Redefining The Concept Of Sovereignty In A Globalized World Order

1283 words - 6 pages

Proposed Research Work

1. Project Title: Redefining the Concept of Sovereignty in a Globalized World Order

2. Introduction
The theme of the present paper is to analyze the effect and impact of globalization on the sovereignty of states. While pointing out the effect, impact and even the need of globalization, albeit in a structured pattern, in the present era, the author intends to examine the concepts of industrial revolution, neo-liberalization, international corporate governance, millennium development goals, the need for international institutions and the international regulatory framework in different areas ...view middle of the document...

e. after the Industrial Revolution.

Today, the economy of most of the countries of the world depends on international trade, the free flow of capital, and integration of their economies into the world financial system. International events affect domestic markets and institutions more than ever. These profound changes present challenges to the traditional concept of sovereignty of states because they have given rise to international law and institutions that demand the transfer of sovereignty. For example, to limit carbon emissions, proposed follow-ons to the Kyoto accords seek to regulate energy use throughout the world, to allow for the smooth movement of capital, nations/states must coordinate their regulatory controls on the financial industry. These multilateral treaty regimes seek to regulate state activity. They ask states to delegate lawmaking, law enforcement, or adjudication authority to bureaucracies, such as the United Nations, the International Court of Justice, the World Trade Organization.
In the light of these developments and given the systemic asymmetries in economic and political power, the concerns about sovereignty in the age of globalization are common, and often take a defensive posture that seeks to limit the reach of international law.   But sovereignty and international law are not incompatible.  Broadly understood, sovereignty may be defined as the advancement of the national interest, and the reality of globalization requires the individual states/countries to make decisions that further the national interest through international engagement.
At a time of high unemployment, fiscal austerity, and complaints of currency wars, the threat of rising trade protectionism is looming large. Rise of International trade in a globalized world and its importance in uplifting the standard of living of an average human being across the world has inevitably called on us to reconsider the traditional concept of sovereignty of states.
* Interdisciplinary relevance:
The instant topic of a research has an interdisciplinary relevance. The research work is carried on to examine the concepts of industrial revolution, neo-liberalization, international corporate governance, millennium development goals, the need for international institutions and the international regulatory framework in different areas like international trade, financial services sector, environmental protection, WTO conflict with financial re-regulation, agreement on agriculture etc. vis a vis the concept of sovereignty of states. The research work focuses on various domains of law including but not restricted to International Law, International Banking Law, International Environmental Law, etc.
More particularly, the author intends to study and evaluate the need of a international regulatory framework in the financial services sector in a globalized market vis a vis the right of development of states and the impact on the sovereignty of states.
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