International Law Commons^™

The Conundrum Of Industrial Policy: Incompatibility With The Rules Of International Trade Law, Yong-Shik Lee

Northwestern Journal of International Law & Business

Since the end of World War II, successful developing countries such as South Korea, Taiwan, Singapore, and, more recently China, have leveraged industrial policies—notably trade measures and subsidies—to achieve economic development. However, these industrial policy tools often conflict with the rules of international trade established under the World Trade Organization (WTO law), which aims to minimize government interference and reduce trade distortions. Paradoxically, such regulatory constraints hinder the development aspirations of many countries. Meanwhile, major global economies, including the United States, China, and the European Union, have revived industrial policies to support their key industries, such as semiconductors and electric …

The Efficacy Of Economic Sanctions On Venezuela, Jennifer Perez

Northwestern Journal of International Law & Business

This article examines the persistent failure of U.S. economic sanctions to catalyze democratic transition in Venezuela, addressing the growing disconnect between the statutory intent of American foreign policy and the resulting humanitarian and geopolitical realities. While the U.S. government shifted from targeted sanctions against corrupt individuals to comprehensive measures against the Venezuelan oil industry, this strategy has failed to dislodge Nicolas Maduro’s oppressive regime. Instead, the article identifies a critical backfire of such policies, where broad economic pressure has inadvertently facilitated the consolidation of authoritarian power and worsened domestic suffering. The article offers two original observations. First, comprehensive oil sanctions …

Parallel Proceedings Between International Commercial Litigation And Arbitration: Existing Tools And Comparative Perspective, Joanna Ma

Northwestern Journal of International Law & Business

This Article examines parallel proceedings in international commercial disputes, focusing on situations in which the same parties and substantially the same issues are simultaneously before a national court and an arbitral tribunal. It surveys the principal tools that jurisdictions have developed to address this problem, including the priority-in-time rule, the prioritization of arbitral tribunals, tolerance of parallel proceedings, anti-suit injunctions, and anti-arbitration injunctions. After evaluating the strengths and weaknesses of each approach, the Article argues that prioritizing arbitral tribunals provides the most coherent and workable framework for managing such conflicts. In particular, the model of granting full priority to arbitral …

The Governing Law Of Unlawfully Issued Sovereign Debt, Kei Nakajima, Shiho Kato

Northwestern Journal of International Law & Business

In October 2019, Petróleos de Venezuela, S.A. (PDVSA), a Venezuelan state owned oil and natural gas company, filed a complaint against the trustee and the collateral agent of PDVSA’s bondholders, alleging that certain bonds due in 2020 issued in exchange for the defaulted bonds due in 2017 are null and void ab initio. The main cause of action was that the 2020 bonds had been issued in violation of the provisions of the Venezuelan Constitution. This contention was advanced notwithstanding that the 2020 bonds provide that “all matters arising out of or relating in any whatsoever” to the instruments shall …

The Analytical Routes Of Aiding And Abetting Under The Alien Tort Statute, Amelia Cochran

Northwestern Journal of International Law & Business

This paper examines whether aiding and abetting liability for corporate involvement in human rights abuses is a cognizable claim under the Alien Tort Statute (ATS). Though the ATS has potential to serve as a powerful mechanism of civil redress for violations of international law, the Supreme Court has increasingly narrowed its scope in recent decades. As a result, critical questions remain unresolved regarding the cognizability of certain claims under the statute. This paper focuses primarily on Doe I et al. v. Cisco Systems, Inc. et al.,, a case emerging from the Ninth Circuit Court of Appeals. In January 2026, following …

From Russia Without Love: A Unique Path Forward For Western Asset Holders Looking To Recover Expropriated Property In Russia, Anthony Liberatori

