton Woods Conference in July 1944, in introducing the proposal for what is today the World Bank, John Maynard Keynes predicted: "In the dangerous and precarious days which lie ahead, the risks of the lender will be inevitably large and most difficult to calculate. The risk premium reckoned on strict commercial principles may be beyond the capacity of an impoverished borrower to meet, and may itself contribute to the risks of ultimate default." Three decades later this problem of the gap between the developed-country lender's required risk premium and the developing-country borrower's ability to generate an investment return …

The United States In Pending World Trade Negotiations, Theodore R. Gates, J. Dapray Muir

Vanderbilt Journal of Transnational Law

The United States emerged from World War II as the only major trading nation with a strong economic and financial position. The post-War international trading structure, embodied in the General Agreement on Tariffs and Trade (GATT) and the International Monetary Fund (IMF) frameworks, was established with the United States in the position of a dominant, largely self--sufficient producer of many and superior goods. The succeeding three decades, however, have witnessed radical changes in that circumstance. No longer is a "fortress America" economically feasible. The United States is no longer self-sufficient in a number of raw materials on which it depends; …

Recent Developments, Craig G. Christensen

Vanderbilt Journal of Transnational Law

The debacle of the Nationalist regime in China and the subsequent United States trade embargo on the People's Republic of China (China) from 1949 to 1970, resulted in the deletion or obsolescence of United States federal income tax incentives previously applicable to Sino-American trade. The benefits of these tax provisions were transferred, with the Nationalist government, to the Taiwan-based Republic of China (Taiwan). Moreover, foreign trade tax measures enacted during the economic stalemate were largely inapplicable to China, but enhanced existing trade with Taiwan and Hong Kong. Initial United States responses to the current detente with China portend increasingly significant …

Foreign Banking In The United States, James A. Johnson

Vanderbilt Journal of Transnational Law

Foreign banking in the United States is no longer a nominal activity. The assets of foreign bank agencies and branches tripled from 1965 to 1972, increasing to approximately 13 billion dollars. During this same time, assets of United States banks abroad rose to 75 billion dollars-an eight-fold increase.

Yet, despite this dramatic growth--which surely will continue--the United States remains the only major country in which foreign banking is not supervised at the national level. No valid constitutional or practical reasons exist to support state control. Although New York and California, which share the major portion of foreign banking at the …

International Oil--Shortage, Cartel Or Emerging Resource Monopoly?, James T. Jensen

Vanderbilt Journal of Transnational Law

In the early days of industrialization in the United States, giant combines with great market power developed in a number of industries, such as oil, steel and railroads. Out of that era arose a body of domestic law and regulation that sought to define the limits within which those organizations could function in the economic life of the country. The Sherman and Clayton Acts formed the basis for antitrust law. Regulatory agencies such as the Federal Power Commission, the Interstate Commerce Commission and the Federal Trade Commission were formed to regulate the excesses of the private sector. We may now …

Tokyo As An International Capital Market--Its Economic And Legal Aspects, Mitsuru Misawa

Vanderbilt Journal of Transnational Law

The internationalization of the Japanese capital market began in 1955, but for a considerable length of time the market served only as a source of foreign capital needed to cover the deficits in the nation's balance of payments. It was not until after 1970, when the Japanese balance of payments showed a steady surplus, that the Japanese market could accommodate the issue and acquisition of foreign securities on a full-fledged scale, and that Tokyo could become a truly international capital market. This trend, however, proved to be short-lived, for the steep rise in the cost of oil imports has recently …

Legal And Institutional Barriers To United States--Soviet Trade: Soviet Perspective, Christopher Osakwe

Vanderbilt Journal of Transnational Law

Traditionally, law, economics, and politics have always been interrelated elements. Within this interaction economics and politics have often alternated as the leading determinant of future development, whereas law has acted as an appendage of both or, at least, as a catalyst for future political and economic changes in the given society. This analysis of the close interaction between law, economics, and politics applies not only domestically but also internationally. If foreign policy is nothing but a continuation of domestic policy by other means, it follows that the foreign policy of a particular nation is shaped by a variety of factors …

An Evaluation Of The Need For Further Statutory Controls On Foreign Direct Investment In The United States, Gregory E. Andrews

Vanderbilt Journal of Transnational Law

Negative opinions about the expansion of direct foreign participation in the American economy have ranged from xenophobic fears of a foreign economic takeover of the United States to more responsible concerns for the possible need to inhibit foreign penetration of certain critical industries and raw material sectors. These fears and negative reactions have been exacerbated by a paucity of available information to verify or rebut them. A number of congressional committees, therefore, have responded by scheduling investigatory hearings on foreign direct investment, while several members of Congress recently have sponsored legislation in this area. Senator Daniel Inouye (D-Hawaii), has introduced …