Doreen Lustig
- Published in print:
- 2020
- Published Online:
- July 2020
- ISBN:
- 9780198822097
- eISBN:
- 9780191861185
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198822097.003.0007
- Subject:
- Law, Private International Law
Chapter 7 traces a ‘road not taken’ in the history of regulating global corporations in pursuit of economic democracy, the conditions that led to its failure, and the emergence of the contemporary ...
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Chapter 7 traces a ‘road not taken’ in the history of regulating global corporations in pursuit of economic democracy, the conditions that led to its failure, and the emergence of the contemporary regime that separates market and politics. The late 1960s saw a rare moment of unity in the struggle over the regulation of corporations among decolonized nations, which together formed the New International Economic Order and civil society of the Global North in a bid to defy unruly corporations. While North–South opposition to corporate power gained traction, the tensions between capital-exporting countries were augmented. These conditions opened a window of opportunity for a new international policy regime to regulate global corporations. But this window would not remain open for long. In the aftermath of the Barcelona Traction Case (1970), capital-exporting countries sought an alternative legal framework of a new regime of international investment law and redefined the normative content of corporate responsibility in human rights terms.Less
Chapter 7 traces a ‘road not taken’ in the history of regulating global corporations in pursuit of economic democracy, the conditions that led to its failure, and the emergence of the contemporary regime that separates market and politics. The late 1960s saw a rare moment of unity in the struggle over the regulation of corporations among decolonized nations, which together formed the New International Economic Order and civil society of the Global North in a bid to defy unruly corporations. While North–South opposition to corporate power gained traction, the tensions between capital-exporting countries were augmented. These conditions opened a window of opportunity for a new international policy regime to regulate global corporations. But this window would not remain open for long. In the aftermath of the Barcelona Traction Case (1970), capital-exporting countries sought an alternative legal framework of a new regime of international investment law and redefined the normative content of corporate responsibility in human rights terms.
Giuliano Garavini
- Published in print:
- 2019
- Published Online:
- August 2019
- ISBN:
- 9780198832836
- eISBN:
- 9780191871306
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198832836.003.0005
- Subject:
- History, Middle East History, World Modern History
Chapter 5 describes the OAPEC oil embargo and then explains the reasons for the “oil shock”, with its fourfold increase in the price of crude oil by December 1973. After the price increases of 1973 ...
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Chapter 5 describes the OAPEC oil embargo and then explains the reasons for the “oil shock”, with its fourfold increase in the price of crude oil by December 1973. After the price increases of 1973 the governments of consuming countries now entered directly the arena of international energy politics with the convening of the Washington Energy Conference of 1974 and then the creation of the International Energy Agency (IEA) by the end of the same year. This chapter also explains why OPEC strived to present itself as the “spearhead” for Third World countries, hoping to establish a New International Economic Order that would reform international economic institutions and promote a kind of globalization more in line with the needs of raw materials producers and developing countries. The apex of this effort by OPEC was achieved in March 1975 with the convening of the OPEC summit of Algiers.Less
Chapter 5 describes the OAPEC oil embargo and then explains the reasons for the “oil shock”, with its fourfold increase in the price of crude oil by December 1973. After the price increases of 1973 the governments of consuming countries now entered directly the arena of international energy politics with the convening of the Washington Energy Conference of 1974 and then the creation of the International Energy Agency (IEA) by the end of the same year. This chapter also explains why OPEC strived to present itself as the “spearhead” for Third World countries, hoping to establish a New International Economic Order that would reform international economic institutions and promote a kind of globalization more in line with the needs of raw materials producers and developing countries. The apex of this effort by OPEC was achieved in March 1975 with the convening of the OPEC summit of Algiers.
Doreen Lustig
- Published in print:
- 2020
- Published Online:
- July 2020
- ISBN:
- 9780198822097
- eISBN:
- 9780191861185
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198822097.001.0001
- Subject:
- Law, Private International Law
This book presents a historical study of the international law of the private business corporation. The literature on corporations and international law typically concentrates on the failure to ...
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This book presents a historical study of the international law of the private business corporation. The literature on corporations and international law typically concentrates on the failure to regulate corporations. This book challenges this ‘failure’ narrative and presents an alternative historical reading: a history of its facilitative role in constituting an economic order. This study draws inspiration from scholarship on the history of international trade law, international investment law, the history of global governance, and political economic analysis of international law, and connects these specialized fields in a single lens: the corporate form. The point of departure for this history is the simultaneous emergence of international law as a modern legal discipline and the turn to free incorporation in corporate law during the last third of the nineteenth century. The book demonstrates how the sovereign veil of the state and the corporate veil of the company were applied in tandem to insulate corporations from responsibility. Nevertheless, less powerful states invoked the same prevailing conceptions of the corporation, the sovereign state, and the relation between them, to curtail corporate power in struggles associated with decolonization. Reacting to these early victories, capital exporting countries shifted to a vocabulary of human rights and protected companies under a new regime of international investment law, which entrenched the separation between market and politics.Less
This book presents a historical study of the international law of the private business corporation. The literature on corporations and international law typically concentrates on the failure to regulate corporations. This book challenges this ‘failure’ narrative and presents an alternative historical reading: a history of its facilitative role in constituting an economic order. This study draws inspiration from scholarship on the history of international trade law, international investment law, the history of global governance, and political economic analysis of international law, and connects these specialized fields in a single lens: the corporate form. The point of departure for this history is the simultaneous emergence of international law as a modern legal discipline and the turn to free incorporation in corporate law during the last third of the nineteenth century. The book demonstrates how the sovereign veil of the state and the corporate veil of the company were applied in tandem to insulate corporations from responsibility. Nevertheless, less powerful states invoked the same prevailing conceptions of the corporation, the sovereign state, and the relation between them, to curtail corporate power in struggles associated with decolonization. Reacting to these early victories, capital exporting countries shifted to a vocabulary of human rights and protected companies under a new regime of international investment law, which entrenched the separation between market and politics.
