Once again, I came with an idea to blog about something to do with what I ve been done lately! This time round, maybe something more commercialize? since we are all doing Commercial Law.
Oh well, I am just a girl who loves shopping. As I am a student from Malaysia( yes, international student) everytime i do my shoppings in England, the first thing I do is to make a conversion of the British Pound Sterling to Malaysian Ringgit. This especially hits me hard when I first came hear 3years back, when I come all the way from Malaysia to obtain my Law Degree in the University in Sheffield.
Three years back, the currency conversion from GBP to MYR is 7, well sometimes it drops to 6.7. Everytime I do my shopping, it has come to my concern that i have been spending a lot just for a little thing which cost 3times cheaper in Malaysia.
Things started to change since the past 2years ( in the late 2008), where the conversion of currency from Sterling to Ringgit drops from 7 to 5 (present-2010). well...I must admit that this make me a happy girl at some point where i get to do more shopping!
The GBP Sterling value went down drastically, largely affected by the Global Economic Crisis.
Having its origins in the financial market of the United States, it has spread around the world like a bush fire, with most countries now heading into economic recession and volumes of international trade and investment contracting fast.
While the law relating to the economic crisis of the country often related to International or International Trade Law, the law has undeniably fails to secure a protection for the country in the 2008 crisis.
Economists and political scientists have begun to isolate the causes and implications of the spread of the global financial and economic crisis in late 2008. Critical attention – often accompanied by strident disagreement – has also focused on the efficacy of various domestic plans implemented in response to the crisis. International lawyers have contributed little to these debates.
The strategies shall aim to partly redress this gap by examining whether and how international economic law might act as a credible constraint on state tendencies towards domestic preference when formalizing emergency responses to the crisis.
International economic law comprises a variety of sources, most notably commitments on trading relations and the treatment of foreign investors. The former – international trade law - encompasses bilateral free trade agreements, regional instruments such as the North American Free Trade Agreement and the multilateral World Trade Organization (WTO). In comparison, the latter – international investment law – is largely confined to a network of bilateral investment treaties but also includes key aspects of customary international law.
It was believed that international investment law is, in the short-term, more likely than any other area of international economic law to give rise to complaint and initiation of legal action. This may, in turn, act as some constraint against the protectionist tendencies evident across state responses to the crisis.
Therefore, apart from my shopping (!) , I am now well- concerned that Law( and which law) is playing their role to be part of the strategies to overcome the global economic crisis in the country.
Law is not just to rule and to restrict, but to help overcome problems with a greater uniformity.
Raychelle. CM Tan
While the law relating to the economic crisis of the country often related to International or International Trade Law, the law has undeniably fails to secure a protection for the country in the 2008 crisis.
Economists and political scientists have begun to isolate the causes and implications of the spread of the global financial and economic crisis in late 2008. Critical attention – often accompanied by strident disagreement – has also focused on the efficacy of various domestic plans implemented in response to the crisis. International lawyers have contributed little to these debates.
The strategies shall aim to partly redress this gap by examining whether and how international economic law might act as a credible constraint on state tendencies towards domestic preference when formalizing emergency responses to the crisis.
International economic law comprises a variety of sources, most notably commitments on trading relations and the treatment of foreign investors. The former – international trade law - encompasses bilateral free trade agreements, regional instruments such as the North American Free Trade Agreement and the multilateral World Trade Organization (WTO). In comparison, the latter – international investment law – is largely confined to a network of bilateral investment treaties but also includes key aspects of customary international law.
It was believed that international investment law is, in the short-term, more likely than any other area of international economic law to give rise to complaint and initiation of legal action. This may, in turn, act as some constraint against the protectionist tendencies evident across state responses to the crisis.
Therefore, apart from my shopping (!) , I am now well- concerned that Law( and which law) is playing their role to be part of the strategies to overcome the global economic crisis in the country.
Law is not just to rule and to restrict, but to help overcome problems with a greater uniformity.
Raychelle. CM Tan
No comments:
Post a Comment