Economy

Constitutionalizing Economic Globalization: Investment Rules by David Schneiderman

By David Schneiderman

Are international traders the privileged voters of a brand new constitutional order that promises charges of go back on funding pursuits? Schneiderman explores the linkages among a brand new funding principles regime and country constitutions - among a constitution-like regime for the safety of overseas funding and the constitutional tasks of nationwide states. The funding ideas regime, as in classical debts of constitutionalism, considers democratically licensed country motion as inherently suspect. regardless of the myriad reasons served via constitutionalism, the funding principles regime goals completely to implement limits, either inside and out of nationwide constitutional platforms, past which citizen-driven politics may be disabled. Drawing on modern and old case stories, the writer argues that any transnational regime may still motivate innovation, experimentation, and the capability to visualize substitute futures for dealing with the connection among politics and markets. those pursuits were top finished through democratic associations working at nationwide, sub-national, and native degrees.

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Extra resources for Constitutionalizing Economic Globalization: Investment Rules and Democracy’s Promise

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34). In the case of the MAI, withdrawal would have been not only practically impossible but also legally onerous. According to the draft MAI, no state could have withdrawn until 5 years after the agreement came into force. After the initial 5-year 38 THE INVESTMENT RULES REGIME period, a state could withdraw after 6 months’ notice but the MAI would continue to apply to existing investments for a period of 15 years after a notice of withdrawal (BITs, on the other hand, typically continue in force 10 years after pullout [Siqueiros 1994: 267]).

This precisely is the democratic project that constitutionalism should seek to frame. THE PLAN OF THE BOOK Having outlined the contribution constitutional analysis can make in understanding the contemporary global scene, I take up the more detailed argument in the chapters that follow. Part one of the book comprises three chapters and provides an account of what I have called the investment rules regime. Chapter one outlines the main features of investment protection agreements and isolates the constitution-like features of this regime.

Vandevelde, for instance, writes that these agreements are “a relatively easy way” for states to “demonstrate” and “symbolize” their commitment to economic liberalism (1998: 628). With the exception of the US BIT program, Vandevelde finds that investment protection agreements facilitate old-style interventionist tactics. This particularly is the case when it comes to the admission and establishment of investments and, in the postestablishment phase, in the area of performance requirements, which largely remain unregulated by BITs (1998: 634).

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