New Analytical Framework for Global Governance on Transnational Economic Relations (Japanese)

Isamu Mamiya and Kazumochi Kometani

Discussion Papers (Japanese) from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: This paper proposes a theoretical framework for global governance in economic relations. In reaction to the rapid development of various international regimes, concerns are growing for the "fragmentation" of international law and the infringement on national "sovereignty." Good "global governance" has to be elaborated by taking into consideration important phenomena in this field, e.g., the increasing use of soft law, enhanced participation by non-governmental entities, and increasing arrangements for regional economic integration. The current literature focuses on the "input" legitimacy of the international regimes on the premise that nations pursue their own national interests. The approach proposed by this paper considers from the viewpoint of "output" legitimacy that the functionally divided international regimes constitute a single integrated regime, or "international law for cooperation," that pursues a common goal, e.g., that of global economic optimization through a decentralized scheme in which all member nations pursue economic optimization within their own jurisdictions while liberalizing trade, investment flows, etc. This approach provides effective interpretative guidance for the substantive rules adopted in the international regimes, including the World Trade Organization (WTO) disciplines over free trade agreements, and clarifies where soft law is a better policy tool and what roles should be given to non governmental entities.

Pages: 23 pages
Date: 2016-10
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Persistent link: https://EconPapers.repec.org/RePEc:eti:rdpsjp:16056

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