Subsidiarity perspectives on the new trade agenda
Source: Journal of International Economic Law, Volume 3, Number 1, 1 March 2000 , pp. 83-114(32)
Publisher: Oxford University Press
Abstract:Despite the substantial achievements of the Uruguay Round, the trading system is faced with new and growing demands to extend the liberalization of international commerce and the purview of its rules in new areas hitherto considered only of domestic concern. This new trade agenda is mainly driven by the increasing integration of the world economy that has multiplied the interlinkages and reciprocal impact of domestic policies and measures. In this context it may be useful to use the notion of subsidiarity as a benchmark to assess the desirability and effectiveness of addressing policy challenges at the international level. The paper argues that in the case of investment, competition policy, and domestic (economic) regulation a multilateral rule-making response represents a first-best outcome, if the nature of the trans-border externality, market or policy failure it addresses is inherently or increasingly global in character.
Document Type: Original Article
Publication date: 1 March 2000
- The Journal of International Economic Law is dedicated to encouraging thoughtful and scholarly attention to a very broad range of subjects that concern the relation of law to international economic activity, by providing the major English language medium for publication of high-quality manuscripts relevant to the endeavours of scholars, government officials, legal professionals and others. The emphasis will be on fundamental, long-term, systemic problems and possible solutions, in the light of empirical observations and experience, as well as theoretical and multi-disciplinary approaches. It is expected, therefore, that the journal's contents will potentially influence real events and provide important critiques of policies, negotiations, or court and tribunal cases. In this manner the journal should contribute modestly to promoting peace, world welfare and enhancement of the quality of life for all peoples.