Abstract
In the face of the dramatically challenged and tired body of the international legal order (Goldsmith and Posner [2005]), searches for its reinvigoration, healing, or overhaul are well under way. While the assessment of its ailings has been occupying public international law (PIL) and international relations (IR) scholars for a long time (Hudson [1925], Goldstein et al. [2000], Koskenniemi [2002], Van Aaken [2006], Miller and Bratspies [2008]), the intervention of law-and-economics scholars in the scene is more recent (Scott and Stephan [2006], Guzman [2008]). Professor van Aaken' s suggestion to explore the potential of market mechanisms to effectuate international legal regulation occurs against the background of this more recent conceptual intervention. The following observations will attempt to discuss her proposal by revisiting some of PIL' s and IR's longerstanding concerns about an effective legal order.
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