Revista de Derecho Económico (Journal of Economic Law)

The tension between the right to regulate and investor’s rights in the light of the principle of proportionality

2023-10-05T02:29:57+00:00

This article presents the theoretical framework of the right to regulate by exploring notions of sovereignty and law, to present the conceptual framework of the right to regulate. It analyzes the sources that support the right to regulate as contained in treaties, international custom, general principles of law, judicial and arbitral decisions, as well as the doctrines of publicists. Having stated the above, it explores the limits of the right to regulate as imposed by international law and the exceptions. Finally, it analyzes the principle of proportionality as a method for assessing the actions of the State.

The limits of the Entrepreneurial State in pharmaceutical innovation: A principal-principal model perspective

2023-11-02T01:50:24+00:00

Mazzucato (2021a and 2022) proposes a change in the role of the state,
advocating active and collaborative intervention in market creation through mission
design. She challenges the previous regulatory approach, highlighting the importance
of direct state intervention in research, production and procurement of anti-covid
vaccines. This paper analyzes the risks of mission design from the principal-principal
theory. Despite Mazzucato’s recommendations on conditions for public investment
(2021b), such as interventions in business structure and pricing, the missions reveal weaknesses. Pharmaceutical companies held patents, imposed conditions and benefited
economically from public funds, evidencing economic limits in information asymmetries, transaction costs and incentive imbalance. In conclusion, Mazzucato’s approach
has generated opportunities and challenges. Although it seeks to strengthen the State,
the reality shows profound flaws in its economic intervention, revealing problems such
as the ambiguity between invention and innovation and the lack of compliance with the
recommendations made.

Limits to international economic policy emanating from human rights treaties: The experience of Latin America

2023-10-07T02:06:40+00:00

In Latin America there are states that have given constitutional hierarchy to human rights treaties, both regional and universal. Initially, this commitment to international human rights law was aimed at consolidating democratic institutions after long periods of dictatorial governments. Over the years, the scope of human rights has broadened to cover issues such as environmental protection or the regulation of
business. On this last point, there are now standards that not only oblige companies to respect human rights, but also oblige the state to take fundamental rights into consideration when negotiating and concluding international investment agreements. The aim of this paper is to analyse the human rights standards that condition the conclusion and fulfilment of trade agreements and how arbitration tribunals, in the resolution of the cases submitted to them, have sought a balance between the interests of the investor and the State’s obligations to respect and guarantee fundamental rights.

Central American community law: A limitation or an expansion of State regulatory powers? Legality control and dispute settlement

2023-09-12T21:04:07+00:00

This article assesses the extent to which Central American community law, defined as the legal framework of the Central American Integration System and that of its subsystems, restricts or expands the regulatory powers of the state. Analyzing regional case law, it describes certain characteristics of community law, including its direct effect, inmediate applicability and primacy over domestic law. This leads to the characterization of such legal system as an independent set of rules which deeply penetrates
the national law of SICA Members and is endowed with supremacy in its application. The article presents a critical vision of this characterization, which is based on legal transplants from European Law. In this regard, certain developments could enrich the current understanding and adjust it to the Central American context. Additionally, it addresses how the transfer of powers to community bodies limits the regulatory powers of the state. At the same time, the strong influence of the executive on regional councils might mean they could be influenced by national interests in certain cases. These assessment leads to the conclusion that Central American community Law imposes a strong limitation to the regulatory powers of the state, at least in theory. In practice, this restriction might be restrained, due to the institutional design of the regional integration process, considering the democratic control and the balance of power among SICA’s bodies and those of its subsystems.

The limits of digital trade regulation in Latin America: Lack of technical capacity and implicit imposition of foreign digital infrastructure

2023-10-17T19:45:13+00:00

Digital trade has experienced rapid global growth in the last decade, transforming the economy and society. While the European Union and other leading blocs have advanced in regulating this sector, Latin America faces significant challenges. This article examines technical limitations, the imposition of foreign technological standards, and the region’s lack of competitiveness, considering their impact on digital commerce regulation. Through in-depth analysis, it seeks to identify
obstacles and propose solutions to strengthen regulation and foster debate on the future of digital commerce in Latin America.

Reflexiones sobre el análisis costo-beneficio y el análisis costo-efectividad en las normas de cambio climático en Chile y Colombia

2023-10-05T02:36:39+00:00

El análisis costo-beneficio es un proceso que permite establecer la relación que existe entre los costos de una actividad y los beneficios que esta genera, es decir, permite determinar si esta es económicamente eficiente. Sin embargo, su alcance instrumental resulta poco adecuado cuando se alude a la efectividad social relacionada con alcanzar un objetivo, lo que puede abstraerse a través de las limitaciones que denota este tipo de análisis para representar todos los —potenciales— daños evitados, por ejemplo, al mitigar efectos negativos del cambio climático. Este aspecto trasciende si consideramos que, una medida de mitigación del cambio climático más efectiva, a su vez impacta en los costos económicos y, por ende, afecta la eficiencia social a largo plazo. En este orden de ideas y desde una aproximación jurídico-económica, a la luz de la normativa colombiana y chilena, este aporte tiene por objetivo reflexionar sobre la necesidad de integración del análisis costo-beneficio y del análisis costo-efectividad en el análisis jurídico y multidisciplinar de la lucha contra el cambio climático, a partir de su incorporación en el marco legal que establece las directrices para la gestión del cambio climático de Colombia (Ley 1.931 de 2018 y Ley 2.169 de 2021) y la Ley Marco de Cambio Climático de Chile (Ley 21.455 de 2022).

