The Privatisation of Law: Has a World Court been created? - The Rt Hon Lord Goldsmith QC

TL;DR

International arbitration has emerged as a global privatized dispute resolution mechanism, offering advantages such as neutrality, flexibility, and enforceability. While not yet a formal "world court," the system has evolved through international institutions, standardized rules, a select group of arbitrators, and the enforcement mechanism of the New York Convention.

Transcript

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Key Insights

• 🥳 International arbitration has become a leading method for resolving disputes involving parties from different countries.
• 🌍 The growth of international institutions and standardization of arbitration rules have enhanced the legitimacy and cohesiveness of the system.
• 🖐️ A small group of elite arbitrators play a significant role in shaping the practice and quality of international arbitration.
• 🏆 The enforcement mechanism provided by the New York Convention has increased the popularity and enforceability of arbitration awards.

Questions & Answers

Q: What factors have contributed to the rise of international arbitration as a preferred method for resolving disputes?

International arbitration offers advantages such as flexibility, neutrality, and enforceability, making it an attractive option for parties involved in cross-border disputes. Additionally, the establishment of international institutions and the standardization of arbitration rules have helped create a cohesive system.

Q: Can arbitration replace the traditional court system?

While arbitration offers many benefits, it is not meant to replace the traditional court system. Arbitration operates as a complementary mechanism that provides an alternative to litigation, particularly for disputes involving parties from different countries.

Q: How are arbitrators appointed in international arbitration?

Arbitrators in international arbitration are typically chosen by the parties involved in the dispute. The selection of arbitrators is based on their expertise, reputation, and ability to be impartial. There is a growing demand for diverse panels, bringing together arbitrators from different nationalities and legal backgrounds.

Q: What role do international institutions play in the arbitration process?

International institutions administer arbitrations, providing a framework for the proceedings. They offer arbitration rules and guidelines, assist in the appointment of arbitrators, and provide administrative support. While parties are not required to use these institutions, they offer credibility and expertise to the arbitration process.

Summary & Key Takeaways

• International arbitration has become a widely accepted and preferred method for resolving disputes involving parties from different countries.

• The growth of international institutions and the standardization of arbitration rules have contributed to the development of a cohesive system.

• A small group of elite arbitrators play a significant role in shaping the practice and quality of international arbitration.

• The enforcement mechanism provided by the New York Convention has made arbitration a global currency for dispute resolution.