Abstract
The rules of the game for international business are increasingly set in bilateral and multilateral treaties between nation states. Throughout the second half of the 20th century, this regulatory framework has evolved to facilitate international business, and thus to enable economic globalization. Yet, many treaties have been controversial as citizens do not appreciate their merits relative to their associated restrictions, and governments increasingly realize the costs and risks of the related loss of sovereignty. Concerned citizens resent shifts in bargaining power caused by new treaties, which are feared to limit citizens’ ability to determine their own destiny.
Highlights
The rules of the game for international business (IB) are increasingly set in bilateral and multilateral treaties between nation states
The editors and contributors of this focused issue believe that these controversies are so important that students of IB should be aware of the key arguments, and teachers of IB ought to introduce these themes in their classrooms
Following the principles of national sovereignty, each country established rules and regulations that applied to all persons and firms operating within its borders— including foreign visitors and multinational enterprises (MNEs)
Summary
The regulatory framework for businesses has been set by the national authorities in each country. The treaty commits the partners not to change their legal frameworks in ways that unfairly harm foreign investors Concerns arise whether such commitments would disable national governments to introduce new regulations in response to emergent health, safety, or environmental concerns, as discussed in this focused issue by Christine Côté. Public debates on the TPP and the under-negotiation TTIP, which both involve the USA as a partner, raise similar issues, but have become more emotional because they involve regulatory commitments that are expected to impact for example the use and labelling of genetically modified organisms (GMO), the regulation of financial services, geographic designations and appellations for several product categories as well as travel and visa requirements, which have become a sensitive public issue due to the recent terrorist attacks in several countries
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