Book Reviews

International Economic Law, by Asif H Qureshi, London, Sweet & Maxwell, 1999, 417pp, ISBN 0-421-60410-7

The aim of this book is to find out whether or not there is an area of law called international economic law, and if such area of law indeed does exist, to establish whether or not it is effective. So as to achieve this, it surveys the several directions in which international economic law is moving and unites them together in a consistent whole. Because international economic law is still at a developing stage, there really is a need for a book of this nature.

The structure chosen in this book reflects the need to understand the different branches of international economic law in the context of the entirety of international economic law, as it is acknowledged that the respective fields influence each other.

This book is divided in four parts. The first part is concerned with some of the fundamental and introductory aspects of international economic law. After this introduction, the author examines the core spheres of the international economic
order, namely international monetary, trade and development law.

PART I focuses on the 'FOUNDATIONS OF INTERNATIONAL ECONOMIC LAW', starting with a search for the 'Nature and Sources of International Economic Law'. This is followed by a study of the notions of 'Economic Sovereignty', 'Extraterritorial Jurisdiction in the Economic Sphere', and the establishment of the 'Relationship between National and International Economic Law'.

PART II, dealing with 'INTERNATIONAL MONETARY LAW', provides an in-depth analysis of the following topics: 'International Monetary Law and the International Monetary Fund', 'The Regulation of the External Value of Money',
'The Code for a Multilateral System of Payments', 'International Liquidity and the SDR', 'Balance of Payments Adjustment and IMF Resources', and 'Legal Characteristics and Nature of IMF Conditionality'.

'INTERNATIONAL TRADE LAW', the subject of PART III, starts with the issue of 'International Trade Law and the WTO', followed by 'The WTO Code of Conduct' and the 'Enforcement of the WTO Code of Conduct'.

PART IV, on 'INTERNATIONAL DEVELOPMENT LAW', starts with an introduction to 'International Development Law' and then moves on to the 'International Development Assistance and the World Bank Group'. PART IV ends with the examination of 'International Investment Law'.

Now that the aim and structure of this exceptional book - exceptional in that it manages to show the different branches of international economic law as being part of the same whole - are clear, here are some of the concepts that are explained in a very clear language: balance of payments, comparative advantage, dumping, extraterritorial jurisdiction, international liquidity, Special Drawing Right, soft law, sustainable development, and these are simply a few randomly chosen concepts from a very extensive list. The book has a detailed index covering 25 pages. The user-friendliness of the book is also enhanced by the tables of Cases, Treaties and Conventions, not to mention the multiple footnotes.

This book will prove of great assistance for legal practitioners and other professionals - whether employed by the industry, the government or in private practice - as it provides for an up to date account of the various international economic institutions put in place so as to organise international economic relations. The many references to conventions, reports and articles will help students, especially those who are not familiar with the learning in this field. Traders, financiers, investors and their associations will find that this book sheds much needed light on the alternative international avenues available to them when seeking redress for the consequences of a foreign government's decision. The reason why such alternative avenues may be useful, is that, as dispute resolution in international trade typically evolves around the private rights and obligations of one trader to another, the law of private rights and obligations may not always provide a remedy where the source of a trader's economic problems is a foreign government's decision.

In conclusion, this book is meant to enable the lawyer and other professionals to
understand more of the general structure in which governments take decisions which affect international trade, investment and development. Reading this book will provide the lawyer with an indispensable tool to protect the interests of the trader, financier and investor, and it will make the lawyer aware of the fact that international economic law is increasingly directly concerned with the individual, (namely the trader, investor or international financier). Public International Law is moving away from being only concerned with international economic relations between states. This book contains many insights deducted from an extensive research and it is a must for all professionals - not only lawyers - who deal with international trade, investment or development issues, as it enables them to be fully aware of the latest developments in international economic law.

by Isabel Dendauw

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