I argue that it is time to explore the possibilities of a substantial reform, which should include: the renegotiation of the current 3,200 IIA; to stop signing treaties with arbitral clauses and extremely favourable conditions for investors; the promotion of an effective sovereignty States over the space that they should regulate; and the approval of binding obligations for companies. The failure to address substantive issues in ISDS, and to only focus on procedural aspects of reform, will lead to the consolidation and re-legitimatisation of this system, under the guise of “modernizing” it.
Arguably, Fox and Bakhoum’s Making Markets Work for Africa does more than take part in this literature, it helps bring it into focus, crystallizing its insights and articulating a number of its internal debates. Perhaps this assessment should be nuanced a bit. Despite their extensive footnotes and their admirable collaborative scholarship and drive to work from and with African sources (for instance with the Quarterly Competition Review produced by CCRED), the book is focused more on the policy problem than on the existing literature about the problem. This is not a book about books; it is a book about identifying a complex economic situation with challenges and opportunities and charting and driving a particular line in favour of a better life for Africa’s population.
We are proud to present this book symposium on Professor Eleanor Fox & Mor Bakhoum’s wonderful new book titled Making Markets Work for Africa: Markets, Developments, and Competition Law in Sub-Saharan Africa. This 2019 book from Oxford University Press is the most comprehensive look at the role that competition law can play in promoting economic development as well as fairness and equity in the diverse economies of Sub-Saharan Africa.