Part II International Economic Law as an Order of Rules and Principles, X Dispute Settlement

Subject(s):

Arbitral tribunals — International investment law — International monetary law — International courts and tribunals, decisions

This chapter lays out the foundations of dispute settlement in international economic law. The spectrum of dispute settlement mechanisms is as broad as the variety of potential disputes, with each dispute mechanism attempting to respond to the different interests involved. In international economic law, rather than deferring to the International Court of Justice (ICJ), most cases are referred either to ad hoc arbitral tribunals, institutionalized arbitral organizations, or dispute settlement mechanisms within the framework of a treaty. Moreover, States often prefer flexible dispute settlement mechanisms to the traditional judicial or quasi-judicial mechanisms of classic international law. Many disputes are solved amicably, having regard to the different national interests involved and the economic consequences that follow.