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The Law and Economics of WTO Law

Hardback

The Law and Economics of WTO Law

A Comparison with EU Competition Law's 'More Economic Approach'

9781800375567 Edward Elgar Publishing
Marios C. Iacovides, Assistant Professor in European Law, School of Law, Stockholm University, Sweden
Publication Date: 2021 ISBN: 978 1 80037 556 7 Extent: 352 pp
This insightful book proposes taking inspiration from EU competition law structures to inform and implement a more economic approach in WTO law. The book provides a detailed account of the two legal systems regarding likeness, harm, and remedies, in order to draw comparisons. Taking a unique approach in synthesizing law and economics with comparative law methods, it considers WTO law holistically to propose a legal transplant from EU competition law to WTO law.

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Contents
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This insightful book proposes taking inspiration from EU competition law structures to inform and implement a more economic approach in WTO law. The book provides a detailed account of the two legal systems regarding likeness, harm, and remedies, in order to draw comparisons. Taking a unique approach in synthesizing law and economics with comparative law methods, it considers WTO law holistically to propose a legal transplant from EU competition law to WTO law.

Drawing from EU competition law, the book generates comparative ideas that can improve the understanding of fundamental WTO concepts such as likeness, less favourable treatment, discrimination, trade harm, trade effects, and the level of permissible countermeasures. Based on this analysis, the author offers normative suggestions to improve the efficiency of WTO law through correct implementation of a more economic approach. As part of this approach, the author recommends an increased capacity for all key actors involved in WTO dispute settlement.

Exploring key WTO concepts and employing law and economics benchmarks to make comparisons, this thought-provoking book will be of benefit to scholars and students of law and economics, global transnational law and WTO law in particular. It will also prove valuable for practitioners and policy makers involved in international trade law and dispute settlement.
Critical Acclaim
‘This thought-provoking work puts forwards a strong plea for a holistic “law and economics”-inspired comparative evaluation of WTO law and EU competition law. Based on an extensive analysis of case law and literature, the normative conclusions of this work are a must-read for everyone interested in WTO and EU law as well as those who wish to examine how its research results can be extrapolated to other fields, such as investment law, where similar issues are at play.’
– Freya Baetens, University of Oslo, Norway

‘In this exacting volume, Marios Iacovides lays out clearly the overlaps and divergences across the key instruments of antitrust and world trade law. He thus provides readers, practitioners and academics alike, with the proper basis to assess the robustness of legislative and judicial solutions in these two contexts, and the consequential cross-fertilization. The writing style makes it accessible to wide readership, without eviscerating the precision of the expression.’
– Petros C. Mavroidis, Columbia Law School, US
Contents
Contents: PART I PREMISE, METHOD, AND STRUCTURE 1. Complexity in international trade and WTO law’s legitimacy crisis PART II DEFINING THE RELEVANT MARKET AND ‘LIKENESS’ 2. Relevant market definition in EU competition law 3. Relevant market definition in WTO law 4. Relevant market in EU competition law and WTO law PART III PROVING INFRINGEMENTS: THEORIES OF HARM AND EFFECT 5. Theories of harm and the effects-based approach in EU competition law 6. Infringements in WTO law, theories of harm, and effects 7. Theories of harm and effects in EU competition law and WTO law PART IV QUANTIFYING HARM: REMEDIES AND SANCTIONS 8. Quantification of remedies and sanctions in EU competition law 9. Remedies and the quantification of harm in WTO law 10. EU competition law sanctions and remedies and WTO law countermeasures PART V NORMATIVE CONCLUSIONS AND CONCLUDING REMARKS 11. Normative conclusions and suggestions 12. Solving WTO law’s legitimacy crisis Index
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