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Part II International Economic Law as an Order of Rules and Principles, V Basic Principles of the International Economic Order

From: Principles of International Economic Law (1st Edition)

Matthias Herdegen

A newer edition of Principles of International Economic Law is available. Latest edition (2 ed.)
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Content type:
Book content
Product:
Oxford Scholarly Authorities on International Law [OSAIL]
Published in print:
01 January 2013
ISBN:
9780199579860

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 07 December 2023

Subject(s):
Tariffs — Fair and equitable treatment standard — Developing countries — Sustainable development — Sovereignty
As a matter of principle, States are free to choose their economic and social system:Every State possesses a fundamental right to choose and implement its own political, economic and social systems.1 Similarly, States are at liberty to maintain or not relations with other economies.2 This freedom flows from the ‘sovereign equality’ of States (Article 2 No 1 UN Charter) and may be exercised through treaty commitments. On the one hand, it is certainly true that few treaties and other international instruments provide for a specific economic system like a market...
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