Prescriptive Authority: Global Markets as a Challenge to National Regulatory System
26 Houston Journal of International Law 287 (2004)
22 Pages Posted: 18 Jul 2013
Date Written: 2004
Who can legitimately prescribe norms for economic conduct in the global marketplace? Although the conflict between global markets and state claims is often noted, the role of international jurisdictional law in it is often neglected. Even among lawyers, that role is often misunderstood and its significance overlooked.
This paper explores that challenge. It has three main objectives. One is to identify the key components of international jurisdictional law. We need to know where we are in order to see more clearly where we want to go and how we might get there. A second is to identify some of the ways in which global markets challenge the effectiveness of current jurisdictional tools. There is much general discussion of global markets and economic globalization, but here we will look specifically at the characteristics of global markets as they impact international jurisdictional tools. The third is to assess the adequacy of those jurisdictional tools. Are they appropriate: i.e., are they likely to be effective in responding to the challenge of global markets? Where there are deficiencies, how might they be remedied?
Keywords: global markets, international law, jurisdiction, comparative law, regulatory systems, competition law, administrative law, globalization
JEL Classification: K19, K21, K23, K42
Suggested Citation: Suggested Citation