International Economic Law and Development Before and After Neo-Liberalism
INTERNATIONAL LAW, ECONOMIC GLOBALIZATION AND DEVELOPMENT, Julio Faundez, Celine Tan, eds., E. Elgar, 2010
25 Pages Posted: 4 Nov 2009 Last revised: 13 Nov 2009
Date Written: November 3, 2009
In recent years International Economic Law (IEL) has emerged as the most important field of International Law due largely to its close association with the Washington Consensus. The rapid ascent of IEL and its link to the prevailing development paradigm raise an array of complex and highly contested theoretical and empirical questions. The purpose of this paper is to contribute towards the clarification of some of these questions. Its three main objectives are: (1) to explain IEL’s evolving approach to development during the past five decades; (2) to identify the impact that globalization has had on the foundations of IEL and reflect upon its likely impact on developing countries; and (3), to identify contemporary legal and political trends that may provide clues to discerning how the relationship between IEL and development is likely to evolve in the post-Washington Consensus period.
Keywords: international economic law, Washington Consensus, economic development, multilateralism, developing countries, neo-liberalism
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