Global Finance

2018 ◽  
Author(s):  
John Linarelli ◽  
Margot E Salomon ◽  
Muthucumaraswamy Sornarajah
Keyword(s):  
International Law ◽  
Sovereign Debt ◽  
International Level ◽  
Global Finance ◽  
Financial Architecture ◽  
The Core ◽  
Regulation And Supervision ◽  
History Of ◽  
International Legal System ◽  
The Right

This chapter explores how financial globalization of today fails to deliver enough of the right sort of finance necessary to promote development and productive investment in societies. The contemporary global financial architecture serves primarily to enrich affluent investors and major financial institutions while putting societies and their people at grave risk of harm, including from global financial crises. The chapter explores these issues by first examining the history of the global financial architecture from the nineteenth century to the present. It moves on to critique current institutions of law mainly on grounds of justice. The chapter addresses problems associated with the regulation and supervision of banks, at the international level a form of soft law forming the core of the global financial architecture. It also explores how the power of global finance makes real reform at either the domestic or international level very difficult. Finally, the chapter exposes injustices associated with the resolution of sovereign debt crises, with a focus on the recent crisis for Greece. It considers serious shortcomings of the international legal system in this area, including how the contract approach of international law sought to resolve the crises in a manner in which the less advantaged are made much worse off.

scholarly journals Victim’s Right of Access to International Criminal Courts

2016 ◽  
Vol 10 (1) ◽  
pp. 279
Author(s):  
Fazlollah Foroughi ◽  
Zahra Dastan
Keyword(s):  
International Law ◽  
International Criminal Court ◽  
International Criminal ◽  
Criminal Court ◽  
International Level ◽  
Human Beings ◽  
International Crimes ◽  
The Government ◽  
The Right ◽  
Right Of Access

Due to quantitative expansion and evolution in committing the crime at the international level, the scope of criminal proceedings has been widened significantly. Tolerance and forgiveness towards crimes that happen at international level not only is a double oppression on the victims, but also provide a fertile context for others to commit crimes more daringly. Thus, it is essential that international criminals are held accountable to the law and competent institution, and the realization of this issue leads to the victim satisfaction in international law. Not only in international law, but also in domestic law, show respect and protection of human rights is effective only when there is an effective justice system to guarantee the rights. Although some international crimes practically occur by the government or at least high-ranking government officials, the Statute of the International Criminal Court has reiterated this point that they only have jurisdiction over the crimes committed by natural persons rather than legal entities, which one good example is governments, and although the real victims of these crimes have been human beings, in the case of action and referring the case to the competent international courts, these are the states (rather than the victims) that actually have the right of access to the authorities and not beneficiaries .Thus, at the first step, we should see whether the Court has jurisdiction over the crime committed by the government and whether people can file an action independently in the International Criminal Court or not? When people, rather than governments, are beneficiaries in some international crimes, why only the government and not the people is the plaintiff? And what is the right of the victim in such category of crimes? Accordingly, the current research seeks to examine these rights and restrictions, and relevant limitations.

The Right to Unilateral Repudiation of Odious, Illegal, and Illegitimate Sovereign Debt as a Human Rights Defence

2018 ◽  
pp. 536-554
Author(s):  
Ilias Bantekas
Keyword(s):  
Public Policy ◽  
Human Rights ◽  
International Law ◽  
Sovereign Debt ◽  
Debt Management ◽  
Audit Committees ◽  
Bilateral Investment Treaties ◽  
National Debt ◽  
Investment Treaties ◽  
The Right

States enjoy the right to unilaterally denounce sovereign debt that is odious, illegal and illegitimate under strict circumstances. This entitlement does not exist where the debt(s) was/were incurred lawfully. A particular form of denunciation is sovereign insolvency, whose unilateral manifestation, is treated in practice by similar principles and responses as those apply mutatis mutandis to other forms of debt management. This chapter identifies, in addition to insolvency, five forms of unilateral debt denunciation that arise from the limited practice of states, which are moreover consistent with general international law. These are: (a) repudiation or non-enforcement of arbitral awards on public policy grounds; (b) denunciation on grounds of executive necessity and/or the right to fiscal/tax sovereignty; (c) direct unilateral repudiation on the basis of reports by national debt audit committees; (d) repudiation of contracts when creditor/investor violates human rights and of unconscionable concession contracts; (e) re-negotiation of bilateral investment treaties and concessions.

