International Trade Law Commons^™

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 …

The Role Of International Lending In Developing Economies, Orville L. Freeman

Vanderbilt Journal of Transnational Law

A consideration of International Lending: The Case of Developing Nations is timely not only because of the forces that are propelling the Third World into a position of increasing strategic and political importance but also as a recognition of the importance of credit to development and of the fact that loans and self-help, rather than massive infusions of outside assistance, are the key to real development. It is not this writer's intention to discuss different forms of credit or the many practical, technical and legal hurdles to mobilizing and delivering loans to the Third World on a fair basis to …

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; …

Emerging Neo-Mercantilism In Canadian Policy Toward State Enterprises And Foreign Direct Investment, Douglas F. Lamont

Vanderbilt Journal of Transnational Law

Canadians have written many volumes about their relative inability to preserve their domestic economy from the deepening entanglements of American foreign investment. They cite such highly visible names as Exxon and General Motors for special notice since their Canadian subsidiaries dominate their respective local industries. Canadian nationalists fear that these firms as well as others from the United States will rejuvenate the now discredited continental thesis, which calls for the economic merger of Canada and the United States into one highly-integrated North American market. So uneasy are Canadians about potential American challenges to their sovereignty that they have resurrected mercantilistic …

The Trade Act Of 1974: Section 337 Of The Tariff Act And The Public Interest, John F. Mcdermid

Vanderbilt Journal of Transnational Law

The Trade Act of 1974 amended section 337 of the Tariff Act of 1930, and thereby substantially modified the procedures for the conduct of United States International Trade Commission investigations concerning unfair practices in import trade. The Trade Act changed the role of the ITC from that of a relatively passive adviser on potential courses of action to the President to that of final judge, subject to Presidential override and judicial review, of whether a violation of the Act has occurred. Additionally, the Trade Act provides that in the event that the violation is found, the ITC may now issue …

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 …

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 …

Establishing An International Commercial Arbitration Council: A Preliminary Proposal, Martin Domke

Vanderbilt Journal of Transnational Law

There has been, in recent years, a substantial growth of international trade. This phenomenon has not confined itself to the more economically developed nations of the world. The developing countries, with different economic and social structures, have also participated in the increased trade activity. Moreover, it can be expected that this trend will continue in the coming years, steadily forging more and more links between countries in all parts of the world.

Growth of trade activity is necessarily accompanied by a corresponding increase in the number of disputes between parties to commercial agreements. The business community is in general accord …

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 …

The Changing Framework Of Concession Agreements And The Oil Industry, Journal Staff

Vanderbilt Journal of Transnational Law

This Symposium presents discussions of various aspects of the subject of the changing framework of concession agreements and the oil industry. Dr. Zuhayr Mikdashi analyzes policy considerations that influence developing nations seeking greater benefit from their resources, and presents several suggestions for increased cooperation among developing countries. Dr. Theodore Moran offers a critical evaluation of traditional United States investment policies and advocates a modified concession agreement aimed at minimizing friction between the parties. Mr. James Jensen concludes the Symposium with a comprehensive analysis of recent trends in company-state relations in the Middle East.

International Lending: The Case For Developing Nations, Harold G. Maier

Vanderbilt Journal of Transnational Law

As is peculiarly appropriate for any conference dealing with a rapidly developing and constantly changing area of international economic activity, both the speakers and the participants at this meeting raised more questions than were answered. A principal theme, illustrated by the papers reproduced here, was the need for careful consideration of the problem--legal and commercial-- involved in international lending on the basis of specific information concerning its effect, its promise and the needs involved. Generalizations concerning activities in developing countries are increasingly ineffective as guides to government or business policy or academic inquiry. Recent events in the Middle East confirm …

Recent Treaties And Statutes, Charles H. Manning, Annette Adams, Alan D. Mazer

Vanderbilt Journal of Transnational Law

Foreign Investment--The Canadian Foreign Investment Review Act--An Act to Screen Foreign Investment in Canada--Allowing those Investments of Significant Benefit to Canada

Charles H. Manning

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International Economics--Caribbean Common Market--Caribbean Countries Band together to Promote Regional Cooperation and Achieve Economic Integration

