Lecture 1: Introduction to International Economic Law and Regulation Flashcards
What is Supranational Law?
a form of international law, based on the limitation of the rights of sovereign nations between one another. Different from international law, because in supranational law, nations explicitly submit their right to make judicial decisions by treaty to a set of common tribunal. Ex. EU Law
What is Private Law?
a branch of the law that deals with the relations between individuals or institutions, rather than relations between theses and the state. Ex. Contract
What is National Law?
often referred to as domestic law, are those laws that exist “within” a particular nation (State). Ex. Tax Law
What is Transnational Law?
all the law-national, international, or mixed-that applies to all persons, businesses, and governments that perform or have influence across state lines. Transnational law regulates actions or events that transcend national frontiers
What is International Law?
a body of rules established by custom or treaty and recognized by nations as binding in their relations with one another. Ex. WTO Law
What is nudging in terms of regulation?
it holds that citizens’ choices tend to be influenced by a host of framing factors-such as the ways in which options are presented-and it advocates structuring choice architectures so that it is easier for consumers or others (such as regulated firms) to act in ways that are beneficial to them
What is the difference between Jus Cogen and Erga Omnes obligations?
Jus cogens refers to the legal status that certain international crimes reach and obligatio erga omnes pertains to the legal implications arising our of a certain crime’s characterization as jus cogens. A jus cogens rule creates an erga omnes obligation for states to comply with a rule.
What is Common but Differentiated Responsibilities (CBDR)?
a principle of international environmental law establishing that all states are responsible for addressing global environmental destruction yet not equally responsible
What is Customary International Law?
an aspect of international law that results from a general and consistent practice of states that they follow from a sense of legal obligation