Northwestern Journal of International Law & Business

Chelsea Football Club, Sean Baker’s Academy Award-winning film “Anora,” and billionaire parties in St. Barth’s: the rapid rise of Russian capital since the collapse of the Soviet Union has permeated international popular culture and underscores the modern global economy. However, Vladimir Putin’s invasions into Ukraine in 2014 and 2022 have caused the international community — particularly the West — to sanction Russia, challenging its place in an increasingly globalized supply chain, and harkening anti-Russian sentiment not seen since the Cold War. In response to sanctions, Russia has begun nationalizing Western assets left behind within its borders, leaving company owners scrambling …

Taxation And The Fair And Equitable Treatment Standard In International Investment Arbitration, Jiangfeng Li

Northwestern Journal of International Law & Business

The recent decade has witnessed an increase of cases in which foreign investors have challenged host states’ taxation measures in international investment arbitrations, arguing that they violated investment treaty protection standards including fair and equitable treatment (“FET”). After conducting a close examination of cases involving taxation-related claims in international investment arbitration, this article reveals that in the cases involving the host states’ taxation measures, the ability of investors to invoke FET claims is very limited, and the chances of foreign investors succeeding in protecting their investment interests through FET claims are much lower compared to other types of non-taxation-related claims. …

The Labyrinth Of International Merger Regulation: A Procedural Path Forward, Michael Volkert

Northwestern Journal of International Law & Business

In 1890, the first antitrust law was passed in the United States with the enactment of the Sherman Act. Over the past 134 years, jurisdictions across the globe have passed competition laws. One key aspect of competition law is a regulator’s ability to prevent anti-competitive M&A transactions. More jurisdictions are requiring merging firms to notify regulators prior to completing a merger through a process called pre-merger notification. As more global pre-merger notification laws develop, firms engaged in M&A will be required to file with more regulatory bodies, delaying transactions, increasing costs, and causing comity dilemmas. This Article investigates the current …

Presidential Power And Global Finance: The Rise And Limits Of Financial Warfare, Michael Glanzel

Northwestern Journal of International Law & Business

The president’s power over global financial transactions has become one of the most potent tools in America’s foreign policy arsenal. Since the outbreak of World War I, presidents have frequently employed financial instruments to coerce or punish foreign actors. But it was President Biden’s employment of financial weaponry in the wake of Russia’s invasion of Ukraine that represented the most complex and far-reaching exercise of presidential power in global finance. From weakening the Russian central bank’s access to the dollar market, to cutting off key Russian financial institutions from American lenders, to deplatforming Russian entities from the Society for Worldwide …

On Blockchain As A Tool Against Corporate Corruption, Yannis Normand

Northwestern Journal of International Law & Business

Over the last decades domestic and international legal frameworks have successfully coalesced to limit corrupt behavior worldwide. However, despite their success, current regulatory tools are not sufficiently well-equipped to address corruption in modern economic settings. These mechanisms can often be too costly to implement, too cumbersome to induce compliance, politically manipulatable, and may disincentivize foreign investment and internal corporate monitoring efforts. To address such drawbacks, policymakers should consider the introduction of blockchain-based tools in developing future anti-corruption efforts.

Blockchain can serve as a foundation for structures that can make it more attractive, easier and cost-efficient to monitor economic transactions, to …

The War On Trade: Applying The Wto Security Exceptions To Economic Security Measures, Ian Allen

Northwestern Journal of International Law & Business

This article examines the efficacy of the WTO treaties’ security exception provisions in curbing abusive appeals to national security to justify otherwise impermissible trade measures. It specifically explores whether GATT Article XXI and its sister provisions establish objectively discernible prerequisite conditions for their invocation, how far Member discretion extends in defining “essential security interests,” and whether the WTO dispute system offers sufficiently objective legal standards to prevent abuse of the security exceptions.

