On The Definition And Just Exercise Of State Economic Sovereignty

The essay puts forward that sovereignty has its levels and structure with a start of the etymology of sovereignty, aiming to clarify the essence of the controversy on sovereignty. Basing on the ideas mentioned above, a concept of economic sovereignty is brought in and so are the definition and legitimate exercise hereof.The principle of economic sovereignty is one of the fundamentals of contemporary international economic law. It concerns international public law, international economic law, economic law, politics, international relations, history etc. The principal of economic sovereignty is an outstanding outcome from the Movement for Colonial Freedom in the middle period of the 20th century. The principle of economic sovereignty seeks a more specific and direct way to preserve the interests included in sovereignty on economic fields of the sovereign state. It is a phased formulation within the further research into the principal of state sovereignty. The principle of economic sovereignty has troubles that trouble any legal principal, say, too abstract and ambiguous. Developing countries expect that the establishment of economic sovereignty enhance the permanent sovereignty over natural resources so as to maintain adequate independent administration on economic activities while developed countries hope that they are left with more space for operation through the interpretation of the principal of economic sovereignty such as setting up economic organizations including but not limited to World Trade Organization, stipulating and presetting rules for international activities in the name of democracy. The theory of weakening and transfer of sovereignty is created to preach the superiority of economic sovereignty over state sovereignty as theoretical preparation. The author suggests that the definition of economic sovereignty and legitimate exercise thereof are conducive to the remission of conflicts within the realization of economic sovereignty of the states in the world. Sovereignty, as a whole is indecomposable and exclusive. This is mainly on the issue of the belonging of sovereignty, namely, one aspect of definition of sovereignty. The other aspect is the substance of sovereignty. There are levels and structure in sovereignty. In this sense, sovereignty for government participants and nongovernment participants is a sort of allocation of power, be the ranges international, national or domestic. It is systematic. An understanding of the structure and levels of sovereignty is the key to precisely capturing the kernel of economic sovereignty. Economic sovereignty resembles sovereignty in characteristics. It is only due to numerous and complicated economic activities and forms thereof and that participants varied in scale or levels that sends the definition of economic sovereignty into a dilemma. The definition hereof requires consideration on the preferences of different states. The consideration here cannot be taken as acceptance of unilateralism in the range of exercise of economic sovereignty. It shall serve as the basis of talk and negotiation, be it bilateral or multilateral. The laying of the basis is crucial to build mutual trust. In modern society, governments are more experienced in handling economic activities both abroad and domestic. Organizations among the countries have also accumulated cases of how disputes settlement body is functioning. The legitimate exercise of economic sovereignty is seeking common points while reserving difference in conformity with reciprocal principal and in line with the premise of rational definition of economic sovereignty. Sovereignty is an absolute concept while the relativity hereof will show when it comes to economic aspect. A positive exercise of economic sovereignty also avails the safeguard of state sovereignty. The International Court of Justice needs to take this element into account when judgments come out with demarcation and the like. It enlightens the settlement of the issue on South China Sea and it also can be a reference to Free Trade Districts and AIIB are setting up and ASEAN countries are pushing to search reciprocity and mutual benefit.