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IUC Independent Policy Report: At the End of the End of History Giuliano Castellano, Ugo Mattei, Reviglio Edoardo, Mastruzzo Giuseppe, Franco Bassanini, Calabresi Guido, Antoine Garapon, Tibor Varady, Eugenio Barcellona, Mauro Bussani, et al. To cite this version: Giuliano Castellano, Ugo Mattei, Reviglio Edoardo, Mastruzzo Giuseppe, Franco Bassanini, et al.. IUC Independent Policy Report: At the End of the End of History: Global Legal Standards: Part of the Solution or Part of the Problem?. 2009. hal-00404895 HAL Id: hal-00404895 https://hal.archives-ouvertes.fr/hal-00404895 Submitted on 20 Dec 2011 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Global Jurist The Global Legal Standards Report Volume 9, Issue 3 2009 Article 2 AT THE END OF THE END OF HISTORY.GLOBAL LEGAL STANDARDS.PART OF THE SOLUTION OR PART OF THE PROBLEM? IUC Independent Policy Report: At the End of the End of History - Global Legal Standards: Part of the Solution or Part of the Problem? IUC Global Legal Standards Research Group∗ ∗International University College of Turin, legal [email protected] Recommended Citation IUC Global Legal Standards Research Group (2009) “IUC Independent Policy Report: At the End of the End of History - Global Legal Standards: Part of the Solution or Part of the Problem?,” Global Jurist: Vol. 9: Iss. 3 (Global symposium), Article 2. Available at: http://www.bepress.com/gj/vol9/iss3/art2 Copyright c 2009 The Berkeley Electronic Press. All rights reserved. IUC Independent Policy Report: At the End of the End of History - Global Legal Standards: Part of the Solution or Part of the Problem?∗ IUC Global Legal Standards Research Group Abstract The IUC Independent Policy Report prepared by a group of lawyers at the International Uni- versity College of Turin was presented at the meeting convened by the G8 Presidency in Rome on May 12, 2009. The IUC Independent Policy Report was drafted by the IUC Legal Standards Research Group, organized by a Steering Committee chaired by Ugo Mattei (International University College of Turin), coordinated by Edoardo Reviglio (International University College of Turin) and Giuseppe Mastruzzo (International University College of Turin), and composed by Franco Bassanini (Uni- versity of Rome “La Sapienza”), Guido Calabresi (Yale University), Antoine Garapon (Institut des Hautes Etudes sur la Justice, Paris), and Tibor Varady (Central European University, Budapest). Contributors include Eugenio Barcellona (Eastern Piedmont University), Mauro Bussani (Univer- sity of Trieste), Giuliano G. Castellano (Ecole Polytechnique Preg/CRG), Moussa Djire´ (Bamako University), Liu Guanghua (Lanzhou University), Golnoosh Hakimdavar (University of Turin), John Haskell (SOAS), Jedidiah J. Kroncke (Yale Law School), Andrea Lollini (Bologna Univer- sity), Alberto Lucarelli (Federico II University), Boris N. Mamlyuk, (University of Turin), Alberto Monti (Bocconi University), Sergio Ariel Muro (Torquato di Tella University), Domenico Nicolo` (Mediterranean University of Reggio Calabria), and Nicola Sartori (University of Michigan). The IUC Independent Policy Report argues for a radical change of perspective, capable of restor- ing the supremacy of the law over the economic system. It is not only about finance, nor is it only about economics or policy. In this sense a transnational set of normative principles is needed in order to establish a global legal system capable of controlling economic processes, rather than be- ing controlled by them. Within this framework a series of policy proposals are presented in order to effectively implement a new system of global standards. ∗This draft was presented at the seminar, Global Standards in the 21st Century, organized by the G8 Presidency in Rome at the Ministry of Economy and Finance and Villa Madama on the 11-12th of May 2009. Special thanks to the IUC MSc candidates: Emanuele Ariano, Marco De Morpurgo, Tomaso Ferrando, Giulia Massobrio, Yacouba Sabere Mounkoro, Sara Palmas, Jasna Pocek, Ibrahim Shikaki, Francesco Vazzana; to the IUC Student Dean Jennifer Hilton; to the Lanzhou student Ding Cheng; and to Ignazio Castellucci (University of Macau). The current Western standard of living is unsustainable. Should the rest share the model of devel- opment of the West, our planet will simply not be capable of resisting the growth in consumption and pollution. Within this fundamental setting of scarcity in resources, using the rhetoric of the end of history as the polar star for growth, development