Building on existing scholarship, this article employs a comprehensive interpretive analysis of all available means under the Vienna Convention on the Law of Treaties (VCLT) and integrates not …

Due Diligence Obligations Over State Economic Entities In International Investment Law, Kevin Clement

Northwestern Journal of International Law & Business

The growing importance and sophistication of State capitalism and associated implementation of governmental policies through State economic entities, such as State-owned banks, State-owned enterprises, monopolies, and other entities close to the government, has given rise to a perception that existing international law rules are inadequate to effectively accommodate the activities of such entities. Sole reliance on customary international law principles of attribution has proven particularly problematic where governments maintain links with their economic entities that create a risk of the latter being used as conduits for governmental action. Such links may exist in a variety of forms beyond mere ownership, …

“There Is No Fashion On A Dead Planet:”1 How A Mandatory Reporting Directive Shared By The Us And The Eu And Centered On Transparency Could Be The First Step To Increased Sustainability In The Fashion Industry, Adrienne Redman

Northwestern Journal of International Law & Business

The fashion industry hangs on self-expression and individualism, yet our methods of consumption and their resulting environmental impacts are far from an individualistic concern. This paper examines the global fashion industry’s substantial contribution to pollution, resource-depletion, and waste as evidence that the self-regulation model is insufficient to curb the environmental footprint of the industry. Self-regulation presumes that consumer awareness and the desire to purchase sustainably will be enough to limit the industry’s environmental impact. However, this presumption is undermined by a lack of standardized and enforceable regulations necessary for consumer-decision making. Instead, greenwashing and deceptive environmental claims have pervaded the …

Does It Take Four To Tango In The Regulatory Competition For Global Listings? Comparing Regulations On Dual Class Shares Among Singapore, Hong Kong, Mainland China, And Taiwan, Chang-Hsien Tsai, Luke Hung-Yu Chuang, Hui Wang

Northwestern Journal of International Law & Business

We provide a comparative analysis of regulatory competition among Singapore, Hong Kong, Mainland China, and Taiwan regarding the process, purpose, and actual results of deregulating Dual-Class Share (“DCS”) structure. The comparative analysis focuses on the role of regulatory competition in the convergence or divergence of DCS-structure regulations. To attract unicorn companies and China Concept Stock (“CCS”) companies to choose public offerings in regional exchanges, Hong Kong, Singapore, and Mainland China sequentially announced their amendments to listing rules, particularly in 2018, to allow public offerings of DCS-structure companies while considering their preference for the ownership structure of unicorns. We employ theories …

The Independence And Impartiality Of The Court Of Arbitration For Sport, Gianna Flammini

Northwestern Journal of International Law & Business

This paper discusses the structure of the Court of Arbitration for Sport (CAS) and its process for adjudicating disputes by looking through the lens of the recent Jordan Chiles case. The intertwined history of CAS and the International Olympic Committee, CAS’s lack of structural independence, its policies that strongly favor one side in disputes, and its lack of sufficient conflict of interest procedures demonstrate that CAS is a flawed arbitral body that does not properly safeguard the interests of athletes. The landmark European Court of Human Rights case, Case of Mutu and Pechstein v. Switzerland, ruled that CAS was sufficiently …

The Failings Of Post-War Japanese Antitrust Reforms, Gregory Hayes

Northwestern Journal of International Law & Business

This paper discusses the antitrust reform measures taken during the occupation of Japan following the end of World War II. These antitrust reforms included the dissolution of the zaibatsu business groups and the adoption of the Antimonopoly Act. However, the trust-busting and antitrust measures taken by Japan failed to prevent the eventual rise of keiretsu business groups and lower the concentration of corporate ownership in Japan. The primary reasons behind this failure were the inability of the reformers to fully dismantle the zaibatsu business groups and the changing priorities of the reformers due to the growing threat of the spread …

Train Or Restrain? Using International Perspectives To Inform The American Fair Use Analysis Of Copyright In Generative Artificial Intelligence Training, Serena Lightstone

Northwestern Journal of International Law & Business

The rise of generative artificial intelligence (“AI”) has brought questions regarding the permissibility of using copyrighted materials in training generative AI systems around the globe. This article examines whether such use constitutes infringement under the American fair use doctrine, drawing insights from the regulatory approaches of the European Union (EU) and Japan.

