Overview and Future Prospects
This chapter sums up the results of the analyses offered in this book, pointing out praxis-related issues of, and persisting challenges to, international harmonization. The most serious challenge faced by international harmonization is securing its legitimacy both domestically and internationally. Implications of international harmonization for the theory of international economic law and global economic governance are discussed emphasizing the following: Harmonization efforts have (1) blurred the distinction between international law and domestic law, (2) blurred the distinction between hard law and soft law and (3) necessitate a rethinking of the status of non-state actors, notably private firms, in the making and implementation of harmonized regulation. These implications call for further elaboration of theories of international economic law and global economic governance. The book concludes with an exposition of the author’s view on the prospects of international harmonization in the near future.
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