International Trade Law Commons^™

Securities Law In The European Community: Harmony Or Cacophony?, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Challenges To The Doctrine Of Free Trade, Jagdish N. Bhagwati

Faculty Scholarship

The doctrine of free trade is facing new challenges today. As one surveys the policy arena, questions are raised about free trade by those who worry about Japan (and today this includes many more than the "revisionists") and who argue that free trade with Japan is not gainful. Several environmentalists as well oppose free trade with passion. These concerns relate to what now is called the absence of "level playing fields": "fair trade" as a precondition of free trade is the battle cry.

There is also the fear that free trade, even if efficient, hurts the unskilled and thus immiserizes …

Sectoral Strategies And Participant Commitments: The Keys To Effective Trade And Industrial Policies, Robert E. Scott

Faculty Scholarship

The declining competitiveness of the U.S. manufacturing sector of the most important causes of the decline in real wages and the stagnation in the level of the median family incomes which have plagued the United States since about 1973. Although the reports of the decline in American living standards were greeted with some skepticism when they first appeared in the work of the Economic Policy Institute ("EPI") in 1985, they have now achieved a high level of prominence on the national policy agenda. More recent studies by EPI and other research groups urge two cures for the decline. First, employment …

Precaution, Participation And The "Greening" Of International Trade Law, Naomi Roht-Arriaza

Faculty Scholarship

No abstract provided.

Trade And Environment: An Environmentalist View, Naomi Roht-Arriaza

Faculty Scholarship

No abstract provided.

Gatt Membership In A Changing World Order: Taiwan, China, And The Former Soviet Republics, Lori Fisler Damrosch

Faculty Scholarship

My introduction to questions of GATT membership came in 1979 when, as an attorney in the U.S. Department of State, I was immersed in a series of issues concerning trade relations with the People's Republic of China ("China" or "PRC") and Taiwan ("Republic of China" or "ROC"). I kept hearing about the "Chinese seat" in the GATT as if it were some piece of furniture waiting to be taken out of storage and put back in the dining room. The image of a chair is hardly an apt way of visualizing the extraordinarily complex network of legal relationships that exists …

Surveillance Schemes: The Gatt's New Trade Policy Review Mechanism, Petros C. Mavroidis

Faculty Scholarship

In 1986 the Contracting Parties to the General Agreement on Tariffs and Trade (GATT) launched the Uruguay Round of multilateral trade negotiations, the most ambitious round of trade negotiations to date. The Contracting Parties to the GATT agreed in the Punta Del Este Declaration to introduce into the GATT system three new sectors for negotiation: services, trade-related intellectual property rights (TRIPs), and trade-related investment measures (TRIMs). In addition, for the first time in GATT history, the Contracting Parties agreed to devote a negotiating group exclusively to negotiating the tricky aspects of international trade in agricultural products. Another goal of the …

The Second Circuit's Role In Expanding The Sec's Jurisdiction Abroad, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

International Securities Regulation: London's "Big Bang" And The European Securities Markets, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

The Brooklyn Law School -- New York Stock Exchange, Inc. Breakfast Roundtables, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

The International Trading System, Jagdish N. Bhagwati

Faculty Scholarship

The 25th Anniversary of the founding of UNCTAD is an occasion to remember, not for its failures, which it shares inevitably with every international organization that is set up to address complex economic issues that concern developing countries with diverse constraints and objectives, but for its successes, which have been unduly neglected.

Here, I shall recount only three of the many intellectual accomplishments focusing on the early lead that UNCTAD has provided on questions that have attracted academic attention and invited policy redress in national and international fora.

The World Trading System: Law And Policy Of International Economic Relations, Lori Fisler Damrosch

Faculty Scholarship

This book serves an important need by providing a clear overview of an increasingly complex subject. The author, a leading figure in international trade law, has distilled his accumulated wisdom into an accessible account of the major features of the world trading system. His intended audience includes not only lawyers, but political scientists, economists, government officials and others as well. While he acknowledges that his own "comparative advantage" is in the legal aspects of the field (p. 6), he places the legal concepts in their political and economic context to write a treatment that will be enlightening to readers from …

International Trade Issues For The 1990s, Jagdish N. Bhagwati

Faculty Scholarship

The open, multilateral trading system, centered on the General Agreement on Tariffs and Trade, is currently at risk. The threat continues to come from familiar directions. But there are new problems too.

Notice-And-Comment Rights For Administrative Decisions Affecting International Trade: Heightened Need, No Response, William Araiza

Faculty Scholarship

No abstract provided.

Transnational Takeover Talk: Regulations Relating To Tender Offers And Insider Trading In The United States, The United Kingdom, Germany, And Australia, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

The Case For Parallel Importation, Rory K. Little, Jamie S. Gorelick

Faculty Scholarship

No abstract provided.

Symposium: The Internationalization Of The Securities Markets - Introduction, Tamar Frankel

Faculty Scholarship

This symposium on international trading in securities was the brain child of William Schwartz, Dean of the Boston University School of Law, and John J. Phelan, President of the New York Stock Exchange. The idea was implemented by Donald L. Calvin, Executive Vice President of the New York Stock Exchange, and myself, with the staff and students of Boston University School of Law. The event was held in New York City on October 18, 1985.

The symposium had three purposes: first, to present a picture of the current status of international trading in securities, which has been developing rapidly; second, …

Economic Perspectives On Trade In Professional Services, Jagdish N. Bhagwati

Faculty Scholarship

This paper will bring an economist's perspective to bear on three questions raised at this conference by some of the other important contributions:

1. How are services different from goods;
2. What implications do these differences have for the rules we seek to negotiate to free trade in services; and
3. How can we induce the key developing countries, such as Brazil, Egypt and India, which have generally opposed liberalization of trade in services, to support it?

