Emerging Powers in the International Economic Order: Cooperation, Competition and Transformation

Description

The post-war liberal economic order seems to be crumbling, placing the world at an inflection point. China has emerged as a major force, and other emerging economies seek to play a role in shaping world trade and investment law. Might they band together to mount a wholesale challenge to current rules and institutions? Emerging Powers in the International Economic Order argues that resistance from the Global South and the creation of China-led alternative spaces will have some impact, but no robust alternative vision will emerge. Significant legal innovations from the South depart from the mainstream neoliberal model, but these countries are driven by pragmatism and strategic self-interest and not a common ideological orientation, nor do they intend to fully dismantle the current ordering. In this book, Sonia E. Rolland and David M. Trubek predict a more pluralistic world, which is neither the continued hegemony of neoliberalism nor a full blown alternative to it. Cover Half-title page Series page Title page Copyright page Contents List of Tables Preface Table of Treaties and Conventions Table of Cases WTO Cases List of Abbreviations 1 Introduction I Making the System Work for the South: Embedded Neoliberalism A Developing Countries Use the WTO to Gain Access to Markets in the North and South B Developing Countries Use Trade Remedies and Other Flexibilities to Protect Domestic Industries C In Practice, the Dispute Process Enables Developing Countries to Temporarily Adopt Policies That Contravene the Rules D Developing Countries Have Successfully Blocked Extension of the Rules II Is the Truce About to Be Broken? A Trade Policy Changes in the Face of Resurgent Chinese State Capitalism B Investment Law Is Unsettled C Restricted by IEL, the Social Safety Net Fails to Offset Shocks III A New Equilibrium? A A New Political Economy of Development? B Alternative Global Governance Paradigms? 2 Cooperation Narratives and Theoretical Divergences I A Discourse of South–South Cooperation: Investment for Development, Respect for Sovereignty II Theoretical Debates on the Relationship between Development and Trade A Brazil: A Grand Debate over Trade in a Time of Economic and Political Crisis17 B China: State Planning Wins against Liberalism Overtures C India: Developmentalism Priorities, Liberal Aspirations D Africa: Forging its Own Trade and Development Experimentation at Last? III Conclusion 3 Developing Countries’ Love–Hate Relationship with Neoliberalism I A Partial Rejection of the WTO Trade Ordering A Increased Institutional Participation 1 Expansion of the Green Room Process, Emergence of Developing Country Coalitions 2 Alignments and Competition in WTO Dispute Settlement B Using Flexibilities within Existing Rules C Strategic Breaches D Blocking the Adoption of New Rules II International Investment Protection: Adhesion at a Cost A Studies Question the Effect of BITs on FDI Flows B Investor–State Dispute Resolution: Too Much of a Good Thing? C More than Was Bargained for: Concerns about Regulatory Autonomy 1 The Rise of the Regulatory State versus the Expansion of Indirect Expropriation Claims 2 Conflicts between Social Policies, Human Rights and Investment Protection D Attempts to Use Flexibilities in the Investment Regime 1 Non-preclusion Measures 2 Leveraging Multiple Fora III Conclusion 4 Seeking a New Balance of Rights and Obligations in International Investment Law I Redefining Investment and Investor A Circumscribing the Scope of Investments Qualifying for Protection 1 India 2 China 3 SADC Model BIT 4 Brazil CIFAs 5 South Africa B Defining Foreign Investors 1 India 2 SADC Model BIT 3 Brazil CIFAs 4 South Africa C Common Trends II Defining and Constraining Investor Protections A Standard of Treatment 1 India 2 China 3 SADC 4 Brazil 5 South Africa B Expropriation and Compensation 1 India 2 China 3 SADC 4 Brazil 5 South Africa C Extending or Creating Carve-Outs and Exceptions 1 India 2 China 3 SADC 4 Brazil CIFAs 5 South Africa D Investor and Home State Obligations 1 India 2 SADC 3 Brazil CIFAs III Preserving Domestic Judicial Power and Reforming Investor–State Arbitration A Limiting Access to Arbitration by Investors 1 India Model BIT 2 China 3 Central America B Moving Away from the Pro-Investor Bias in Arbitration 1 India 2 SADC 3 UNASUR C Diplomatic Recourses and Domestic Remedies179 1 Domestic Remedies: the Examples of South Africa and Indonesia 2 Return to Diplomatic Protection? The Case of Brazil 3 Limitations of State-Centric Dispute Resolution IV Conclusion: Lessons from Emerging Economies 5 Emerging Economies, Developmental Strategies and Trade Standards: the Search for Alternative Space Introduction I Globalization and the Potential for Export-Led Growth II Developing Country Strategies III CPTPP-Type Provisions in Contrast to State Developmentalism A Regime-Altering Provisions 1 Industrial Policy Restrictions 2 SOEs 3 Competition B Problem-Creating Rules 1 Intellectual Property 2 Digital Economy C Conclusion: What Cost for State Developmentalism? IV Forum Shifting: Emerging Powers’ Drive to Create Regional Economic Integration Spaces A Toward a China-Led Asian Integration? ASEAN, RCEP, BRI B Prospects for Regional Integration in Latin America 1 The Pacific Alliance 2 Mercosur C (Re)-Building an African Integration? V Conclusion 6 Emerging Economies and the Future of the Global Trade and Investment Regime I Emerging Powers Pushing the Boundaries of IEL II The Crisis of the World Order and the Fate of Embedded Liberalism A The End of U.S. Hegemony B Autarky as an Alternative to Hegemonic International Economic Governance C Anarchy as an Alternative to Hegemonic International Economic Governance III Pluralism as the New Normal A “Regional” Pluralism 1 Normative Nature 2 Institutional Features B Topical Pluralism C Economic Interdependence in a Plural World Order IV Emerging Economies, Pluralism and the Future of International Economic Law A Abandon the Idea of Separate International and Domestic Spheres for Regulation B Eliminate the Presumption That Trade Trumps Non-Trade Concerns C Looking Ahead Bibliography Index