scholarly journals The Challenge of Legitimacy in Sovereign Debt Restructuring

2018 ◽  
Author(s):  
Odette Lienau
Keyword(s):  
International Economic ◽  
World War Ii ◽  
Sovereign Debt ◽  
Analytical Framework ◽  
Historical Background ◽  
Power Dynamics ◽  
World War ◽  
Debt Restructuring ◽  
Political Complexity ◽  
Investment Treaty

57 Harvard International Law Journal 151-214 (2016)Since the emergence of the post-World War II international economic system, policymakers have lamented the absence of a global sovereign debt restructuring mechanism. This disappointment has only intensified in recent years, as the failure to provide prompt, comprehensive, and lasting debt relief becomes even more apparent. As a result, scholars and key international actors have argued for the development of a more coherent global approach to debt workouts. But to date this discussion lacks a sustained focus on questions of legitimacy — a fact that is exceptionally puzzling in light of the voluminous scholarship on the legitimacy deficits of international economic institutions once they have been established.This Article bridges that gap, arguing that serious attention should be paid to these questions in advance of negotiating a possible debt workout mechanism, and considering what such attentiveness might mean in practice. It highlights the political complexity and distributional ramifications of legitimacy arguments, and develops an analytical framework for understanding the concept along with a preliminary application to the debt restructuring context. It then analyzes the institutional and historical background of debt restructuring in light of this typology, and assesses how domestic insolvency regimes and investment treaty arbitrations incorporate features purported to advance legitimacy. Finally, the Article considers how a future debt workout institution might respond to calls for legitimacy — based on its initial establishment, ongoing processes, and final outcomes — and briefly discusses existing proposals and likely political obstacles in light of these themes. In foregrounding these concerns, this Article draws attention to issues and controversies that will likely be relevant for some time, and contends that the tensions, distributional issues, and power dynamics implicated in questions of legitimacy should inform negotiations on any sovereign debt workout mechanism going forward.

La “neutralidad” chilena en la Segunda Guerra Mundial (1939-1943): Un análisis historiográfico con énfasis en la literatura sobre las relaciones Chile-Japón

2016 ◽  
pp. 95
Author(s):  
Pedro Iacobelli Delpiano
Keyword(s):  
World War Ii ◽  
Vice President ◽  
Second World War ◽  
Power Dynamics ◽  
Diplomatic Relations ◽  
World War ◽  
International History ◽  
Roosevelt Administration ◽  
The Us ◽  
Second World

ResumenLa literatura sobre la historia internacional de Chile durante la Segunda Guerra Mundial ha centrado el debate en torno al juego de presiones ejercidas por los Estados Unidos hacia los gobiernos radicales de Jerónimo Méndez Arancibia y Juan Antonio Ríos Morales para conseguir que Chile se sumara a la política continental contra las fuerzas del Eje. La neutralidad chilena fue interpretada como una actitud traicionera por los estadounidenses y en un triunfo por los países del Eje durante 1941 a 1943. Este artículo introduce el debate y busca presentar las posibilidades historiográficas al incluir a Japón, tanto como actor relevante en la política chilena como receptor de la “neutralidad” chilena en el periodo.Palabras clave: Chile, Japón, Segunda Guerra Mundial, Estados Unidos, historiografíaThe Chilean “Neutrality” in World War II (1939-1943): A historiographical analysis focused on the literature of the diplomatic relations between Chile and JapanAbstractThe literature about Chile´s international history during World War II has heavily laid on the power dynamics between the US and the Chilean radical governments of vice-president (interim) Jerónimo Méndez Arancibia and president Juan Antonio Rios Morales. Since the Roosevelt administration sought to secure the rupture of diplomatic relations between Chile and the Axis powers, Santiago´s refusal to break relations was understood as treason by the US and as a diplomatic success by the Axis powers during 1941-1943.This paper delves into the historiographical possibilities in including Japan, either as a relevant actor in the Chilean politics and as receptor of the newsabout Chile´s neutrality.Keywords: Chile, Japan, Second World War, United States, historiographyA “neutralidade” chilena na segunda guerra mundial(1939-1943): uma análise historiográfica, com ênfase naliteratura sobre as relações Chile-JapãoResumoA literatura sobre a história internacional do Chile durante a Segunda Guerra Mundial tem-se centrado no debate em torno ao jogo de pressões exercidas pelos Estados Unidos aos governos radicais de Jerónimo Méndez Arancibia e Juan Antonio Rios Morales, para conseguir que o Chile pudesse se somar a política continental contra as forças do Eixo. A neutralidade chilena foi interpretada como uma atitude traiçoeira pelos norte-americanos e uma vitória para os países do Eixo durante 1941 a 1943. Este artigo introduz o debate e procura a presentar as possibilidades historiográficas ao incluir ao Japão, tanto como um ator relevante na política chilena como o destinatário da “neutralidade” chilena no período.Palavras-chave: Chile, Japão, Segunda Guerra Mundial, Estados Unidos, historiografia

