Law and Economics Commons^™

Implications For Foreign Direct Investment In Sub-Saharan Africa Under The African Growth Opportunity Act, Rebecca Trent

Northwestern Journal of International Law & Business

In the wake of the September 11th attacks on the United States, there has been an outcry in the media over the economic, social, and political rights of individuals in less developed nations. The need to integrate developing nations into the global economy has been called for, not only for sheer humanitarian reasons, but also as a means to prevent catastrophic actions by those who feel left out when it comes to globalization. It is said that "rich countries will pay a price" if they cannot find ways to integrate developing nations into the international economy and that "security depends …

Turning Competition On Its Head: Economic Analysis Of The Ec's Decision To Bar The Ge-Honeywell Merger, Paul Jin

Northwestern Journal of International Law & Business

On July 3, 2001, the Commission of the European Communities ("Commission") rejected the proposed $45 billion merger between The General Electric Company ("GE") and Honeywell International, Inc. ("Honeywell"), which U.S. antitrust regulators had approved. Of the some 400 mergers involving U.S. companies reviewed by the Commission since 1990, only one had ever been barred. In that instance, however, U.S. authorities had also blocked the proposed transaction. Thus, the failed GE-Honeywell merger marked the first time the Commission had blocked a merger involving U.S. companies that had been approved by U.S. authorities. The Commission's move to block the GE-Honeywell merger brought …

The Economics Of Private Law Harmonization, John Linarelli

Scholarly Works

No abstract provided.

Trade-Related Aspects Of Intellectual Property Rights And Biotechnology: European Aspects, John Linarelli

Scholarly Works

There does not seem to be a widely held view among WTO members of the proper role and scope of TRIPS. One of the main reasons why TRIPS is controversial is because it allocates rights in innovation, some would say beyond the bounds of what a trade agreement should seek to do. The lines of the debate are often conceptualized in terms of 'developing' versus 'developed' country differences. One of the major areas of disagreement is how TRIPS deals with rights in biotechnology. Some developing countries are relatively rich in biodiversity and traditional knowledge but poor in capital and scientific …

Conflict Of Economic Laws: From Sovereignty To Substance, Hannah Buxbaum

Articles by Maurer Faculty

This article examines how the globalization of economic markets, and attendant changes in international regulatory strategies, challenge the traditional framework of private international law. It examines a variety of developments in the areas of securities, antitrust, and bankruptcy law, analyzing the ways in which they undermine the conception of regulatory power as grounded in the territorial authority of sovereign states. Specifically, the article argues that these changes reflect a shift in conflicts jurisprudence away from the traditional jurisdiction-selecting model and toward a substance-based model, in which a state's economic policy interests can be protected simply through assurance that the substance …

Law And Regulatory Competition: Can They Co-Exist?, John C. Coffee Jr.

Faculty Scholarship

It is possible to read Stephen Choi's article with admiration and enjoyment – until a critical point is reached at its very end. In an analysis that is balanced, nuanced, and thorough, Professor Choi initially reviews the recent debate over the role of law in fostering the development of financial markets. As others have also concluded, he finds a correlation between quality of law and financial development. At a few points, he may accept too easily the claim that the common law is superior to the civil law in fostering economic growth, without adequately considering the problem of multicollinearity that …

Racing Towards The Top?: The Impact Of Cross-Listing And Stock Market Competition On International Corporate Governance, John C. Coffee Jr.

Faculty Scholarship

Cross-listing by foreign issuers onto U.S. exchanges accelerated during the 1990s, bringing international market centers into competition for listings and draining liquidity from some regional markets. Although cross-listing has traditionally been explained as an attempt to break down market segmentation and to increase investor recognition of the cross-listing firm, the globalization of financial markets and instantaneous electronic communications render these explanations increasingly dated. A superior explanation is "bonding": Issuers migrate to U.S. exchanges because by voluntarily subjecting themselves to the United States's higher disclosure standards and greater threat of enforcement (both by public and private enforcers), they partially compensate for …

International Environmental Law And Emotional Rational Choice, Peter H. Huang

Publications

This paper considers how emotions can foster compliance by rational actors with international environmental law. Many environmental issues are highly emotionally charged. Both supporters of and opponents to international environmental law often feel very strongly about their positions and views. A psychological game-theoretic model focuses on the disciplinary role that losing face may play in compliance with international environmental law. This model implies that non-compliance, especially by high-profile international actors, should be highly and swiftly publicized upon detection and verification. The model also explains why actors care so much about soft, that is, non-binding international environmental law, such as international …

