УТИЦАЈ ГЛОБАЛИЗАЦИЈЕ НА ПРАВНУ РЕГУЛАТИВУ МЕЂУНАРОДНИХ ЕКОНОМСКИХ ОДНОСА
THE INFLUENCE OF GLOBALIZATION ON LEGAL REGULATION OF INTERNATIONAL ECONOMIC RELATIONS

Summary/Abstract: Globalization is a process of worldwide economic, political and cultural integration and unification. On the global scale, this process is accompanied by distribution of labour, migration of capital, human and production resources, standardization of legislation, and standardization of economic and technological processes. It is an objective process of systemic character which covers all spheres of social life. The changes underlying the globalization process give rise to a rapid development of information and telecommunication technologies, the creation of new legal norms and standards pertaining to almost all aspects of macroeconomic activity, the internationalization of capital and dynamic changes in all aspects of human life. In the opinion of anti-globalists, globalization undermines the public sector and weakens the system of social assistance. There are three principles which are important for globalization of international trade relations (ITR): a) prohibition of discrimination; b) transparency; and c) peaceful settlement of disputes. In essence, they are the cornerstones for liberalization of international trade. From the aspect of international trade, the notion of globalization implies the tendency to transform the world economy into a single market of goods, services, capital and labour (workforce). States are increasingly deprived of their independence and autonomy in implementing their trade policies and taking comprehensive unilateral legislative measures. The role of the state in creating normative and other conditions for ITR activities has been substituted by many international trade organizations, and national regulations are increasingly subjected to the multilateral trading legal regime of the World Trade Organization (WTO). The WTO law is the embodiment of the regulatory and institutional framework of the new “global trade law” system in the sphere of public law. The system of international agreements has established the multilateral legal rules of the WTO. In the domain of public law, the system which corresponds to the international agreements’ framework is the system of autonomous sources of international trade, known as lex mercatoria.

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