ULUSLARARASI KAMU HUKUKU II

International economic law has been formed
mainly through international bilateral and
multilateral treaties. There also emerged
international institutions which have had a great
impact on shaping international economic law,
especially within the last 50 years. They have
led to the rapid development of international
economic law. The International Monetary Fund
(IMF), International Bank for Reconstruction
and Development (World Bank), the General
Agreement on Tariffs and Trade (GATT) and the
World Trade Organization (WTO) became leading
formations.

It was only possible towards the end of the 1800s to see the emergence of international institutions on economic relations.

In spite of the  developments concerning especially international trade, it cannot
be said that a general order of international economic law was formed before the Second World War. Rather, there were isolated and unconnected rules about certain economic relations. The term of international economic law was first used in The Next Step: A Plain Man’s Guide to International Principles by Ernst Feilchenfeld in 1938 as one of the studies published during those periods.

The economic system established after the Second World War connoted two international institutions. One of them was the IMF and the other was the World Bank.

The conference was held in July 1944 in Bretton Woods, New Hampshire, USA, with the participation of 44 allied countries, and the founding treaties of the IMF and World Bank were adopted. The founding treaties were signed at a meeting in New York on 27 December 1945. Turkey ratified and became a party to these treaties on February 19, 1947.

Today, economic integration known as the European Union, which was established in 1952, the North American Free Trade Treaty known as NAFTA and the Association of Southeast Asian Countries known as ASEAN can be listed as leading examples of these regional organizations.

The given piece describes The Bretton Woods System which was first set forth in United Nations Conference on Money and Finance, held at Bretton Woods between July 1st and July 22nd, 1944.

The IMF was established officially in December 1945, when 29 countries ratified the treaty on the basis of decisions taken at Bretton Woods. It actually started working on 1 March 1947.

At the top of the World Bank’s governing structure is the Board of Governors, which usually meets only once a year and consists of finance or development ministers of the member (shareholder) countries. This board decides the
general policies of the Bank.

Increasing technological development is not amongst the goals of the IMF.

the World Health Organization (WHO)

It was only possible towards the end of the 1800s to see the emergence of international institutions on economic relations.

International economic law regulates international trade, international economic associations, international private law (law and court selection, enforcement of judicial or administrative decisions), regulations on international business world (prevention of monopolization and unfair competition, environmental protection and product security), international financial regulations (private monetary transfer transactions, direct foreign investment, monetary transactions), economic development, international taxation and international intellectual property rights.

It was established in 1945.

The World Bank is a kind of a cooperative, as many members have jointly established it with capital participation. The number is today 189 countries, in other words, the shareholders. The Bank is composed of 5 different sub-units which are separated in terms of their purposes and functions. This makes the Bank a “World Bank Group”, as sometimes called.

At the top of the World Bank’s governing structure is the Board of Governors, which usually meets only once a year and consists of finance or development ministers of the member (shareholder) countries. This board decides the general policies of the Bank.

The Board of Executive Directors works continuously and consists of 25 members. The 5 countries with the largest shares in the Bank can directly appoint their representatives.

GATT was negotiated among 23 States in Geneva in September 1947.

One of the aims of the system was to establish a permanent international trade organization.

The originally intended World Trade Organization would be established in 1994.

Between 1947-1994, eight separate rounds of multilateral trade negotiations were held and concluded within the GATT system.

The GATT treaty was quite a general one with 38 articles.

The World Trade Organization is the only global organization charged with the cross-country international trade and trade-related rules.

establishment of principles toward encouraging international direct investments,

recognition and protection of the rights of the investor (capital owner),

protection of some sensitive interests of the invested country,

protection and transfer of foreign investor’s earnings,

transfer of technology to developing countries.

ICSID is one of the five organizations of the World Bank Group, along with the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The goal of the World Bank Group is to end extreme poverty within a generation and to boost shared prosperity.

2015