2. Historical background

2017 ◽  
Author(s):  
Rhona K. M. Smith
Keyword(s):  
Human Rights ◽  
World War Ii ◽  
Historical Background ◽  
International Labour Organization ◽  
World War ◽  
International Human Rights ◽  
Traditional Concept ◽  
Human Rights Protection ◽  
Rights Protection ◽  
International Human

This chapter provides an historical sketch of international human rights. It considers the divergent views as to the origins of human rights, and suggests that human rights represent the modern interpretation and an expansion of the traditional concept of the rule of law. The chapter discusses the law of aliens; diplomatic laws; the laws of war; slavery; minority rights; the establishment of the International Labour Organization; and human rights protection after World War II.

The Geopolitics of the Dollar

Worldview ◽  
1979 ◽  
Vol 22 (5) ◽  
pp. 23-36
Author(s):  
Jeremiah Novak
Keyword(s):  
International Economic ◽  
World War Ii ◽  
Turning Point ◽  
European Economic Community ◽  
Economic Community ◽  
World War ◽  
Japanese Yen ◽  
First Time ◽  
The International Monetary Fund ◽  
The U.S

A crucial turning point in geopolitical history occurred on November 1, 1978, when President Carter announced a massive borrowing of foreign currencies to save the U.S. dollar. For the first time since World War II the U.S. was forced to borrow from the International Monetary Fund; and for the first time since 1893 the U.S. Treasury will have to issue bonds denominated in foreign monies—in this case Japanese yen, West German marks, and Swiss francs.What all this means is that the U.S. has acknowledged two things: that the European Economic Community (the EEC) and Japan are now its economic equals; and that America has forfeited the international economic supremacy it enjoyed since 1915.

Political Factors in U. S. International Financial Cooperation, 1945–1950

1953 ◽  
Vol 47 (2) ◽  
pp. 431-460 ◽  
Author(s):  
Jack N. Behrman
Keyword(s):  
United States ◽  
International Economic ◽  
World War Ii ◽  
World War I ◽  
Regional Cooperation ◽  
The United States ◽  
Primary Objective ◽  
World War ◽  
Political Factors ◽  
Financial Cooperation

International cooperation through multilateral organizations sharply distinguishes the post-World War II economic policies of the United States from those it employed following World War I. After World War I, the United States eschewed any form of international economic organization, which some governments thought should be continued; early in the more recent conflict, United States officials pressed hard for the acceptance of world-wide institutional cooperation. The purpose of the present article is to review, through an examination of its policy toward multilateral financial arrangements, some of the important discussions and decisions which moved the United States towards internationalism in economic relations; to emphasize the role of political factors in the development of financial organizations, in the retreat from international “democracy,” and in the growth of regional cooperation; and to examine some of the difficulties of international financial cooperation.A primary objective of the United States government's postwar policy preparations was the re-creation of a method of conducting international economic transactions which would not result in economic warfare; the major technique was that of international agreement on accepted rules for conducting transactions. Government officials considered that this approach was not only desirable but also possible, in view of the success of wartime collaboration.

Foreign Debt and Prospects for Growth in Africa During the 1980s

1985 ◽  
Vol 23 (1) ◽  
pp. 53-74 ◽  
Author(s):  
Adebayo Adedeji
Keyword(s):  
International Economic ◽  
World War Ii ◽  
Global Economy ◽  
Third World ◽  
Foreign Debt ◽  
International Economic Order ◽  
World War ◽  
The Third ◽  
The Rich ◽  
The Third World

One of the major objectives sought by the New International Economic Order is to secure favourable conditions for the transfer of resources to the Third World, and to ensure that they are fully utilised for the development of the countries concerned.1 However, the unprecedented growth of the global economy since World War II has not been equitably distributed between the rich and poor nations. Unfortunately, within this international scenario, the increasing external indebtedness of the latter has had, and still has, wide-ranging domestic implications that have rocked the foundations on which many African economies stand.

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