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With the globalization of markets, the phenomenon of market failure has also been globalized. Against the backdrop of the territoriality of nation-state jurisdictions and the slow progress of international law based on the principle of sovereignty, this poses a serious challenge. However, while the legal infrastructure of globalized markets has a firm basis in formal, national, and international law, the side effects of economic transactions on public goods, such as the environment, human health, and consumer interests often escape state-based regulation. Therefore, attention is drawn to the...

With the globalization of markets, the phenomenon of market failure has also been globalized. Against the backdrop of the territoriality of nation-state jurisdictions and the slow progress of international law based on the principle of sovereignty, this poses a serious challenge. However, while the legal infrastructure of globalized markets has a firm basis in formal, national, and international law, the side effects of economic transactions on public goods, such as the environment, human health, and consumer interests often escape state-based regulation. Therefore, attention is drawn to the...

In an age of globalization, many regulatory problems lie beyond the reach of the nation state. Solutions have to be found which extend beyond territorial borders. Normally, we would expect international law to be the appropriate forum for addressing these issues, but this assumes formal consensus among states, which is difficult to obtain. Therefore a number of informal structures of pragmatic public governance have emerged, as an alternative to formal law-making processes, operating within the transnational space between national and international law. These structures display a great...