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Chapter 2 identifies the key role that institutions play, in various ways, in implementing the globalization strategies. The nature of property rights requires a dominant role for legislative institutions and administrative agencies, alongside courts or tribunals with effective enforcement power. The chapter looks, for example, at the European Union’s institutions, and how the structure of exclusive, shared, and supporting competences within it may apply to property law. It then looks at the broader landscape of supranational conventions and other legislative instruments, and how their property provisions are enforced by supranational judiciaries, such as the European Court of Human Rights or the Inter-American Court of Human Rights. It identifies the key role that arbitration tribunals are playing in the enforcement of bilateral investment treaties and investment chapters in free-trade agreements.
Chapter 1 illustrates the prevalence of cross-border property disputes that stem from current processes of globalization and the challenge that such scenarios pose for legal governance because of disparities across national legal systems. The chapter identifies the structural features of property law and, in particular the need to create a set of norms for the in rem ranking of rights, powers, and priorities in regard to assets. It shows how such structural features translate to the creation of a closed list of property rights for each legal system, with national systems diverging from one another in the rigidity of the list, the types of rights included, and the specific content given to each such right. Showing that such disparities result not only form historical reasons, but also from economic, political, and cultural ones, Chapter 1 presents the four globalization strategies (soft law, conflict of laws, harmonization, and supranationalism) that could be utilized to mitigate the gaps between the domestic basis of property law and the current economic, social, and technological processes of globalization and defines the methodological principles that can guide the choice of strategies.
Property Law in a Globalizing World identifies the paramount challenges that contemporary processes of globalization pose for the study and practice of property law. It offers a straightforward analysis of legal scenarios implicating cross-border property rights, covering a broad range of resources, from land, goods, and intangible financial assets to intellectual property, data, and digital assets. This is the first scholarly book offering a detailed study of legal strategies that can decrease the gap between the domestic tenets of property law and the cross-border nature of markets, interpersonal networks, and technology. It shows how strategies of soft law, conflict of laws, approximation, and supranationalism rely to various degrees on cross-border property norms and institutions, and studies the proprietary features of security interests and priorities to assets in insolvency in a global setting. It also shows how digital technology such as blockchain can revolutionize the system of cross-border property rights.