Annette Adams

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Panama Canal Treaty--Statement of Principles provides Guidelines for Negotiation of New Panama Canal Treaty in Complete Abrogation of 1903 Treaty as Amended--Joint Statement of the Honorable Henry A. Kissinger, Secretary of State of the United States of America, and His Excellency Juan Antonio Tack, Minister of Foreign Affairs of the Republic of Panama, on February 7, 1974 …

Changes In The Investment Climate In Developing Nations, Jack Baranson

Vanderbilt Journal of Transnational Law

The changes of the 1960's point to two important trends in the 1970's--the continuing erosion of the foreign investment base and an expanding drive toward technological self-reliance. These tendencies have important implications for future operational modes of multinational corporations and for further adjustments in the world economy. First, developing countries will continue their efforts to eliminate foreign ownership and control of their industries and their preference for licensing arrangements and management services will continue to erode the foreign investment base. Secondly, developing countries will not be satisfied with the transfer of manufacturing techniques and related management systems. They will want …

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 …

Import Controls On Foreign Oil: Reply, George A. Hay

Cornell Law Faculty Publications

The position of Ryan Amacher, Robert Tollison, and Thomas Willett (ATW) can be summarized as follows: Assuming that the domestic industry behaves like a profit-maximizing monopoly, if the quota on imported crude oil is replaced by a tariff that is by assumption set so as to achieve the same domestic price of crude oil, the market power of the dominant domestic firms is "severely constrained."

In response I would contend that 1) their assumption about the level of the tariff differs from what I had assumed; 2) their conclusion about the market power of the dominant firms is subject to …

Conflicts Between Treaties And Subsequently Enacted Statutes In Belgium: Etat Belge V. S.A. "Fromagerie Franco-Suisse Le Ski", Michigan Law Review

Michigan Law Review

In Etat Belge v. S.A. "Fromagerie Franco-Suisse Le Ski," the Supreme Court of Belgium was faced with a conflict between a provision of the European Economic Community (EEC) treaty and a domestic law enacted subsequent to Belgian ratification of the treaty. The traditional approach in Belgium--and, incidentally, the rule in the United States--had been to give effect to whichever was enacted later in time. Although not stated explicitly in any constitutional provision, this rule had been well settled in Belgium.

The East-West Trade Conference, Law Day 1973, Joseph Sneed, Dean Rusk, Peter Flanigan, Evgeniy Bugrov, Chesterfield H. Smith

Law Day Lectures

Lecture entitled "The Law Enforcement Process and the Citizen" delivered by Joseph T. Sneed, U.S. Deputy Attorney General. Distinguished Service Scroll awarded to Oscar M. Smith, and Hamilton Lokey.

Address by Chesterfield Smith, President-Elect, American Bar Association, "East-West Trade as a Harbinger of World Peace" delivered on April 27.

United States Protectionism In International Trade--The Laws, The Courts, And The Economic Rationale--An Overview, Levi Daniel Boone Iii

Kentucky Law Journal

No abstract provided.

The Rule Of Reason Under Article 85(1) Of The Treaty Of Rome And Vertical Distributorship Agreements In European Economic Community Antitrust Case Law , Stuart S. Malawer

Maryland Law Review

No abstract provided.

Exchange Control, Liberalization, And Economic Development, Jagdish N. Bhagwati, Anne O. Krueger

Faculty Scholarship

This paper highlights results of the National Bureau of Economic Research's (NBER) research project on exchange control, liberalization and economic development from 1970-1973. Initial adoption of exchange controls was generally an ad hoc response to external events. The optimal resource allocation dictum – that the marginal cost of earning foreign exchange should be equated with the marginal cost of saving foreign exchange – was generally abandoned in favor of saving foreign exchange at all costs. An export-oriented development strategy generally entails relatively greater use of indirect, rather than direct, interventions. There is considerable evidence from the individual country studies that …

Exports And Antitrust: Must Competition Stop At The Water's Edge?, Dudley H. Chapman

