This book studies global economic governance using an innovative structure to juxtapose normative arguments with empirical analysis. Chapters investigate the most important areas of global economic governance, including trade, investment, finance, labour and taxation. Bringing together leading scholars in political philosophy, international relations, economics and international law, the book sheds new light on the justice of political decision-making, the distribution of benefits and burdens of the global economy, and intergenerational justice in global economic governance.
Due to the level of global economic interdependence our world has reached, the question of how the global economy should be governed is of utmost importance. The rules of global economic governance have to balance the often-conflicting interests and claims of the diverse actors who participate in or are affected by the global economy. Economic governance structures are never morally neutral; they have particular collective decision-making proce- dures and they strongly influence how the benefits of economic cooperation are distributed. This chapter aims to introduce the reader to the concept of justice and provide an overview of some of the key distinctions in the contemporary normative philosophy of social and global justice, with special attention to the issues relevant to global economic governance.
Foreign Direct investment (FDI) is considered a key promoter of economic development, since it provides access to external financing, technology, managerial expertise and jobs. However, FDI is limited to a small number of locations and many low and middle-income countries (LMICs) continue to be excluded from global foreign investment flows. The reasons for this exclusion are manifold and may vary from country to country. A particular policy instrument LMICs have traditionally resorted to in order to attract FDI are international investment agreements (IIAs).¹ LMICs have signed thousands of these agreements since the late 1950s.[...] The following section reviews the global investment regime from the perspective of socioeconomic justice and analyses the distributional effects of IIAs. Then, the chapter assesses the global investment regime from an intergenerational perspective and asks to what extent IIAs contribute to (or restrict) the pursuit of sustainabale develoment. The final section concludes and provides on overview of current reform proposals.