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Macau Periodical Index (澳門期刊論文索引)
- Author
- Parnall, Theodore
- Title
- Foreign investment in perspective: the road from Bretton Woods to Marrakesh
- Journal Name
- 澳門科技大學學報
- Pub. Info
- Jun. 2007, Vol.1, No.1, pp. 100-111
- Keyword
- foreign direct investment(FDI)；nationalization；WTO；law and development
- Abstract
- Abstract : There were a number of developments in the legal framework affecting transnational trade and capital flows during the nearly. Half-century between the initiation of a rule-based international economic order at Bretton Woods, New Hampshire in 1944 and the creation of the world trade Organization(WTO) in Marrakesh. Morocco in 1994. One of the unstated premises of the Bretton Woods accords was that economic development and widespread prosperity could be facilitated by legal institutions that increase the stability and predictability of economic transactions . A review of some significant events of the five decades between Bretton Woods and the creation of the WTO provides some perspective on how investment and trade were increasingly facilitated by positive developments in legal institutions. Each of the five decades within this fifty year period is presented in terms of a few events that appear as illustrative central theme of that decade, followed by a summary of certain legal issues that were especially in focus during the decade: A. 1947~1957: the post-war framework emerges: the end of the colonial period, with newly independent countries taking charge of their resources, which led to the creation of a number of new international legal institutions, many of which still exist today. B: 1957~1967: nationalizations and expropriations: as countries tried to balance the costs and benefits of international investment and trade, many opted for full or partial nationalization and the use of state-owned companies to develop their economies. C: 1967~1977: foreign investment as a tolerated stepchild: with their economies lagging, some countries began a gradual opening of the doors to foreign direct investment(FDI) in order to stimulate development. E. 1987~1977: to NAFTA and Marrakesh: during the decade when both NAFTA and the WTO are produced, governments created legal institutions that were designed to facilitate international trade and investment and they began to eliminate many restrictions on investment and trade imposed earlier. This article describes the increased "law orientation" that took place during this fifty-year jouney. Legal change was both a product of, and a stimulant to increased economic decelopment. Despite the continuation of economic success stories, such as those in China and vietnamm the decade since 1997 has witnessed several negative developments that remind us that we are still at an early stage of a rudimentary international legal order. The 1997 Asian financial crisis, the failure of the Doha Round of trade negotiations, and nationalizations by Venezuela may all reflect a more sketical view of the benefits of working to establish an improved international legal framework for trade and investment. D: 1977~1987: a reassessment of the benefits of foreign investment: more and more countries began to use FDI to deal with the problems of lack of funds for development, unemployment, lack of management skills, limited access to foreign markets, and technology transfer. Paragraph Headings： 1. Basic review 1.1. Generally 1.2. The positive side of FDI 1.3. Dissenting voices 2. A Non-exclusive chronology 2.1. The post-war framework emerges 2. 1957~1967: Nationalizations and expropriations 2.3. 1967~1977: Foreign investment as a tolerated stepchild 2.4. 1977~1987: A reassessment of the benefits of foreign investment 2.5. 1987~1997: to NAFTA and Marrakesh 3. 1997~2007 and Beyond: Getting back on Track?