Answers to these questions will naturally bear critically on the narrower question of international trade in professional, and especially legal, services, since recommendations and decisions on …

Rendering Arbitral Awards With Reasons: The Elaboration Of Common Law Of International Transactions, Thomas E. Carbonneau

Faculty Scholarship

With the growth of international trade, arbitration has emerged as the preferred remedy for resolving private international commercial disputes. In fact, among major Western legal systems such as those of England, the United States and France, statutory and decisional law developments indicate a nearly complete acceptance of international arbitral adjudication. This recognition of arbitral procedure and the enforcement of awards, which are given uniform legal recognition and enforcement by domestic legal systems, either as provisions in international conventions or as principles of national statutory or decisional law. These rules, in effect, represent an international consensus on arbitration and constitute a …

Arbitral Adjudication: A Comparative Assessment Of Its Remedial And Substantive Status In Transnational Commerce, Thomas E. Carbonneau

Faculty Scholarship

With the growth of international trade, arbitration has emerged as the preferred remedy for disputes in private international commerce. Its adjudicatory features respond well to the sui generis dispute resolution needs of international commercial contracts. Most significantly, an arbitration agreement acts as an elaborate choice-of-forum clause. It allows the parties to satisfy their need for a predictable and effective dispute resolution process by creating a more realistic and workable framework that supersedes the fundamentally parochial alternative proffered by national legal systems. The party autonomy principle that underlies arbitration gives the contracting parties the power to fashion a remedial process tailored …

Directly Unproductive, Profit-Seeking (Dup) Activities, Jagdish N. Bhagwati

Faculty Scholarship

This paper proposes directly unproductive, profit-seeking (DUP) activities as a general concept that embraces a wide range of recently analyzed economic activities, including the subset of rent-seeking activities considered by Krueger. It then proceeds to provide a syn-thesis and generalization of the welfare-theoretic analysis of such activities by developing a fourfold categorization of cases depending on the levels of distortions before and after the DUP activity. Thus a unification and overview of the subject are achieved.

Revenue Seeking: A Generalization Of The Theory Of Tariffs – A Correction, Jagdish N. Bhagwati, T.N. Srinivasan

Faculty Scholarship

In our paper on "Revenue Seeking: A Generalization of the Theory of Tariffs" (1980), we extended the theory of tariffs to include revenue seeking. We also compared tariffs with quotas, under seeking activities associated with the revenues from the former and with the rents (i.e., license premia) from the latter.

Foreign Ownership And The Theory Of Trade And Welfare, Richard A. Brecher, Jagdish N. Bhagwati

Faculty Scholarship

Some standard topics in the theory of international trade are reconsidered in this paper by distinguishing between national and aggregate income when fixed supplies of foreign inputs are present within the home country. Under conditions that would ensure a national welfare gain if' foreign ownership were absent, international transfer, economic growth, or tariff policy might cause a national welfare loss in the presence of foreign ownership. The techniques developed could be applied to other domestic distinctions (such as those based on race, sex, age, or ethnicity) and to the theory of' customs unions in a three-country world.

Socialist Countries In Gatt, K. Grzybowski

Faculty Scholarship

No abstract provided.

Trigger Price Mechanism: Protecting Competition Or Competitors, The , Jacqueline Nolan-Haley

Faculty Scholarship

The International Trade Commission asserted that for most of 1978 and probably for the indefinite future, the TPM was "the greatest single factor influencing the conditions of competition" in the U.S. steel industry. The precise contours of this influence are uncertain. While it is premature to assess adequately the economic impact of the TPM, it is possible to make some observations vis-a-vis our national antitrust policy goals. The TPM, like the steel VRA's of 1972, has had no discernable impact on increasing efficiency through expansion, modernization or development of domestic steel-making technology. The TPM, however, does have an impact on …

Trade In Place Of Migration, Jagdish N. Bhagwati

Faculty Scholarship

This is a very useful and welcome study, sponsored by the World Employment Programme of the I.L.O., of the effects that increased trade flows could have on the level of employment in one “receiving country,” West Germany, and two sending countries, “Spain and Turkey,” and their implications for immigration policies.

Revenue Seeking: A Generalization Of The Theory Of Tariffs, Jagdish N. Bhagwati, T.N. Srinivasan

Faculty Scholarship

The theory of commercial policy has recently addressed three phenomena: (i) tariff (quota) seeking or lobbying by potential beneficiaries for the imposition of a tariff (quota), (ii) tariff (quota) evasion, and (iii) rent seeking or lobbying for getting an allocation of the import quota to earn the rents generated. Revenue seeking or lobbying to secure a share in the disposition of the tariff revenues is analyzed here. It is shown that revenue seeking may, even for a small country, result in a reduction in importable output. Furthermore, revenue seeking may be welfare improving. Rent seeking may be welfare improving as …

East-West Trade Regulation In The United States (1974 Trade Act, Title Iv), Kazimierz Grzybowski

Faculty Scholarship

No abstract provided.

Shadow Prices For Project Selection In The Presence Of Distortions: Effective Rates Of Protection And Domestic Resource Costs, T.N. Srinivasan, Jagdish N. Bhagwati

Faculty Scholarship

The paper addresses the problem of deriving shadow prices for use in project evaluation when the existing allocation is characterized by ad valorem trade distortions. The analysis is used to clarify and resolve the long-standing debate among effective-rate-of-protection and domestic resource-cost proponents as to the respective merits of their measures as methods of project evaluation. The derivation of shadow factor prices is then extended to three major factor market imperfections familiar from extensive trade-theoretic analysis.

Towards Integrated Management Of International Trade - The U.S. Trade Act Of 1974, Kazimierz Grzybowski, Victor Rud, George Stepanyenko

Faculty Scholarship

No abstract provided.