Commercial Law Commons^™

Corporate Governance And The Global Social Void, Lee A. Tavis

Vanderbilt Journal of Transnational Law

This Article argues that the components of globalization--economic integration, democratization, and global governance networks--are changing the nature of corporate governance and the prospects for peace. Multinational enterprises are the instruments of economic integration. As such, multinationals as a group deserve credit for the positive productivity-related wealth effects of the process. As the implementing institutions, these enterprises are also inextricably related to the inequality--the social void--resulting from globalization that threatens peace.

Hyper competition in the global product markets and the demands of the financial markets determine, to a large extent, the activities of the multinational. Alternatively, there is an evolving opportunity …

Massachusetts, Myanmar, Market Participation, And The Federal Shutdown Of Selective Purchasing Laws: Is The Power To Purchase Really The Power To Regulate , Scott Sommers

Northwestern Journal of International Law & Business

This article does not discuss whether intentionally giving companies an incentive to withdraw from Burma is economically or politically desirable for the people of Burma. The First Circuit did not concern itself with this subject either in rejecting the Massachusetts Burma Law. The question of interest to the court, and which should be of interest to any state citizen or global corporation interested in doing business with state agencies, was whether Massachusetts had the discretion to make a purchasing law directly concerning the business involvement of suppliers in foreign countries. While legitimate legal and practical arguments may be made that …

U.S. Supreme Court Subordinates Enforcement Of Regulatory Statutes To Enforcement Of Arbitration Agreements, Christine L. Davitz

Vanderbilt Journal of Transnational Law

Through a series of cases culminating with Vimar Seguros Y Reaseguros v. M/V Sky Reefer, the U.S. Supreme Court has developed a strong pro-arbitration stance regarding disputes arising out of international commercial contracts. This Note analyzes the Court's reasons for this stance and compares those reasons with the history and purposes of the Federal Arbitration Act and the New York Convention. The author concludes that the Court's reasons are at odds with the FAA and the New York Convention. The Note further articulates the dangers posed to U.S. public policies that are created by allowing arbitration of statutory claims. The …

A Thumbnail Sketch Of Derivative Securities And Their Regulation, Roberta Romano

Maryland Law Review

No abstract provided.

Book Review: The Law And Regulation Of International Finance, Ian F.G. Baxter

Vanderbilt Journal of Transnational Law

The Law of International Finance, as its opening states, revolves around "the law and regulation affecting the raising of finance in the international financial markets." Thus, the book is about a very specialized area of finance and law-an area that has come into prominence, or even existence, only during the last two decades. As a solicitor in a large London firm that does substantial work related to financial business in the London international capital markets, Ravi Tennekoon has had considerable practical experience in legal work related to Eurobond issues and transactions and international syndications. London is, of course, the main …

Defining "Green": Toward Regulation Of Environmental Marketing Claims, Roger D. Wynne

University of Michigan Journal of Law Reform

This Note joins a rising chorus calling for government regulation of green marketing claims. It attempts to encourage and add a sense of urgency to a burgeoning regulatory movement by highlighting some of the legal issues that such regulation entails. Part I identifies a gap in the law: the inability of current truth-in-advertising laws to clarify the legality of green marketing claims. Part II urges bridging that gap quickly; it examines the costs of continued nonregulation and describes some of the forms regulation is taking. Part III attempts to allay any fears that such regulations might be challenged on first …

Territoriality And The Perils Of Formalism, Mark P. Gergen

Michigan Law Review

Recently in this journal Donald Regan published a pair of essays on CTS Corp. v. Dynamics Corp. of America. Much of the first essay elaborates his theory that what the Supreme Court should be doing and what it is doing under the dormant commerce clause is checking state laws adopted with a substantial protectionist purpose. The rest of the first essay and all of the second essay develop a different check on state lawmaking power in interstate affairs: a rule that states may not regulate conduct beyond their borders. He calls this the extraterritoriality principle. Elsewhere I have questioned …

Liquor Price Affirmation Statutes And The Dormant Commerce Clause, Ward A. Greenberg

Michigan Law Review

Part I of this Note examines the current state of the law in the liquor affirmation area. Part II argues that the twenty-first amendment may not be invoked to justify the extraterritorial impact of these statutes. The amendment does not preempt the commerce clause in the liquor area. While it gives the states free rein over liquor internally, it provides no basis for any extraterritorial projection of liquor price regulation. Part III considers the commerce clause analysis of Brown-Forman and argues that any interstate effects of these statutes will cause them to violate the commerce clause. This section argues that …

The Role Of The Commodity Futures Trading Commission Under The Commodity Futures, Michigan Law Review

Michigan Law Review

After a brief look at the functions of futures markets, the conditions that led to the enactment of the Commodity Futures Trading Commission Act, and the major provisions of the Act, this note will critically examine the information now available on the major issues left to the Commission to decide, point to additional information that would be useful in making judgments on these issues, and recommend solutions. It will then discuss two problems not considered in the 1974 legislation--export controls and margin oversight--suggesting areas for action by the Commission.

