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Monetary Fund, theWorld Bank group, theWTO) and non-state actors (transnational
corporations, NGOs).
These three above-mentioned main parts are in essence introductory but provide
comprehensive commentary to each of their topics. Together they lay a great foundation
for the rest of the book.
The fourth part covers the issue of the World Trade Organization extensively.
This wholly new, standalone chapter encompasses not only an introduction to the
issue (for instance its history, legal framework, organs, membership) but also deals
with other WTO features – its relations to other international organizations. It needs
to be appreciated that the third subsection (almost 53 pages) of this part is entirely
devoted to the organization’s extraordinary mechanism for settling disputes
.
It shows
the importance which both authors assign to this topic.
The fifth part examines international development law, which primarily aims to
ensure that all members of the international community have an equal opportunity to
be involved in international relations. In comparison with other areas of international
economic law the importance of this theme is less emphasized, but still the topic is
one of the most crucial, and it has defined in part developments in international
economic law in areas such as investment law and international trade law.
The sixth part is devoted to the one of the most important branches of international
economic law, international investment law. The authors have proceeded in a very
systematic way, and this part encompasses all important features and elements, the
definition of investment, standards of treatment, and also focuses on regulatory
measures (expropriation), compensation, investment disputes and arbitration clauses.
Recent changes in the European Union should not be overlooked – in particular,
constitutional documents have granted the EU new competences regarding investment
law. This substantial legal development makes the European Union an even more
important player in investment law than it was before.
In the last, seventh, part the authors deal with international responsibility rules
in international economic law. This branch of law has fundamental importance in
international economic law, and the authors have obviously made painstaking efforts
to make this part as rich as possible. Firstly, the authors deal with the responsibility
of states, related diplomatic protection, and its historic development, including
codification efforts. Then the book provides a detailed analysis of state responsibility
rules in international investment law and also covers certain specific systems of
responsibility, in particular the WTO and the IMF, as well as the responsibility
and sanctions of international organizations, and responsibility issues related to the
European Union (with regard to its competence in investment matters).
My wish is for this book, “International Economic Law”, to be the first stop
for students and practitioners who are interested in this area of law. The book is
written in a very readable way and contains up-to-date knowledge regarding this vast
and important area. The abundance of information and the authors’ user-friendly