Chapter

How to Depart from the Existing Dire Condition of Development

Emmanuelle Jouannet

in Realizing Utopia

Published in print March 2012 | ISBN: 9780199691661
Published online September 2012 | e-ISBN: 9780191738593 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199691661.003.0031
How to Depart from the Existing Dire Condition of Development

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Classical International Development Law (IDL) has not kept its promises despite continuing attempts to implement it. Major legal principles such as the right of peoples to self-determination, sovereignty over natural resources, and the right to nationalize against just compensation have helped to found and consolidate the sovereignty of newly independent states and let them properly consider their development. However, the set of legal norms that were subsequently adopted, which are legally binding and have been provided with some effectiveness, have proved extremely disappointing in their application. The new IDL of the post-Cold War years, which currently applies concurrently with conventional law on the matter seems no more effective. To change the existing dire condition, three options are open: sticking to the neo-liberal pro-market paradigm — an economically efficient but socially unfair solution; jettisoning any model of development — a blind alley; and changing the rules of the global economic system, and creating a new and fair New International Economic Order. This third option aims at changing the rules of the global economic system, recasting the Bretton Woods financial institutions, changing the rules of the General Agreement on Tariffs and Trade, and revising the World Trade Organization in a more equitable direction so that it finally refocuses relations between the various North(s) and South(s).

Keywords: International Development Law; self-determination; sovereignty; global economic system; Bretton Woods; GATT; World Trade Organization

Chapter.  13597 words. 

Subjects: Public International Law

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