Ever The Twain Shall Meet, Fred S. Mcchesney

Michigan Law Review

Instinctively, corruption is deplorable. Nobody likes private citizens paying governmental officials for special favors. Few have deplored corruption longer or in greater detail than economist Susan Rose-Ackerman. In Corruption and Government, Professor Rose-Ackerman discusses how corruption starts ("causes"), why it is bad ("consequences"), and how to stop it ("reform"), principally from an economic perspective. Professor Rose-Ackerman's interest in corruption derives partly from her outside work with international agencies, especially time spent at the World Bank - "a transformative experience" (p. xi). Her twenty-two page bibliography ranges across sources in economics and politics, plus many documents from the World Bank and …

China's One Country, Two Systems Paradigm Extends Itself Beyond The Mainland's Borders To The Southern Provincial Government Of Hong Kong, William I. Friedman

Florida State University Journal of Transnational Law & Policy

No abstract provided.

Constitutional Change And International Government, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Governing Sports In The Global Era: A Political Economy Of Major League Baseball And Its Stakeholders, Mark S. Rosentraub

Indiana Journal of Global Legal Studies

No abstract provided.

The Case For Cooperative Territoriality In International Bankruptcy, Lynn M. Lopucki

Michigan Law Review

Universalism - the idea that a multinational debtor's "home country" should have worldwide jurisdiction over its bankruptcy - has long had tremendous appeal to bankruptcy professionals. Yet, the international community repeatedly has refused to adopt conventions that would make universalism a reality. In an article published last year, I proposed an explanation. Universalism can work only in a world with essentially uniform laws governing bankruptcy �nd priority among creditors - a world that does not yet exist. Because it is impossible to fix the location of a multinational company in a global economy, the introduction of universalism in current world …

Resolving Transnational Insolvencies Through Private Ordering, Robert K. Rasmussen

Michigan Law Review

There is no international bankruptcy law. No question, there are international insolvencies. Transnational firms, just like domestic ones, often cannot generate sufficient revenue to satisfy their debt obligations. Their financial distress creates a situation where assets and claimants are scattered across more than one country. But there is no international law that provides a set of rules for resolving the financial distress of these firms. The absence of any significant free-standing international bankruptcy treaty means that a domestic court confronted with the domestic part of a transnational enterprise has to decide which nation's domestic bankruptcy law will apply to which …

International Bankruptcy: In Defense Of Universalism, Andrew T. Guzman

Michigan Law Review

The globalization of business activity is rightfully celebrated as one of the triumphs of the second half of the twentieth century. The benefits stemming from the globalization of commerce are substantial, but international transactions also bring with them important challenges for the world's legal systems. Traditionally, national governments could focus on their domestic economies without undue attention to international issues. Today, however, a country's policymakers must respond to the growth in international business activity with appropriate legal changes. Failure to do so will cause their legal regimes to fall further and further out of step with the needs of the …

Foreward: Mergers, Market Access And The Millennium, Eleanor M. Fox

Northwestern Journal of International Law & Business

The symposium issue is a nice microcosm of the competition law issues facing the world. It presents the tensions between national control and world integration. It presents the twin, conflicting impulses to eschew internationalization, hoping to do well enough by deepened positive comity (Waller), and to embrace internationalization at least cautiously to address concerns where unharnessed operation of national interests obstructs efficient solutions and where internationalization is most likely to sidestep the political landmines (Fiebig).

Investing In China's Telecommunications Market: Reflections On The Rule Of Law And Foreign Investment In China, Leontine D. Chuang

Northwestern Journal of International Law & Business

The lack of clarity in China's investment laws has translated into an investment environment that is often uncertain, risky, and mired in red tape. In fact, there have been cases where foreign corporations have invested in joint ventures following what they thought to be all the requisite guidelines, only to find out after the money had exchanged hands that something was terribly wrong with the entire agreement. A perfect example of this is the birth, development, and eventual demise of the ill-fated China-China-Foreign (hereinafter "CCF") investment vehicles used for investment in China's telecommunications industry in the past few years. This …

Argentina And The Telecommunications Industry: The Difficult But Necessary Path Toward Liberalization, Vanessa P. Rubinstein