Jewry's Nationals

1981 ◽  
Vol 16 (1) ◽  
pp. 75-102 ◽  
Author(s):  
J. Lador-Lederer
Keyword(s):  
International Law ◽  
Unitary Group ◽  
International Level ◽  
Protective Activity ◽  
The Right

States have their nationals and religions have their religionists, each of whom shares in a distinct and inherited identity. In considering whether Jewry is one of those communities which consists of dependents born into it, three distinct variations arise: there are those who recognize that Jewry is a unitary group with the right to have a National Home; there are those who hold that Jewry, as a community, must be combatted as an enemy; there are those who view Jewry as a group of individuals, the interests of which Jewish organizations (not necessarily of a Zionist orientation) have found it to be their responsibility to safeguard in situations where their interests were not safeguarded as nationals of specific States.In politological terms, the first and third combine positively and the second and third negatively, but in each combination Jewish organizations were faced with the obligation to act on an international level under conditions and by means so novel in terms of international practice that they were termed unprecedented and sui generis, and for which international law had no place to integrate the kind of non-governmental protective activity which was evoked, or to illustrate how a victim's experience creates law, or how scattered communities operate generically, within patterns exclusive to them.

scholarly journals Toward an Instrumental Right to Democracy

AJIL Unbound ◽  
2018 ◽  
Vol 112 ◽  
pp. 84-88
Author(s):  
Khalifa A. Alfadhel
Keyword(s):  
International Law ◽  
Democratic Governance ◽  
Self Determination ◽  
Soviet Bloc ◽  
End Of History ◽  
The Core ◽  
Form Of Government ◽  
Famous Book ◽  
The End Of History ◽  
The Right

The downfall of the Soviet Bloc in the early 1990s led to an atmosphere of exaggerated victory, notably captured in Francis Fukuyama's famous book, The End of History, which celebrated the ideological triumph of democracy as a unanimously agreed-upon ideal form of government. The international law literature was not immune from the sense of democratic rejoicing. Of special note in this regard was the notion of an entitlement to democracy, introduced by the late Thomas Franck. Drawing on ideas of self-determination in international law, which themselves date back to the American Declaration of Independence, Franck postulated an “emerging right to democratic governance.” He stipulated that “[s]elf-determination postulates the right of a people organised in an established territory to determine its collective political destiny in a democratic fashion and is therefore at the core of the democratic entitlement.” This essay considers Franck's claims, and argues that his view of democracy was too thin; instead, the essay argues for an instrumental conception of democracy that ties it to other rights and entitlements.

Fugitive Leverage: Commercial Banks, Sovereign Debt, and Cold War Crisis in Poland, 1980–1982

2016 ◽  
Vol 18 (1) ◽  
pp. 72-107 ◽  
Author(s):  
FRITZ BARTEL
Keyword(s):  
World War Ii ◽  
Cold War ◽  
Commercial Banks ◽  
Sovereign Debt ◽  
Labor Union ◽  
Global Finance ◽  
Financial History ◽  
History Of ◽  
The Cold War ◽  
Communist Countries

This article examines a familiar Cold War event, the Polish Crisis of the early 1980s, but from an unfamiliar perspective: international financial history. Historians have yet to examine how the growing international activity of Western commercial banks and the Eastern Bloc’s heavy borrowing on international capital markets during the 1970s influenced the course of the late Cold War. This article covers the history of the Eastern Bloc’s largest borrower—Poland—and its road to sovereign default in 1981. It examines how financial diplomacy among banks, communist countries, and the U.S. government catalyzed the formation of the labor union Solidarność (Solidarity). Ultimately, this article speaks to an important theme in the history of U.S. capitalism since World War II; namely, how the construction of global finance influenced U.S. foreign policy. The end of the Cold War in the fall of 1989 was the result not only of communism’s loss of legitimacy among the peoples of Eastern Europe, but also its loss of creditworthiness on global financial markets.

Right to Self-Determination in International Law: Towards Theorisation of the Concept of Indigenous Peoples/National Minority?

2012 ◽  
Vol 19 (4) ◽  
pp. 481-532 ◽  
Author(s):  
Prosper Nobirabo Musafiri
Keyword(s):  
International Law ◽  
Indigenous Peoples ◽  
Minority Groups ◽  
Self Determination ◽  
National Minority ◽  
International Level ◽  
International Human Rights ◽  
Indigenous Minority ◽  
International Human ◽  
The Right

The problem of the concept of the right to self-determination under international human rights is that it is vague and imprecise. It has, at the same time, generated controversy as it leaves space for multiple interpretations in relevant international legal instruments. This paper examines if indigenous people and minority groups are eligible to the right to self-determination. If so, what is the appropriate interpretation of such right, in light of indigenous/minority groups at national as well as the international level?

scholarly journals Shaping Indigenous Self-Determination: Promising or Unsatisfactory Solutions?

2011 ◽  
Vol 13 (4) ◽  
pp. 413-436 ◽  
Author(s):  
Mauro Barelli
Keyword(s):  
United Nations ◽  
International Law ◽  
Indigenous Peoples ◽  
Self Determination ◽  
Straightforward Manner ◽  
History Of ◽  
United Nations Declaration ◽  
The Right ◽  
Right Of Self Determination ◽  
Do So

AbstractThe right of peoples to self-determination represents one of the most controversial norms of international law. In particular, two questions connected with the meaning and scope of this right have been traditionally contentious: first, who constitutes a ‘people’ for the purposes of self-determination, and, secondly, what does the right of self-determination actually imply for its legitimate holders. Against this unsettled background, the 2007 United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) affirmed, in a straightforward manner, that indigenous peoples have the right to self-determination. In light of the uncertainties that were mentioned above, it becomes necessary to clarify the actual implications of this important recognition. This article will seek to do so by discussing the drafting history of the provision on self-determination contained in the UNDRIP and positioning it within the broader normative framework of the instrument.

