Part I Contents, History, and Structure of International Economic Law, II Past and Present of the International Economic Order

In general international law, few principles directly affect international economic relations. Under customary law, States may freely determine economic relations with other countries. The International Court of Justice succinctly circumscribed this freedom in the Nicaragua case:A State is not bound to continue particular trade relations longer than it sees fit to do so, in the absence of a treaty commitment or other specific legal obligation.1 In the modern world, most States have opted for limiting their freedom of economic choices in favour of trade...