Ultimately, this article advocates for United States courts to recognize the permissibility of using copyrighted materials in training generative AI models, rejecting the EU’s rights-holder-centric approach, and going beyond Japan’s limited-permissibility solution. Through a detailed four-factor fair use analysis, this article demonstrates that training generative AI on copyrighted …

The Goldilocks Dilemma In Terminating Treaties: The Case Study Of Brexit And Trade, Catherine Fabiano

Northwestern Journal of International Law & Business

Treaties are an essential source of international law, and they are permitted to be terminated. The rules governing termination, namely the 1969 Vienna Convention on the Law of Treaties, highlight two main goals of treaties: the stability and flexibility of agreements. Brexit highlights these goals and illustrates the tensions that arise. When parties terminate their treaties, they are ultimately stuck in a goldilocks dilemma. Essentially, the parties have to balance a combination of factors to achieve just the right outcome. The United Kingdom and the European Union were caught in this goldilocks dilemma which Brexit depicts. In the end, the …

From Within: The Influence Of Domestic Non-State Actors On China’S International Legal Policies, Chaoyi Jiang, Li Chen

Northwestern Journal of International Law & Business

Beijing’s growing global influence has led to increased Chinese participation in various international initiatives, many of which intersect with international law, from trade to climate change. This has prompted scholars to focus more on China’s engagement with international law, aiming to develop effective strategies for interacting with this emerging global power.

Any analysis of international law’s role in a domestic system must consider the relevant actors, their influences, the issues they address, and the prevailing legal regime. This article offers new insights into Chinese policy formation by examining how influential domestic groups impact decision-making on specific public international law issues, …

The Business Judgment Rule In Stakeholder Capitalism, Thiago Spercel

Northwestern Journal of International Law & Business

The tension between shareholder primacy and stakeholder capitalism embodies a fundamental debate about the purpose of a corporation. These two perspectives offer contrasting views on whether a company should primarily serve the interests of its shareholders or consider the broader spectrum of stakeholders in its decision-making process, taking into account environmental, social and governance factors alongside financial performance. The Dodd-Berle debate from the 1930s and Milton Friedman’s teachings in the 1970s regarding the purpose of a corporation and the tension between shareholder primacy and stakeholderism have been reinvigorated. On the one hand, ESG considerations have become increasingly important in risk …

A New Era Of Accountability? The Holding Foreign Companies Accountable Act’S Pursuit Of Regulatory Equality, Robert Ruelas

Northwestern Journal of International Law & Business

This paper discusses the Holding Foreign Companies Accountable Act (HFCAA) as a response to the long-standing regulatory disparities between U.S. and foreign firms listed on U.S. stock exchanges, with particular regard to foreign firms from China. The HFCAA requires that any firms listed on U.S. stock exchanges be subject to inspections by the Public Company Accounting Oversight Board (PCAOB) or face delisting, aiming to eliminate historic regulatory disparities. The paper begins by highlighting the historic regulatory gap in oversight resulting from China’s lack of cooperation with U.S. regulators and continues by discussing the investor harm from various scandals that could …

Anglo-Saxon Res Judicata Culture For Civil Law Systems, Cesare Cavallini

Northwestern Journal of International Law & Business

One traditional aspect distinguishing the common law system from the civil law one lies in the perceived disparities in the inspiration of the law-making process. The Anglo-Saxon system typically grounds its rules in explicit and discernible policies spanning social, anthropological, and economic realms directly relevant to the circumstances. In contrast, the civil law tradition frequently necessitates a fixed conceptual framework, sometimes detached from the practical needs of society. Or, at least, this dynamic persisted until recent changes prompted by the “doing business” model, which has timidly ascended to the forefront of the State agenda, particularly across Europe, notably in Italy. …

Non-State Actors For Profit: Revisiting Transnational Corporations' Personhood And Responsibility Under International Law, Katayoon Beshkardana, Faraz Shahlaei