Vanderbilt Journal of Transnational Law

The ground rules governing competition in international trade rank high among current issues of economic policy. The President's pending Trade Bill and its companion bill on competitive practices place a new emphasis on issues of unfair competition. These issues were prominent during the early 1900's and the interwar years but have rested in abeyance through the long post-war transition. The economic predominance of the United States characterized the post-war period. Now that Europe and Japan are once again formidable competitors in the world marketplace, the rules governing competition on the international level have regained their prior importance. As may be …

International Commercial Arbitratikon Under The United Nations Convention And The Amended Federal Arbitration Statute, Donald P. Swisher

Washington Law Review

With little fanfare the United States in 1970 revolutionized its treatment of private international arbitration by acceding to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards and by amending the federal arbitration statutes to give extremely broad effect to the arbitral remedy in most international transactions. As a result, a party with an agreement to arbitrate an international commercial dispute to which the new enactments apply can look to the federal courts and federal law for enforcement of the agreement to arbitrate and for recognition of the award of the arbitrators, regardless of whether the …

Effective Pollution Control In Industrialized Countries: International Economic Disincentives, Policy Responses, And The Gatt, Frederic L. Kirgis Jr.

Michigan Law Review

It is generally recognized that efforts toward meaningful pollution control by an industrialized nation or group of nations raise economic problems at the international level. Discussion has touched upon the balance of trade and the effects for developing countries. Yet there seems to have been little attempt to analyze how these problems will manifest themselves and how they may be resolved within the current international legal-economic ordering system. This Article cannot deal with them all, but will examine closely the international competitive disincentives to truly effective pollution-control efforts in the industrialized countries, where environmental imperatives bear heavily on national decision-makers. …

Adjustment To Hardship Caused By Imports: The New Decisions Of The Tariff Commission And The Need For Legislative Clarification, Carl H. Fulda

Michigan Law Review

The General Agreement on Tariffs and Trade, known as GATT, embodies the commitments of its contracting parties, now numbering eighty countries, to enter "into reciprocal and mutual advantageous arrangements directed to the substantial reduction of tariffs and other barriers to trade and to the elimination of discriminatory treatment in international commerce."

Antidumping Laws As Barriers To Trade--The United States And The International Antidumping Code, John J. Barceló Iii

Cornell Law Faculty Publications

No abstract provided.

The Regulation Of Subsidies Affecting International Trade, Warren F. Schwartz, Eugene W. Harper Jr.

Michigan Law Review

We will begin by examining the basic contours of the present GATT regulation of subsidies. We will then consider the theory of comparative advantage underlying the GATT regime and introduce the complications of externalities and the governmental process designed to take account of them. Finally, we will make some tentative suggestions for changes in rules and institutions that might serve to improve the present state of affairs.

Fulda & Schwartz: Regulation Of International Trade And Investment, Cases And Materials, Sigmund Timberg

Michigan Law Review

A Review of Regulation of International Trade and Investment, Cases and Materials by Carl H. Fulda and Warren F. Schwartz

Recent Developments, Law Review Staff

Vanderbilt Law Review

The doctrine of sovereign immunity' prohibits the courts from assuming jurisdiction of a foreign sovereign without that sovereign's voluntary acquiescence, and the act of state doctrine prohibits the courts from assuming jurisdiction to judge the acts of a foreign sovereign performed within the geographical borders of its own country. In the United States, a judicial determination of self-restraint under either of these two doctrines effectively operates to bar further litigation on complaints brought against foreign governments or their instrumentalities and on complaints brought against private individuals, but based on the acts of their sovereigns. Despite the common policy foundations of …

Survey Of Czechoslovak Laws Affecting East-West Trade, Stephen J. Vasek Jr.

Law Faculty Scholarly Articles

Between 1960 and 1967 all of the major codes of Czechoslovak laws were redrafted. The culminating work in the redrafting process was the New Economic Model (NEM) which became effective in January, 1967. Under the NEM, allocation of resources and trade decisions were to be made primarily on the basis of profitability. The key to the implementation of the profit motive was the new market price system, under which prices were eventually to be determined by supply and demand rather than set by administrative fiat. Bonuses were to be paid workers and managers based upon the profitability of their enterprise. …