Panel Discussion: Foreign Governmental Control Of Multinational Corporations Marketing In The United States, John Beach, Joseph P. Griffin, Michael W. Gordon, Luke Finlay

Syracuse Journal of International Law and Commerce

This panel discussion focuses on debating the regulation of companies operating in more than one country. The primary emphasis is placed on oil companies.

Foreign Governmental Control Of Multinational Corporations Marketing In The United States, Joseph P. Griffin

Syracuse Journal of International Law and Commerce

It seems appropriate to begin this discussion of foreign governmental control of multinational corporations marketing in the United States by briefly reviewing the structure of the petroleum industry and the historical events leading to the Arab oil embargo.

Recent Trends In Transport Rate Regulation, Leonard S. Goodman

Michigan Law Review

The object of this Article is to describe the trends in the Commission's work during the 1960's in some of the areas of rate regulation that could not be settled by mere reference to costs, and in other areas of changing rate policy. This was a prolific period for the Commission, one that involved many rate innovations and a sense of new direction in certain aspects of rate regulation. The present discussion of the Commission's rate work is in no sense complete; and there is no intention to make it so. By emphasizing the decisions of the recent decade, I …

Regulation Of Intermodal Rate Competition In Transportation, Joseph R. Rose

Michigan Law Review

The controversy over intermodal rate competition comprehends both legal and economic issues. Clarity requires that each be explicitly stated and separately treated. The legal issues center on the meaning of section 15a(3) of the Interstate Commerce Act and the declaration of the National Transportation Policy that precedes the Act, which are the sources of the Commission's authority. The economic issues involve the effect on resource allocation of rate-making proposals devised to carry out these provisions of the Act.

Securities Regulation In Selected European Countries, Mitchell Brock

Vanderbilt Journal of Transnational Law

In approaching the subject of securities regulation in selected European countries, I will not attempt to provide a detailed description of the existing arrangements in the principal European countries. I shall of course to some degree descend to the "nitty gritty" of concrete details to give to airy generalizations a local reality, but my principal objective will be to discuss the economic context, the structure of the capital markets in which the regulatory authorities are performing their functions.

This economic context is pertinent to an understanding of why the pattern of regulation differs in many respects from that existing in …

Foreign Corporations And Local Corporate Policy, Stanley A. Kaplan

Vanderbilt Law Review

This article will not attempt to document the thesis that there are corporate abuses or that an enabling act is less desirable than a regulatory type of statute. It is sufficient to assert or presume that there may be internal corporate abuses and that it may be desirable for some states, if they so choose, to have corporation statutes which are more than enabling acts and which limit or regulate specified aspects of corporate conduct. The question of whether it is feasible for a state to maintain a corporation statute which attempts closely to regulate the internal affairs of the …

William 0. Douglas -- His Work In Policing Bankruptcy Proceedings, John W. Hopkirk

Vanderbilt Law Review

William 0. Douglas, while associated with the Securities and Exchange Commission during the mid-nineteen thirties, was responsible for a study of methods and procedures of corporate reorganization. By examining this area of Douglas' work, we can compare the position on corporate reorganization which the Justice developed as an administrative official for the New Deal with his later consideration of the same problems as a member of the Supreme Court of the United States. Through this comparison we can observe a number of basic attitudes which were manifested by Douglas both before and since he has joined the Court. Important among …

Constitutional Law-Relation Of Federal And State Governments- Applicability Of State Minimum Price Regulations To Federal Procurement, Alexander E. Bennett

Michigan Law Review

The United States accepted the lowest bids for the supply of milk at three military installations in California. Because these bids were below the minimum prices for wholesale milk prescribed by state law, California instituted proceedings in the state courts for civil damages and injunctive relief against the successful bidders. The United States brought a separate action in a federal district court asking that the state be enjoined from applying its minimum price regulations to milk purchases by the armed services on the grounds that the military installations were federal enclaves over which the United States has exclusive jurisdiction and …

Removal Of Judicial Functions From Federal Trade Commission To A Trade Court: A Reply To Mr. Kintner, Raoul Berger

Michigan Law Review

Not long ago, Attorney General Rogers stated that, "The entire field of administrative law and of Government regulation may require a searching re-examination of some of the premises on which we have based our conclusions." What lifts this utterance to the level of "man bites dog" is that the Attorney General almost alone among federal administrators does not insist that the administrative process, in major outline, is forever frozen. The orthodox administrative view is exemplified by Mr. Earl W. Kintner's (formerly General Counsel and now Chairman of the Federal Trade Commission) numerous strictures upon the American Bar Association proposal that …

Insurance - Federal Regulation - Authority Of Federal Trade Commission To Regulate False Advertising By Insurance Companies As Affected By The Mccarran-Ferguson Act, Charles C. Moore S.Ed.

