• Analyses & Alternatives
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• v.4 no.1
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• pp.89-103
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• 2020

The "rule of law" decision of the Fourth Plenary Session of the 18th Central Committee of the Communist Party of China proposes to build a strict supervision system of the rule of law. The reform of the national supervision system launched in 2016 can be described as an important measure to build such a system. The supervision and supervision system has gradually become the core system of the rule of law supervision system. Its full coverage of supervision of public officials is conducive to preventing corruption of public power and achieving the ultimate goal of supervision by the rule of law. The supervision mechanism in the supervision system under the rule of law requires systemic thinking to realize the effective supervision of public officials of the state power organs, as well as the constraints and supervision of other supervision systems, including the supervision of the People's Congress; Supervision is a full-coverage supervision, and other rules of law supervision systems are also full-coverage supervision systems within their scope of competence. Therefore, gradually exploring and constructing an external supervision system for supervision will be conducive to the optimization and eventual completion of the rule of law supervision system.

• East Asian Economic Review
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• v.17 no.1
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• pp.27-53
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• 2013

In this paper, we look at the relationship between international trade and the rule of law, using the World Justice Project Rule of Law Index, which include index figures on human rights, limits on government powers, transparency and regulatory efficiency. Based on regression analyses using the rule of law index figures and international trade figures (merchandise trade, service trade, exports and imports as percentage of GDP,) international trade and basic human rights seem to have little relationship; but trade has a close positive relationship with strong order and security. Somewhat surprisingly, regulatory transparency and effective implementation seems to have little or no effect on international trade and vice versa. International trade shows a clear positive relationship with the country's criminal justice system, but the relationship with the civil justice system is not as clear as such. For regulatory implementation and civil justice, services trade positively affect these institutions, but these institutions in turn affect exports more strongly than services trade. Finally, the effect of trade on rule of law is stronger on a medium to long term (10-20 year) time horizon.

• Analyses & Alternatives
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• v.1 no.1
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• pp.3-16
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• 2017

This paper aims to emphasize the necessity of beginning and developing judicial politics in Korea. Law is constitutive of politics, and judicial politics is vital in understanding how politics is influenced by law. Disappointingly, social science in Korea has not recognized the importance of judicial politics. Judicial branch in Korea does not have the capacity to constrain the executive or other government agencies governed by elected officials. The rule of law does not work. Judicial politics has not yet been introduced in Korea, despite its enormous importance in shaping political economy. The rule of law and courts are believed to be the institutional foundation for economic growth. Law embodied in "no one is above the law" is recognized to provide fairness and stability with a democracy. Little attention to judicial politics results in leaving behind a missing link in a polity. The fortification of the rule of law is necessary to make democracy consolidated in Korea, as shown in impeachment of former president Park Geunhae. A new scholarship in Korea on judicial politics is in need to discuss what conditions under which the rule of law is possible and how to make it sustainable.

• Journal of Arbitration Studies
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• v.16 no.3
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• pp.91-125
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• 2006

The arbitration rule of CIETAC was vastly revised and was put in force on May 1, 2005. By its revision, China has improved its arbitration system. Chinese arbitration law had many problems when it was enacted in 1995, but the problems could not be avoided because of the poor surroundings for arbitration in China. As China has not had much experience in operating its legal system effectively, and also has little in the way of studies on legal theory that would allow it to deal with its laws in a flexible manner, authorities usually wait to revise a law until enough relevant experience has been accumulated. Therefore, during the 10 years since its enactment, China has resolved the problems within its arbitration law through revision of arbitration rule rather than by revision of the law itself. As this law is a basic one in ruling the arbitration system in China, there are some limitations as to how far the system can be developed through revision of arbitration rule alone. In spite of the limitations, the revision in 2005 contributed a great deal to resolving the existing problems within Chinese arbitration law. The biggest problem in the arbitration law is the Chinese arbitration law that restricts party autonomy. With the revision of the arbitration rule, many problems concerning party autonomy were circumvented. This occurred because the arbitration rule now provides parties the opportunity to choose arbitration rule other than the CIETAC arbitration rule, and even allows parties to agree to amend articles in the CIETAC arbitration rule -- a very important revision indeed. In addition to party autonomy, there are other improvements for example, there is an enhancement of the independent character of the CIETAC, clearing of jurisdiction, easing in the formation of arbitration agreement, improvement in the way arbitrators are chosen, and enhancement in the cultural neutrality of the arbiter. Problems still remain that can only be solved by revision of the arbitration law itself. These problems relate to the governing law of the arbitration agreement, the collection of evidence, custody of property, selection of chief arbiter, interlocutory awards, etc. In addition, some non-legal problems must also be resolved, like the actual judicial review of arbitration awards or difficulties of executing arbitration awards.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.145-154
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• 2020

The paper aims to investigate the interactions between rule of law, economic growth and the shadow economy in 18 selected transition economies. This study uses annual data over the period 2002-2015 for 18 transition countries to estimate the effects of rule of law and other factors on the size of shadow economy. The transition country group is classified based on International Monetary Fund resources and is selected on the basis of the availability of data. The data examined in this research are derived from the World Bank, Worldwide Governance Indicators project and Working Paper from International Monetary Fund. This study employs GMM method. The results show that the economic growth indicators have negative and statistically significant impact on the shadow economy. Additionally, these results also reveal that in transition countries the size of shadow economy is negatively related to the quality of rule of law. However, the findings of this research also point out that there are positive relationships between inflation, public expenditure and the size of shadow economy. Hence the results from this study suggest that the size of shadow economy could be controlled by improving the effectiveness of rule of law and the growth of economy particularly in transition countries.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.42
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• pp.275-305
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• 2009

