Development of International Investment Law within the Framework of the Eurasian Economic Union

At the present stage of development of international investment relations, national legislation is not able to fully ensure the regulation of international investment relations, single-handedly create the conditions necessary for the free movement of capital, and adequately ensure that the rights and interests of foreign investors are respected. Free movement of capital requires similar principles, forms and methods of their legal regulation, which contributes to the creation of a single legal space. However, at the present stage of development of international law, the creation of a global and effective investment law is not possible. Regional cooperation between states is of particular importance in such conditions.

SYSTEM COMPETITION: CONCEPT, PROBLEMS AND LIMITS

Features of competition between jurisdictions (states, municipalities, regions) for mobile factors (labor, investment, human capital) in the integrated world economy are con­sidered, in which there are four freedoms (freedom of trade (mobility of goods), freedom (mobility) of services, free movement of capital) and free movement of people) are guaran­teed. The main features of international rivalry in a globalized world are analyzed. Pro­spects for the development of states in the conditions of constitutional competition in the existing integration structures are established.

16. Free Movement of Services and Capital

This chapter focuses on the third and fourth fundamental freedom of the European Union's internal market: the freedom of services and the freedom of capital. It begins by analysing the general aspects of the free movement of services. The European Court has significantly pushed negative integration through a restriction test; yet the Union has here equally followed a positive integration path in the form of the ‘Services Directive’. The chapter moves to two special—and very controversial—services regimes, namely that for posted workers and that for public services. It then deals with the free movement of capital, considering the scope of the (negative) freedom and surveying the various grounds on which restrictions to the free movement of capital may be justified.

Is De-Risking one of the Indications for an Emerging Competition between the Free Movement of Capital and the Anti-Money Laundering Regulations?

The report is dedicated to analysing the phenomenon of de-risking which may be considered as another indication for the arising competition between the regulatory effect of the anti-money laundering regulation and the deregulatory effect of the liberalization of capital movements within the European Union. The author’s attention is focused on the triggering events for both liberalization of capital movements and de-risking, definition of the phenomenon de-risking and its impact on the free movement of capital and payments.

The Atlántida of Capitalism. The murals of Sert in the decorative programme of New York’s Rockefeller Center

New York’s Rockefeller Center is one of most symbolically rich places in the world, although few of its millions of visitors stop to reflect on what its images of power really mean. In the form of an Atlantean mythological allegory, Rockefeller Center was conceived as symbolic propaganda for capitalist, liberal values implicit in both the ‘American Dream’ and the ideology espoused by the Rockefeller family. It embodies the utopia of progress and science that promotes the freedom of the individual and the free movement of capital. Due to ideological clashes –or the vagaries of fate– the Catalan José María Sert was the artist to ultimately complete the most eloquent mural in the main building, a mural which had formerly been painted by Diego de Rivera, and entitled Man at the Crossroads. Sert was a muralist who had previously worked on the scenographic illustration of Manuel de Falla’s Atlántida, capturing some of the motifs that inspired that great cantata based on poetic texts by Jacint Verdaguer. That earlier work is reflected in the lobby of Rockefeller Center’s main building. While Diego de Rivera’s censored frescoes have been studied prolifically, little attention has been paid to Sert’s paradoxical reading of the same subjects. In this article, we analyse the history of the Atlantean Mediterranean literary myth in relation to Spain, the use John D. Rockefeller Jr. made of them in his emblematic urbanistic ensemble, and also the peculiar reading that the Catalan muralist made of these themes of Atlantis in relation to capitalism.

Part VI European Securities Markets Supervision, 17 Regulation and Consolidation of European Markets and Exchanges

This chapter puts an emphasis on the regulation of marketed products, conduct of the issuers and operators, and the distribution of financial instruments. It mentions the basic provision on cross—border investment in the European Union (EU) that is found in Art 63 of the Treaty on the Functioning of the European Union (TFEU), which guarantees the free movement of capital. It also explains the difference of the freedom of movement of capital from all other economic freedoms provided by TFEU. This chapter describes how market participants from non—EU countries benefit from the freedom of movement of capital, which does not need any implementing legislation at member State level. It also discusses how the freedom of capital movement lays down a general prohibition that goes beyond the mere elimination of unequal treatment on grounds of nationality.

Oh Britannia: Great Britain’s Exit from the European Union and Its Impact on Globalism and Nationalism

Globalization unleashed trends such as the free movement of capital, people, and goods; trickle-down economics, and diminished stature of nation-states. While largely embraced by most countries in the WTO, a growing tension within the European Union to push back went largely ignored until recently. Britain’s exit represents such a push back, a rejection of a single banking system, a single budget, and a single political entity. This article examines the historic 2016 British referendum that saw 52 percent of voters favor England leaving the EU. This research serves four purposes: one, to identify the origins of this important referendum as well as the positions of both its supporters and detractors; two, to analyze the fallout of the vote and its impact on other European nations; three, to correlate the results of this referendum and the rise of populist parties on the left and right in the EU; and four, to discuss briefly what the future holds for globalism.