Proportionality in International Law

2010 ◽  
Vol 4 (2) ◽  
pp. 231-242 ◽  
Author(s):  
Thomas M. Franck
Keyword(s):  
International Law ◽  
Cultural History ◽  
Legal System ◽  
Case Law ◽  
Second Opinion ◽  
Remedial Action ◽  
The Core ◽  
History Of ◽  
Principle Of Proportionality ◽  
High Degree

Across a broad range of subjects, there is now wide agreement that the principle of proportionality governs the extent to which a provocation may lawfully be countered by what might otherwise be an unlawful response. That is the central role assigned to proportionality in international law and it is deeply rooted in the cultural history of societies. However, if the core institutions of a legal system are too weak to be relied upon to take remedial action against wrongdoers, then they must at least be authorized to license appropriate action by the wronged party and to insure that its response remains within prescribed parameters.The practice described in this essay demonstrates that a high degree of accord is emerging across a broad range of issues to the appropriate standards by which the proportionality of countermeasures can be assessed. The practice of various institutions authorized to render second opinions as to the compliance with those standards is gradually narrowing the range of indeterminacy inherent in the term proportionality. Some of this case law has been disappointingly episodic. The well-crafted second opinion, through its precision, its invocation of precedent, and its careful weighing of the probity of the facts presented to it, deepens and narrows the jurisprudential stream while strengthening its embankments.If applied in practice through second opinions rendered by legitimate institutions, proportionality is an example of an indeterminate principle becoming gradually empowered to provide persuasive answers to difficult questions and, thereby, case by case, building the objective determinacy of the principle.

scholarly journals From Francis Coralie Mullin to Swaraj Abhiyan: Adding Multidimensionality to the Conditional Social Right to Food

2017 ◽  
Vol 6 (1) ◽  
pp. 21-40
Author(s):  
Saurabh Bhattacharjee
Keyword(s):  
Indian Subcontinent ◽  
Right To Food ◽  
The Core ◽  
Explicit Mention ◽  
State Obligations ◽  
History Of ◽  
Constitutional Right ◽  
The Right ◽  
The Impact ◽  
Made In

Global hunger is widely seen as one of the foremost threats to humanity. The Constitutionality of the Right to Food has been a long-standing debate within the Indian Subcontinent as there is no explicit mention of the said right. Through various judicial pronouncements over a relatively long period of time, the right to food has been construed to be constitutionally ingrained. This paper explores the history of the right to food as a fundamental right in India, as per the Constitution. It analyses landmark cases on the right to food and examines the fundamental right to food, in terms of state obligations. Is the impact of the entrenchment of the right to food as a fundamental right, limited only to its symbolic meaning? Or has such right substantively shaped the contours of governmental policies too? What are the remedial interventions that the judiciary has made in view of the constitutional right to food? These are questions that the paper will explore. In this process, the paper will parse various judicial orders on the right to food and identify whether there are justiciable entitlements that presumptively constitute the core of the right. Further, the paper shall also highlight the multidimensionality of the right to food and illustrate that starting with Francis Mullin in the 1980s, to Laxmi Mandal and Swaraj Abhiyan in this decade. The courts have, through the above mentioned judgments, underscored the interrelatedness between the rights to food, health, shelter and right to work.

scholarly journals History of self-determination of the people of Donbass. experience of the Soviet Republic of Donetsk and Krivoy Rog

2019 ◽  
pp. 148-152
Author(s):  
Vladislav V. Gruzdev ◽  
Dmitriy A. Babichev ◽  
Natal'ya A. Babicheva
Keyword(s):  
International Law ◽  
Cultural Development ◽  
Self Determination ◽  
Political Status ◽  
The People ◽  
History Of ◽  
The Republic ◽  
The Right ◽  
Historical Past

The article is devoted to the burning problem that arose in 2014 in the Ukraine, in the regions of Lugansk and Donetsk, and that concerns the right of the people of Donbass to self-determination. This problem is not only of a local territorial nature, but it is also one of the most complex debatable problems of international law. Since the right to self-determination contradicts the principle of territorial integrity of the state, the consideration and solution of this issue is the most burning for the whole population living on the territory of the self-proclaimed people's republics of Lugansk and Donetsk. In the article, the authors analyse the concept of "self-determination of the people" and give a generalised characteristic of it, approving that it is the right of every nation to solve the issues of state structure, political status, economic, social and cultural development independently and at its own discretion. The author also examines the historical past of the people of Donbass, where, in terms of the Republic of Donetsk and Krivoy Rog and various documentary historical and legal materials, we come to the conclusion that the population of Donbass has the right to social, economic, cultural, spiritual and other development just as all the recognised countries of the world.

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