Michigan Law Review

Petitioner, the FTC, issued cease and desist orders prohibiting respondent health and accident insurance companies, doing business in interstate commerce, from disseminating allegedly false and deceptive advertising through the medium of local agents. These orders, issued pursuant to the FTC act, sought to proscribe such activity both in states that had statutes prohibiting unfair and deceptive practices and in states that did not. The Courts of Appeals for the Fifth and Sixth Circuits concluded that the FTC had no authority to regulate such advertising in states which had prohibitory legislation. On certiorari to the United States Supreme Court, held, …

Competition Versus Regulation: The Agricultural Exemption In The Motor Carrier Act, Carl H. Fulda

Vanderbilt Law Review

Transportation of passengers or property by motor carriers engaged in interstate or foreign commerce has been subject to federal regulation by the Interstate Commerce Commission since 1935. At that time motor carriers in intrastate commerce were regulated in all the states of the Union by state commissions which controlled entry into the industry, rates, and safety of operations, but there was no comparable federal regulation. The Federal Motor Carrier Act of 1935, now part II of the Interstate Commerce Act,' was intended to fill this gap by creating a federal regulatory scheme similar to that provided by the states. In …

A Symposium On Arbitration, Sylvan Gotshal

Vanderbilt Law Review

Twenty years ago an article on arbitration would have been an oddity in a law review. Significant of the change in thinking with regard to arbitration on the part of attorneys, bar associations, and law schools is the fact that within the past few months several law journals and reviews have had major articles devoted to various aspects of arbitration. This new literature in the legal field serves as notice to the practitioner and to the law student that arbitration has come of age. The editors of the Vanderbilt Law Review and the faculty of the Law School are, therefore, …

Constitutional Law - Commerce Clause - Labor Law - Power Of State To Enjoin Unfair Labor Practices Of Employees In Industries Engaged In Interstate Commerce, Michigan Law Review

Michigan Law Review

The appellant (defendant in the case below) and certain of its members were found guilty of unfair labor practices as defined by the Wisconsin Employment Relations Act. Plaintiff-appellee issued a cease and desist order, which was sustained by the lower court despite defendant's contention that the statute was unconstitutional on the ground that Congress had precluded such state legislation affecting interstate industries by enacting the National Labor Relations Act. Held, plaintiff's order sustained. State legislation not repugnant to the Wagner Act is operative in this field so long as the National Labor Relations Board has not acted in the …

Constitutional Law - Due Process - Federal Price Control Under Commerce Clause For Milk And Coal Industries, Stark Ritchie

Michigan Law Review

As a natural concomitant of the prevailing laissez-faire economic philosophy, a strong feeling against any governmental regulation of business prevailed in American legislatures until well into the second half of the nineteenth century. Prices were considered to be especially immune to governmental tampering. The first step in the breakdown of the notion that government had no power over prices was the case of Munn v. Illinois. This decision introduced the doctrine that the legislature had the right to regulate prices in any business which the courts should find to be "affected with a public interest." Posed as a deceivingly …

Municipal Corporations - Licenses - Amount Of Fee, S. R. Stroud

Michigan Law Review

The defendant, a sandwich peddler, was convicted in the justice court of violation of an ordinance requiring peddlers to have a license. Upon appeal to the circuit court the conviction was set aside on the ground that the ordinance requiring a peddler to obtain a license at $150 per vehicle per year was invalid since the fee was unreasonably high. Held, the circuit court should be reversed and the conviction sustained since the amount of the license fee could not be considered unreasonably excessive in view of all the circumstances. People v. Riksen, 284 Mich. 284, 279 N. …

Constitutional Law -Validity Of Registration Provisions Of Public Utility Holding Company Act Of 1935, Gerald L. Stoetzer

Michigan Law Review

In recognition of the abuses that arise from the monopolistic tendencies of holding companies in the public utility field and of the inability of the respective states to exert the necessary control thereof, Congress has attempted to draw certain of the public utility holding companies within the inquisitorial and regulatory control of the federal Securities and Exchange Commission. The Public Utility Holding Company Act of 1935, reciting in great detail facts showing the necessity for control of holding companies having as subsidiaries electric and gas operating utilities, indicates that Congress regarded the uncontrolled utility holding company as "an agency which, …

Reasonable Rates, Henry Hull

Michigan Law Review

The principles underlying the decisions of the Interstate Commerce Commission are, for the most part, admittedly sound principles, and their number is not inordinately great. But to lawyers, and students of law, the application of these principles seems, in casual reading, to be made as whim or fancy dictates. It is a frequent complaint of the lawyer that there is no law in rate decisions.

Latest Development Of The Interstate Commerce Power, Edward B. Whitney

Michigan Law Review

The litigation under the anti-lottery act of 1895, has for the first time raised the important constitutional question whether congress, under its general power to regulate interstate commerce, can select any particular article and exclude it from interstate commerce altogether-whether the power to regulate involves the power to prohibit. For nearly a century after the foundation of the government no attempt was made by congress to restrict interstate commerce by excluding any article therefrom. Quarantine legislation, however, opened the way, and the anti-lottery act sharply raised the question of power. Lottery tickets in the earliest days of the republic were …