International economic law is a field of international
law that involves the regulation and conduct of states, international
organizations, and private firms operating in the international economic arena.
It is a study of international forces that influence the domestic conditions of
an economy and shape the economic relationship between countries. In other
words, it studies the economic interdependence between countries and its
effects on economy.
law that involves the regulation and conduct of states, international
organizations, and private firms operating in the international economic arena.
It is a study of international forces that influence the domestic conditions of
an economy and shape the economic relationship between countries. In other
words, it studies the economic interdependence between countries and its
effects on economy.
It is concerned with the governance of
international economic relations between states as they affect individuals in a
state, including in particular their relations inter se across national boundaries.
A traditional drive for this normative framework has been the facilitation of
the optimal allocation and use of national and international resources for the
development of all the people of the world.
international economic relations between states as they affect individuals in a
state, including in particular their relations inter se across national boundaries.
A traditional drive for this normative framework has been the facilitation of
the optimal allocation and use of national and international resources for the
development of all the people of the world.
Different Parts of International Economic
Law
Law
As such, international economic law encompasses
a broad range of disciplines which includes, among other things:
a broad range of disciplines which includes, among other things:
· international
trade law
trade law
· international
financial law
financial law
· public
international law and private international law
international law and private international law
· domestic law
applicable to international business transactions.
applicable to international business transactions.
The scope of international economics is
wide as it includes various concepts, such as:
wide as it includes various concepts, such as:
· globalization;
· gains from trade;
· pattern of trade;
· balance of
payments; and
payments; and
· FDI.
Apart from this, international economics
describes
describes
· Production;
· Trade; and
· investment between
states
states
Additionally, international economic law
includes the following fields:
includes the following fields:
· Regional Economic
Integration, such as the European Union, ASEAN and other regional trade
organizations.
Integration, such as the European Union, ASEAN and other regional trade
organizations.
· International law
and development
and development
· International
commercial arbitration
commercial arbitration
· International
intellectual property law
intellectual property law
· International
business regulation
business regulation
Importance
of International Economic Law
of International Economic Law
International economics has emerged as one
of the most essential concepts for countries. Over the years, the field of
international economics has developed drastically with various theoretical, empirical,
and descriptive contributions.
of the most essential concepts for countries. Over the years, the field of
international economics has developed drastically with various theoretical, empirical,
and descriptive contributions.
Generally, the economic activities between
nations differ from activities within nations. For example, the factors of
production are less mobile between countries due to various restrictions imposed
by governments.
nations differ from activities within nations. For example, the factors of
production are less mobile between countries due to various restrictions imposed
by governments.
The impact of various government
restrictions on production, trade, consumption, and distribution of income are
covered in the study of internal economics. Thus, it is important to study the
international economics as a special field of economics.
restrictions on production, trade, consumption, and distribution of income are
covered in the study of internal economics. Thus, it is important to study the
international economics as a special field of economics.
The economic sector affects everything in a
country, the education, health and every other sector in the country. Economic
policy covers the system for setting levels of taxation, government budgets,
the money supply, interest rates, the Labour market, national ownership and
many other areas.
country, the education, health and every other sector in the country. Economic
policy covers the system for setting levels of taxation, government budgets,
the money supply, interest rates, the Labour market, national ownership and
many other areas.
I have keen interests in influencing and
transforming the economic systems of my country and the globe at large. I have
tried to define problems with our economic system and I realized that economic
system may not thrive if the international economic relations among states
are not
transforming the economic systems of my country and the globe at large. I have
tried to define problems with our economic system and I realized that economic
system may not thrive if the international economic relations among states
are not
properly governed and managed by making and
executing of good policies as they affect individuals in a state.
executing of good policies as they affect individuals in a state.
I aspire to work with the federal
government and with international organizations
like the World Bank, International Monetary Fund, or any other
organisation that handles issues as regards the
economy.
government and with international organizations
like the World Bank, International Monetary Fund, or any other
organisation that handles issues as regards the
economy.
References
1.
https://www.slideshare.net/mobile/Kingnabalu/lecture-3-sources-of-international-law,
24 July 2017, 2.45pm
https://www.slideshare.net/mobile/Kingnabalu/lecture-3-sources-of-international-law,
24 July 2017, 2.45pm
2. Qureshi A.H.
International Economic Law, London, Sweet and Maxwell, 2007, p. 35
International Economic Law, London, Sweet and Maxwell, 2007, p. 35
3. Principles of
International Economic Law and the Right
to Economic Development Vis-À-Vis The
International Economic Law and the Right
to Economic Development Vis-À-Vis The
Guiding Principles of Sustainable
Development
Development
4. As an individual,
why I am interested in International Economic Law
why I am interested in International Economic Law
4https://www.law.cornell.edu/wex/international_economic_law
11th September 2017, 3.45pm
11th September 2017, 3.45pm
5. hp://www.economicsdiscussion.net/internaonal-economics/internaonal-economics-its-concept-parts/4205
18th September 2017, 11.18 a.m.
18th September 2017, 11.18 a.m.
Damilola Dawodu
Lawyer | Writer| Speaker| Blogger
Photo Credit – iielaw.org
Lawyer | Writer| Speaker| Blogger
Photo Credit – iielaw.org