By David Schneiderman
Are international traders the privileged electorate 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 nation constitutions - among a constitution-like regime for the security of international funding and the constitutional tasks of nationwide states. The funding ideas regime, as in classical bills of constitutionalism, considers democratically approved country motion as inherently suspect. regardless of the myriad reasons served through constitutionalism, the funding principles regime goals completely to implement limits, either in and out of nationwide constitutional structures, past which citizen-driven politics can be disabled. Drawing on modern and historic case reviews, the writer argues that any transnational regime should still motivate innovation, experimentation, and the potential to visualize substitute futures for dealing with the connection among politics and markets. those ambitions were most sensible comprehensive 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
21 PART ONE RULES CHAPTER ONE THE INVESTMENT RULES REGIME There are powerful forces promoting economic globalization and they probably have had no greater success in the contemporary world than in institutionalizing rules and structures to protect and promote foreign investment. A series of bilateral, regional, and multilateral agreements promoting and protecting foreign direct investment (FDI) generates together an interlocking web of rules and rule-enforcing structures that can place significant limits on state action.
The global pace of BIT growth is striking: the UN Commission on Trade and Development reports that at year end 2006, more than 2,573 BITs had been completed involving over 175 countries – remarkably, two-thirds of these agreements were negotiated during the 1990s (UNCTAD 2003: 88, 2007: 16). Germany leads the pack having negotiated the greatest number of BITs. China is a close second with Switzerland third; the United Kingdom, Egypt, France, and Italy have been actively pursuing investment agreement partners and follow closely behind (UNCTAD 2007: 18).
The investment rules regime similarly resolves this tension in favor of foreign investors by rendering them equivalent to vulnerable minority groups. Governments thereby are legally constrained from pursuing a range of legislative strategies that significantly impair investment interests. That is, investment agreements place binding limits on what governments can and cannot do. Stephen Gill associates this with the “new constitutionalism,” the institutional manifestation of disciplinary neoliberalism (Gill 1995: 411, 2003: 131).