Principles of International Economic Law, and the Right to Economic Development, Vis-À-Vis the Guiding Principles of Sustainable Development

Abstract

International economic law as a branch of law is interested in the development of states through trade, investment and economic legal policies. In the quest for development, many states have caused damage to the ecosystem which now constitutes a threat to humanity. At the wake of this peril, there was need to make a clarion call on sustainable principles for development to flourish. Unfortunately, the fate of the developed nations is at variance with that of the 3rd world countries. The need to strike a balance between these contending views has generated a strong argument on the real purport of sustainable development. The capitalistic threats to development have proved to be averse to sustainable development because of its excesses, while the helplessness of the 3rd world countries has created a dangerous porousity to achieve development. Indeed, one cannot sustain a development that does not exist. Yet there has to be a balance to move the world economy forward. There is need for international concern to harmonize development strategies to protect the developed and underdeveloped countries, with a view to preserving the world environment. This paper seeks to address the challenges associated with the topic.