Marine insurance contracts, which intended to provide indemnity against marine risks upon the payment of price, known as a premium, originated in Northern Italy in the late 12th and early 13th centuries. The law and practice were later introduced into England through the Continent. It is, therefore, quite exact that English and European marine insurance law have common roots. Nevertheless, significant divergences between English and European insurance systems occurred since the late 17th century, mainly due to different approaches adopted by English courts. The rule of warranty in English marine insurance was developed and clarified in the second part of the 18th century by Lord Mansfield, who laid the foundations of the modern English law of marine insurance, and developed different approaches, especially in the field of warranty in marine insurance law. Since the age of Lord Mansfield, English marine insurance law has a unique rule on warranty. This article is, therefore, designed to analyse the overall rule of the rule of warranty in English marine insurance law. The result of analysis are as following. First, warranties are incorporated to serve a very significant function in the law of insurance, that is, confining or determining the scope of the cover agreed by the insurer. From the insurer's point of view, such the function of warranties is crucial, because his liability, agreed on the contract of insurance, largely depend on in, and the warranties, incorporated in the contract play an essential role in assessing the risk. If the warranty is breached, the risk initially agreed is altered and that serves the reason why the insurer is allowed to discharge automatically further liability from the date of breach. Secondly, the term 'warranty' is used to describe a term of the contract in general and insurance contract law, but the breach of which affords different remedies between general contract law and insurance contract law. Thirdly, a express warranty may be in any form of words from which the intention to warrant is to be inferred. An express warranty must be included in, or written upon, the policy, or must be contained in some document incorporated by reference into the policy. It does not matter how this is done. Fourthly, a warranty is a condition precedent to the insurer's liability on the contract, and, therefore, once broken, the insurer automatically ceases to be liable. If the breach pre-dates the attachment of risk, the insurer will never put on risk, whereas if the breach occurs after inception of risk, the insurer remains liable for any losses within the scope of the policy, but has no liability for any subsequent losses. Finally, the requirements on the warranty must be determined in according to the rule of strict construction. As results, it is irrelevant: the reason that a certain warranty is introduced into the contract, whether the warranty is material to the insurer's decision to accept the contract, whether or not the warranty is irrelevant to the risk or a loss, the extent of compliance, that is, whether the requirements on the warranty is complied exactly or substantially, the unreasonableness or hardship of the rule of strict construction, and whether a breach of warranty has been remedied, and the warranty complied with, before loss.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.36
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• pp.29-46
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• 2007

The fraud exception rule allows for the issuing bank to dishonor the claim if it the documents and transactions bear fraud though the documents presented are complied with the terms and conditions of the letter of credit. A question arises whether the fraud exception rule can apply to innocent beneficiary when fraud is made by 3rd party. United City Merchants v. Royal Bank of Canada showed a good example how to handle in case of innocent beneficiary. At this case House of Lord found that innocent beneficiary deserves payment applying nullity exception rule. I believe that the nullity exception rule is employed for the benefit of innocent beneficiary as far as the issuer and applicant get no actual damage by the 3rd party's fraudulent action which is shown on documents.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.21
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• pp.99-127
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• 2003

Legal sources of fraud rule in documentary letter of credit, which have their origin in Sztejn Case can be traced to various rules or laws of international or domestic level ; URCG, URDG and ISP98 as ICC Rules, and UNCITRAL Convention as an international uniform law, and UCC as a domestic law and U.K. cases. Among them the combination of "material fraud" in UCC ${\S}5-109$ and the detailed list of the types of misconduct in UNCITRAL Convention may provide the best solution or standard in real application of the fraud rule in letter of credit transaction.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.2
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• pp.597-605
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• 2012

This research examines whether religions can explain differences in the rule of law across nations. It finds that several religious groups can explain much of the variation in the rule of law while others have no explanatory power.

• Journal of Arbitration Studies
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• v.18 no.3
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• pp.23-50
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• 2008

In a global economy where, private parties increasingly favour arbitration over litigation, many foreigners are unfortunately reluctant to arbitration with China's parties because the China national courts do not scrutinize the merits when deciding whether to recognize and enforce foreign awards. As a result, the finality of arbitral awards hangs in uncertainty. Overseas concern is that China's courts may abuse "Public Policy" grounds provided for in the New York Convention to set aside or refuse to enforce foreign awards. The purpose of this article is to examine the distrust to enforcement of arbitral awards whether that is just an assumption. In spite of the modernize and internationalize her international arbitration system and many reforms provided in the related law and rules, the most vexing leftover issues are caused of the lack of "rule of law" in China. This situation imply the risk of pervert 'Public Policy' as the ground for refusing enforcement of arbitral awards. Some cases reflect the fear. But it is unclear whether those cases caused from the lack of "rule of law" in China. Same uncertainty present between Hon Kong-China under th one country-two legal system after the return of Hong Kong to China on 1 July 1997. While China is striving to improve its enforcement mechanism in regard to the enforcement of arbitral awards, it can only be expect following the establishment of rule of law in the future.