124 research outputs found

    RETHINKING INDUSTRIAL POLICY

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    Despite the hold of the neoliberal orthodoxy on policy making in developing countries, industrial policy remains important for the promotion of industrial development. However, the context for the design of industrial policy has profoundly changed as a result of new rules governing international trade, the rise of global value chains and marketing networks, and other aspects of globalization. Traditionally, the case for industrial policy has been framed in terms of “market failures” but the paper argues that that is not a sufficient basis. After addressing the traditional points of criticism, an attempt is made to outline the “domains” of industrial policy in the current circumstances, especially for industrially lagging countries. As country contexts differ widely there are no satisfactory blueprints for policy making that countries can readily adopt. As in production decisions, considerable ingenuity and innovation is needed in designing policies. This is all the more necessary as the WTO rules have become increasingly stringent and the rise of international trading networks has created new barriers for young firms to enter the world market. These developments have changed the context but not the importance of policy in industrial development. The paper identifies areas where government intervention is needed and can still make a positive difference.

    POLICY SPACE: WHAT, FOR WHAT, AND WHERE?

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    The paper examines how developing countries can use existing policy space, and enlarge it, without opting out of international commitments. It argues that: (i) a meaningful context for policy space must extend beyond trade policy and include macroeconomic and exchange-rate policies that will achieve developmental goals more effectively; (ii) policy space depends not only on international rules but also on the impact of international market conditions and policy decisions taken in other countries on the effectiveness of national policy instruments; and (iii) international integration affects policy space through several factors that pull in opposite directions; whether it increases or reduces policy space differs by country and type of integration.

    Correction to: 1,25-Dihydroxyvitamin D3 modulates adipogenesis of human adipose-derived mesenchymal stem cells dose-dependently (Nutrition & Metabolism, (2021), 18, 1, (29), 10.1186/s12986-021-00561-4)

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    Following publication of the original article 1, the authors identified an error in the affiliation of Dr. Mehdi Hedayati. © 2021, The Author(s)

    THE CONCEPT OF ODIOUS DEBT IN PUBLIC INTERNATIONAL LAW

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    The concept of “odious debt” regroups a set of equitable considerations that have often been raised in the context of political transitions. This paper explores the grounds of the “odious debt” concept in international law and points out that obligation to repay debt has never been accepted as absolute, and has been frequently qualified by a range of equitable considerations, some of which may be regrouped under the concept of “odiousness.” Due to the complexity and variety of transitional contexts, there is no single legal forum for the adjudication or settlement of claims of odiousness. Depending on context, such claims might appropriately be raised in bilateral or multilateral negotiations, or they could be adjudicated in domestic litigation. However, invocation of the concept of odious debt in multiple forums risks inconsistent decisions. Thus, the examination of considerations of odiousness by a single special transitional tribunal may be an attractive solution.
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