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From International to Federal MarketThe Changing Structure of European Law$
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Robert Schütze

Print publication date: 2017

Print ISBN-13: 9780198803379

Published to Oxford Scholarship Online: September 2017

DOI: 10.1093/oso/9780198803379.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 01 August 2021

International Law and Market Coordination

International Law and Market Coordination

(p.13) 1 International Law and Market Coordination
From International to Federal Market

Robert Schütze

Oxford University Press

What are the legal instruments regulating international trade? This chapter answers this question in two steps. Section I explores the classic international law model that accommodated the (sovereign) ‘mercantilist’ State. This State was based on the assumption that the national government had the right to regulate all international economic activities in the interest of the national good. Under classic international law, States were thus sovereignly free to become a ‘closed commercial State’. Yet this idea of economic coexistence was gradually replaced by a spirit of economic cooperation in the twentieth century. Section II explores the origins and present structures of the modern international law of economic cooperation. This modern model, while still nominally based on the idea of State sovereignty under international law, nonetheless accepts that national economies mutually benefit from ‘opening up’ by means of a better division of labour and the economies of scale engendered.

Keywords:   Adam Smith, mercantilism, infant industry argument, International Trade Organization, GATT, regional integration

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