and ultimately happiness of the whole world is simply a cynical lie. We argue here for the beginning of a necessary process aimed at the development of a legal system that is much less about creating an effcient backbone for an exploitive economy and much more about a vision of civilization, justice and respect where the laws of nature and those of humans converge in a sustainable long-term philosophy. Principles of justice, responsibility and long term environmental protection, rather than short term economic contingency and strong interests must set the legal agenda. A new governance and bottom-up inclusive integration of knowledge-based economies (wherever located), which is cru- cial to the very survival of humankind, cannot happen without defning new terms of a widely accepted standard of long term justice in the transnational context, hence the urgency to conceive legitimate transnational legal structures and possibly some apparatus of “superlegality.” The report is composed of fve sections. After having presented the pitfalls of the prevailing theoretical apparatus, an alternative cultural grid upon which policy actions should be shaped is presented. In this sense several normative proposals - revisiting the key characteristics of the current system - are offered aiming at acquiring a wider perspective over the actual global crisis. KEYWORDS: global legal standards, economic crisis, capitalism, global economic policy, legal theory, finance, financial regulation Erratum This article was originally published under the series ‘Global Administrative Law Sympo- sium.’ This was corrected on June 25, 2009 to ‘The Global Legal Standards Report.’ Research Group: At the End of the End of History INTERNATIONAL UNIVERSITY COLLEGE OF TURIN INDEPENDENT POLICY REPORT Working Group on Legal Standards International University College (Turin) Institute des Haute Etudes pour la Justice (Paris) Central European University (Budapest) Report Steering Committee Ugo Mattei, International University College of Turin, Chairman Edoardo Reviglio, International University College of Turin, Coordinator Guido Calabresi, Yale Law School Antoine Garapon, Institut des Hautes Etudes sur la Justice, Paris Tibor Varady, Central European University - Budapest Franco Bassanini, La Sapienza, Rome Report General Secretary: Giuseppe Mastruzzo, International University College of Turin Report Contributors: Eugenio Barcellona, Eastern Piedmont University, Italy Mauro Bussani, University of Trieste Giuliano Castellano, Ecole Polytechnique (Preg/CRG), Paris Moussa Djiré, Bamako University Liu Guanghua, Lanzhou University Golnoosh Hakimdavar, University of Turin, CLEI Centre Joseph Halevi, Sidney University John Haskell, SOAS Jedidiah J. Kroncke, Yale Law School Andrea Lollini, Bologna University Alberto Lucarelli, Federico II University, Naples Boris N. Mamlyuk, University of Turin, CLEI Centre Alberto Monti, Bocconi University Sergio Ariel Muro, Torquato di Tella University Domenico Nicolò, Mediterranean University of Reggio Calabria Nicola Sartori, University of Michigan - Ann Arbor Published by The Berkeley Electronic Press, 2009 1 Global Jurist, Vol. 9 [2009], Iss. 3 (The Global Legal Standards Report), Art. 2 International University College of Turin President: Stefano Rodotà Academic Coordinator: Ugo Mattei Advisory Board: Gustavo Zagrebelsky (Chair) Guido Calabresi Duncan Kennedy Amartya Sen Steering Committee: Ugo Mattei (Chair) Mauro Bussani Franz Werro www.iuctorino.it INDEX Introduction PART I Global Political Economy and the End of History PART II Beyond the End of History. Asserting the Primacy of the Law over Economic Power PART III Legal Standards for the Global Financial Market Conclusions http://www.bepress.com/gj/vol9/iss3/art2 2 Research Group: At the End of the End of History INTRODUCTION 1. A Malthusian Picture Since September 2008, when the crisis started to hit hard in the United States, the ghost of Lord Keynes seems to have supplanted that of Von Hayek as the most cited hero of mainstream economics. In this Report, in order to justify and ground our policy claims, we wish to evoke Malthus a towering (in a way sinister) economist that should enter the hall of fame of those that from the past brutally point at the tremendous challenges in our way into the future. This Report is not the work of economists, and it is certainly not grounded in the mainstream. Nevertheless, from the perspective of a small but highly cosmopolitan community of lawyers experienced in approaching economic issues, we beg global policy