Northwestern Journal of International Law & Business

This article provides a synopsis of Argentina's telecommunications industry and examines the compelling reasons why Argentina must effectively liberalize the industry while eliminating its hidden protectionist policies. Part II presents a historical overview of the Argentina's telecommunications industry and analyzes Argentina's domestic laws requiring liberalization. Part III explores the main economic policy reasons for why liberalization of the Argentine telecommunications industry is essential. Part IV offers recommendations to better achieve effective development, liberalization and competition in the telecommunications industry. This article concludes that Argentina must completely liberalize its telecommunications industry for basic services, thereby abiding by its domestic legal commitments …

The Problem With Scorecards: How (And How Not) To Measure The Cost-Effectiveness Of Economic Sanctions, Richard Parker

Faculty Articles and Papers

No abstract provided.

The Role Of Dispute Settlement In World Trade Law: Some Lessons From The Kodak-Fuji Dispute, John Linarelli

Scholarly Works

No abstract provided.

Critical Race Theory And Postcolonial Development Theory: Observations On Methodology, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Ratcheting Labor Standards: Regulation For Continuous Improvement In The Global Workplace, Charles F. Sabel, Dara O'Rourke, Archon Fung

Faculty Scholarship

It is a brute fact of contemporary globalization – unmistakable as activists and journalists catalog scandal after scandal – that the very transformations making possible higher quality, cheaper products often lead to unacceptable conditions of work: brutal use of child labor, dangerous environments, punishingly long days, starvation wages, discrimination, suppression of expression and association. In all quarters, the question is not whether to address these conditions, but how.

That question, however, admits no easy answers. Globalization itself has freed capital from many of its former constraints – national workplace standards, collective bargaining, and supervisory state agencies and courts – designed …

Does The "Good Governance Policy" Of The International Financial Institutions Privilege Markets At The Expense Of Democracy?, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Transfer Of Technology In The Contemporary International Order, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

Encouraging Foreign Direct Investment In Vietnam: Economic Reform, Protection Against Expropriation, And International Arbitration, Hiep D. Truong

Florida State University Journal of Transnational Law & Policy

No abstract provided.

Microfinance And The Mechanics Of Solidarity Lending: Improving Access To Credit Throught Innovations In Contract Structure, Jameel Jaffer

Florida State University Journal of Transnational Law & Policy

No abstract provided.

Integration Of International Financial Regulatory Standards For The Chinese Economic Area: The Challenge For China, Hong Kong, And Taiwan, Lawrence L.C. Lee

Northwestern Journal of International Law & Business

This article initially reviews the current development of financial services that converge regulatory systems around the world. Along with focusing on banking and securities, this article assesses financial systems and regulators within China, Hong Kong, and Taiwan respectively. The evaluation of the CEA's financial system is based on recommendations issued by the Basle Committee. In addition, with respect to the principle of national treatment, this article evaluates the operations of foreign financial institutions in the CEA. In the future, participation in the WTO will enable the CEA to experience greater growth and increase its participation in the internationalization of financial …

Exit And Voice In The Age Of Globalization, Eyal Benvenisti

Michigan Law Review

The "globalization" of commerce provides ever-growing opportunities for producers, employers, and service providers to shop the globe for more amenable jurisdictions. While they enjoy a "race to the top," an international "race to the bottom," spawned by decreasing relocation costs, threatens to compromise the achievements of the welfare state and lower standards of consumer protection. National governments, weakened by competition that entails leaner budgets, find it increasingly difficult to cooperate in the appropriation of crucial shared natural resources, seriously endangering these assets while damaging the environment. Not only does the growing global competition create both efficiency losses and social-welfare problems, …

Causes Of Inequality In The International Economic Order: Critical Race Theory And Postcolonial Development, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

The Political Economy Of Statutory Reach: U.S. Disclosure Rules In A Globalizing Market For Securities, Merritt B. Fox

Michigan Law Review

This Article addresses the appropriate reach of the U.S. mandatory securities disclosure regime. While disclosure obligations are imposed on issuers, they are triggered by transactions:- the public offering of, or public trading in, the issuers' shares. Share transactions are taking o n an increasingly transnational character. The barriers to a truly global market for equities continue to lessen: financial information is becoming increasingly globalized and it is becoming increasingly inexpensive and easy to effect share transactions abroad. There are approximately 41,000 issuers of publicly traded shares in the world. For an ever larger portion of these issuers, there will be …