Northwestern Journal of International Law & Business

The growing impact of Transnational Corporations (TCs) on international trade, investment, and human rights raises the question of international corporate responsibility. For international responsibility, TCs must be recognized as subjects of international law with legal personality. Apart from states as the primary subjects of international law, such status has been granted to inter-governmental organizations (IGOs). The factors that contributed to the IGOs’ recognition as international law subjects seem to be present for TCs today. While the International Court of Justice granted such legal status to IGOs, for TCs, the best path to recognition would be to establish a global authority …

An Analytical Examination Of The Inefficacy Of China’S Independent Director System: A Comparative Perspective, Nanzhu Wang

Northwestern Journal of International Law & Business

This paper analyzes the effectiveness of China’s independent director (ID) system in listed companies following the 2023 regulatory reforms enacted by the China Securities Regulatory Commission (CSRC). These reforms raised the independence standards for IDs by broadening disqualification criteria and modifying the appointment mechanisms. Despite the establishment of an ID system this century and the recent enhanced standards, empirical evidence indicates persistent shortcomings in China’s ID mechanism. Many of the positive outcomes initially attributed to IDs—such as improved internal control or better firm performance—cannot conclusively isolate IDs’ independence or expertise as the true cause. In contrast, negative evidence, which specifically …

Repurposing The United Nations Trusteeship Council To Govern The Establishment Of Outer Space Settlements, Andrew Wulf

Northwestern Journal of International Law & Business

Current existing international law and treaties on outer space do not address or regulate private actors’ property claims or human settlements in outer space. American companies such as SpaceX and Blue Origin, as well as countries like the United States, Russia, and China, are seeking to create colonies on the Moon and Mars. However, there is no international legal authority to allow or regulate this. In order to legitimize and control this impending outgrowth of human settlements, this paper proposes that the U.N. Trusteeship Council be repurposed to govern non-state actors’ claims of outer space property.

First, this paper explains …

The Effect Of The Pro Act On Secondary Activity And International Trade, Christopher R. Rodenbaugh

Northwestern Journal of International Law & Business

No abstract provided.

Live And Let Liv?: The Case Against Antitrust Alarm And The Multi-Tour Future Of Professional Golf, Reed Silverman

Northwestern Journal of International Law & Business

No abstract provided.

Leveling The Playing Field: How To Get International Student-Athletes Paid Under Name, Image And Likeness, Justin Auh

Northwestern Journal of International Law & Business

No abstract provided.

Disciplining Cbdcs: Achieving The Balance Between Privacy Protection And Central Bank Independence, Cheng-Yun Tsang, Yueh-Ping Yang, Ping-Kuei Chen

Northwestern Journal of International Law & Business

Central bank digital currency (“CBDC”) is a crucial FinTech development that aspires to overhaul the current payment system. In the wake of the COVID-19 pandemic, CBDCs’ promises to reduce personal contact, facilitate socially desirable use of money, and initiate more targeted monetary measures have increased their popularity. In addition, CBDCs can potentially serve as a tool to internationalize a sovereign’s currency. World central banks, thus, have gradually formulated a consensus on structuring CBDCs, leaving the regulatory aspects of CBDCs deserving more attention. Among the regulatory issues related to CBDCs, observers often mentioned their association with privacy concerns, but comprehensive studies …

Trends In China-Africa Economic Relations And Dispute Settlement, Won Kidane

Northwestern Journal of International Law & Business

The rapid rise in the last two decades of China-Africa economic interactions in trade, investment, construction projects, and loans require sustained inquiry into the substantive rules of engagement and mechanisms of dispute settlement. Evidently, however, it would quickly emerge that the improvements in supranational legal frameworks have not kept pace with the growing scale and complexity of the economic interactions. While trade relations between China and Africa are theoretically subject to the same multilateral World Trade Organization (WTO) rules, they are in practice mostly based on informal unilateral concessions. Moreover, investment relations are partially governed by fragmented and mostly outdated …