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By Yiyu Ma, October 29th, 2015
On October 28th, 2015, Professor Daniel Bradlow from University of Pretoria was invited to deliver a lecture for the SUFE LAW SCHOOL FORUM. The topic is around the institutional arrangements of the global economy. Prof. Xiaoyan Song, from law school, hosted the whole lecture, which lasted for about one and a half hours.
On this topic, Prof. Daniel mainly focused on the economic issues of Africa. Not only did he make a clear explanation for the developments of institutional arrangements, but also he discussed the resulting gaps and weaknesses that came with the evolution. Finally he analyzed the implications of legal governance .
At the beginning, he made a specific introduction of how the institutional arrangements created and evolved after WWII. Based on the rule of free trades in goods and current payments, IMF, WB and other groups, which conducted similar functions, were established. However, they didn’t last for a long time as the Bretton Woods System was tending to break down attributed to two main reasons. One is because the financial regulation could not follow new conditions any more, and the cold war system also gave great pressure to the economic supervision. At the same time, the Global South and the NIEO, aiming at protecting the rights and interests of developed countries, were established. But it failed at last, which implied the efforts that the third world countries took to change their fate were in vain.
Then, he came up with the challenges we faced from 1990s to now and the responses we reacted to them. The biggest impact came from the information technologies, which boosted the changing of the transactions, financial instruments, and the social roles. What’s more, with the increasing sovereignty consciousness, the gap between governance of global financial systems has threatened the status quo. The unchanged institutional structure also makes the global economic environment worse and worse. Luckily we recognized the need for new rules applicable to all relevant actors and reacted to these challenges’ effect promptly. We established the G20 and convene Financial Stability Forum. Especially after the world-wide economic crisis starting from 2008, the G20 elevated the leadership level of state as a key actor, and new institutions such as CMIM, CRA, has been founded. The regulation of global economics has been totally changed and completed.
For the third part, he explained the legal and institutional implications of current GES situation. The first is evolving views of sovereignty with the rise of non-state powers like NGOs and TNGs. The professor thought it is significant to fill the gap as the role of IFIs continues to expand. The public international law and international financial transactions also can not be ignored.
Finally he came to an conclusion that the system of global financial governance has shown resilience under pressure but is being overwhelmed by various reasons. The first is the tension between global finance and national regulation . The second is that IFIs have filled governance gaps but law couldn’t support. What’s more, the divergence between evolution of finance and environment is tending to become a big problem that should be taken an eye on. The last one is the coming challenges and roles for international lawyers. Professor Daniel believed that the opportunities are still waiting for people to discover.
At the end of the lecture, Prof. Daniel had an active interaction with students. He answered all the questions that brought up by students professionally. He also inspired students to learn more about law because the status of law will be more and more important on the international stages in the future. The whole lecture ended in the warm applause of the students.
Published：2015-11-02 Hit：
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