From Semester 1, 2023 our undergraduate programs will be delivered on campus. Graduate programs will mainly be delivered on campus, with dual-delivery and online options available to a select number of subjects within some programs.
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This subject examines the law and economics of globalisation. It begins with an overview of economic impacts of trade liberalisation and lays out why there are winners and losers. It proceeds with a discussion of current trends in globalisation and relates them to the evolving geopolitical context. It then examines the legal instruments available to States to manage economic pressures resulting from increased globalisation and to counter (potentially) trade-distorting practices of their trade partners. These include the existing legal instruments at the international level under the WTO treaties, such as anti-dumping/anti-subsidy measures and safeguards, as well as more recent innovations at the domestic level relating to matters like currency manipulation, economic coercion, transnational subsidies, foreign investment screening, differences in environmental/labour standards, and distortions arising from economies and sectors with substantial government involvement.
The principal substantive topics that will be addressed in this subject will include:
- The economic rationale behind international trade agreements, including:
- the economic benefits of globalisation;
- the distributional impacts of trade liberalisation; and
- the role of policy coherence.
- Current issues in global trade and trade policy and justifications for the legal tools States resort to, in order to manage these aspects of globalisation, such as:
- concerns around unfair trade practices;
- an evolving geopolitical context;
- supply-chain resilience; and
- "global commons"- and related issues such as climate change.
- The primary legal tools in this regard at the international level, to address certain economic impacts of trade liberalisation. Our focus is on the trade remedy tools under the WTO treaties; namely:
- anti-dumping measures;
- anti-subsidy measures;
- safeguards under the WTO treaties.
- New and emerging legal tools at the domestic level in jurisdictions like the EU, US, Australia and India to manage trade distortions such as:
- currency manipulation;
- economic coercion;
- transnational subsidies;
- foreign investment screening;
- lower environmental/labour standards; and
- issues relating to non-market economies.
Intended learning outcomes
A student who has successfully completed this subject should be able to:
- Explain the economic rationale behind international trade agreements, the economic benefits of globalisation, the distributional impacts of trade liberalisation and the role of policy coherence
- Apply knowledge of the existing legal instruments at the international level to address certain economic impacts of trade liberalisation, especially the "trade remedy" tools under the WTO treaties; and justify the economic rationales underlying these tools
- Analyse and contextualise current issues in global trade and trade policy, and why States are innovating with new legal tools for addressing these issues
- Identify and examine new and emerging legal tools at the domestic level for addressing trade distortions.
- Have the communication skills to articulate and convey complex information regarding globalisation to relevant specialist and non-specialist audiences
- Be an engaged participant in debate regarding controversies surrounding the fallout of globalisation and reactionary trends
- Have the cognitive and technical skills to independently examine, research and analyse existing and emerging legal issues relating to international trade and investment
- Be able to demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of trade remedies law
- Be able to critically examine, analyse, interpret and assess the effectiveness of these legal rules
- Be able to interpret and apply, at an advanced level, certain key WTO agreements, including advocating a particular position in a given hypothetical, potential or past case
- Have the cognitive and technical skills to generate creative and critical ideas relating to international trade and investment, particularly in view of the current geopolitical challenges generally, as well as specific competitiveness-concerns relating to the environment (climate change), labour, national security, and State-led capitalist models.
Last updated: 24 January 2023