Part I Contents, History, and Structure of International Economic Law, II Past and Present of the International Economic Order
- 1815 to World War I — World War I to World War II — International investment law — International monetary law — Environmental disputes — Collective security
This chapter maps out the history of the international economic order and remarks on its present state. It first traces the roots of international economic law on the provisions of the German Hanseatic League (Hanse) to the emergence of the modern international economic law towards the end of the Second World War. The chapter also shows how a ‘New International Economic Order’ resulted from the demand for a new equilibrium in the international economic system and enhanced considerations of the needs and interests of developing countries. After setting down these historical foundations, the chapter delves into the complexities of regional integration of markets, globalization, and international security. It notes that the integration of economies brought about by these developments has generated a mechanism of ‘global’ governance.