The Future of International Economic Law

In celebration of the tenth anniversary of the Journal, the Editors felt that it would be particularly useful and interesting to request members of our Editorial Board to contemplate the future of international economic law. Thus, this third issue of Volume 10 contains a wide-ranging discussion of key issues facing the international economic system in the coming years. As one contemplates the current scene in international economic relations, there seems to be one over-arching concern that is repeatedly stressed: Are the institutions now in place—and I refer, in particular, to the International Monetary Fund (Fund), the World Bank (Bank), and the World Trade Organization (WTO)—suitable for the 21st century? Certainly, the three institutions have been going through a trying period. The Fund's borrowers have been paying off their loans at a rate such that it cannot currently support itself on the profits of its lending activities. The Bank has recently been in turmoil over its leadership and alleged conflicts of interest at the very top, a particular embarrassment in light of its recent emphasis on rooting out corruption in developing country governments. The WTO's first wide-ranging negotiation—the Doha Development Agenda—was launched only with great difficulty (recall the protests at its failed Seattle ministerial meeting) and little has been accomplished in six years of formal negotiations, despite regular upbeat appraisals emanating from the Secretariat and periodic reports that the four key players (Brazil, the EU, India, and the US) are about to make unspecified progress in bridging their differences over agriculture and market access issues. As this issue goes to press in late June, optimism seems to be in short supply.