THE JURISPRUDENCE OF ECONOMIC SOVEREIGNTY

MVC OZIOKO, Ikenga K.E. ORAEGBUNAM

Abstract


Perhaps, the most outstanding characteristic of a state under international law is its independence. This concept of ‘independence’ was defined in the 1949 Draft Declaration on the Rights and Duties of States prepared by the International Law Commission, as the capacity of a state to provide for its own well-being and development free from the domination of other states, provided it does not impair or violate their legitimate rights. This principle of sovereignty of states underlies all facets of international relations and entails the right of every state, inter alia, to freely exercise full permanent sovereignty over its wealth, natural resources and economic activities including the regulation and exercise of authority over foreign investment within its territory in accordance with its laws and regulations and in conformity with its national objectives and priorities. This study examines in concrete outlives the philosophy of sovereignty in general and economic sovereignty in particular.

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