Final offer arbitration as a tool for regulation and for the protection of competition in Chile

2023-10-28T01:00:22+00:00

The final offer arbitration restricts the adjudicator’s options to one of the parties’ positions, thereby encouraging good faith negotiations, reasonable proposals and negotiated settlements. As detailed in this research, this variant of arbitration has been widely used for labor disputes in the United States, where it has also expanded into regulatory and antitrust arenas. The same has occurred in Canada, the European Union and Chile. Although the specific contexts differ, there is a common core element: bilateral negotiations with an imbalance in favor of one of the parties that can lead to abusive and/or disproportionate conditions. Final offer arbitration has the capacity to address this problem by distributing bargaining power between the parties and emulating the dynamics of a competitive market. Therefore, this paper argues that, properly used and designed, this type of arbitration is a relevant tool to be added —or used more frequently— as part of the arsenal of regulatory and competition authorities, and of individuals, in at least three situations: ex ante regulations that seek to replicate market
conditions; mitigations against transactions with horizontal, conglomerate and/or vertical risks; and measures imposed or concessions agreed in a judicial proceeding.

ES Regulation of data privacy in the online advertising market: Comparative analysis and the case of Chile

2023-10-17T17:05:36+00:00

In the online advertising market there are two market failures generated by the accumulation and improper exploitation of personal data: market concentration in Google and Facebook and information asymmetries in terms of data. The different regulations address these failures by unifying a strong statute on data privacy and an ex-ante regulation on competition, which establishes obligations for economic agents whose conduct may generate conflicts in the market, such as gatekeepers (EU), strategic market status (UK) or segmenting by number of digital ad transactions (US). In this context, it is interesting to analyze regulatory instruments such as informed consent and data portability, which different regions apply to confront these market
failures, to analyze regulations that seek to adapt to these markets, as is the Chilean case.

Legal status applicable to pre-contractual duties of information in insurance contracting in Chilean law

2023-05-18T04:37:59+00:00

Currently, two parallel legal statutes coexist that are applicable to pre-contractual duties of information in insurance contracting: the first statute composed of laws and other special regulations that regulate the insurance market, such as the Commercial Code and Decree Law 251 of 1931, among others; and the second statute, composed of consumer protection regulations, mainly the provisions of Law 19.496 that establishes standards for consumer protection rights. Unfortunately, the legislator omitted to establish clear rules for harmonizing and integrating the norms contained in these parallel statutes, resulting in uncertainty about which legal statute

The Free Competition Defense Tribunal: A contradictory institution

2023-09-12T01:44:11+00:00

First, this article states that the application of antitrust norms implies a political choice about what ends the antitrust institutions must pursue. Second, it maintains that developing this political role presupposes the development of an administrative function. Third, it defends that, given the fact that the Free Competition Defense Tribunal is a court, it cannot develop this function successfully. Therefore, there is a contradiction between the tribunal’s jurisdictional structure and the administrative function that the application of antitrust laws presupposes. Finally, it sketches
an administrative institutional framework of antitrust that adequately treats its political role.

Editorial

2023-12-29T13:18:17+00:00

Este número supone la sexta publicación semestral ininterrumpida de la Revista de Derecho Económico, y resulta un trabajo especial, puesto que dentro de sus diez artículos recoge obras seleccionadas de la convocatoria general, pero también algunas de las ponencias (llevadas al formato propio de una revista académica) que se presentaron en el simposio «Los límites de la regulación económica en Latinoamérica» organizado por el Instituto Suizo de Derecho Comparado; el Departamento de Derecho Económico y el Centro de Regulación y Competencia de la Universidad de Chile, y desarrollado en la Facultad de Derecho de la Casa de Bello los días 6 y 7 de septiembre de 2023.

Mención especial merece el impulso del profesor de la Universidad de Berna y miembro del Instituto Suizo de Derecho Comparado, doctor Rodrigo Polanco Lazo, a través de quien manifestamos el agradecimiento a la prestigiosa entidad helvética, coorganizadora del evento, y con la cual esperamos seguir construyendo instancias
birregionales de reflexión.

El simposio congregó 29 exposiciones y conferencias magistrales de autoridades de Chile —como el ministro de energía y el fiscal nacional económico— y valiosas contribuciones provenientes de Ecuador, Perú, Colombia, Suiza, Uruguay, Brasil, Argentina, Bolivia, Guatemala y Chile. De ellas, en este número presentamos los trabajos de: Orlando Cabrera, de la Universidad Iberoamericana, México, titulado «La tensión entre el derecho a regular y los derechos del inversor a la luz del principio de proporcionalidad»; Katherine Flórez, de la Universidad del Externado, Colombia, titulado «Los límites del Estado emprendedor en la innovación farmacéutica desde el modelo principal-principal»; Pablo Colmegna, de la Universidad de Buenos Aires, Argentina, titulado «Límites a la política económica internacional emanados de los tratados de derechos humanos: La experiencia de América Latina»; Andrés Paniagua, del Sistema de Integración Centroamericana, titulado «El derecho comunitario en Centroamérica: ¿Restricción o ampliación de las facultades regulatorias del Estado? Control de juridicidad y resolución de disputas»; Juan Pablo Gómez, de la Universidad de Los Andes, Colombia, titulado «Los límites de la regulación del comercio digital en América Latina: Falta de capacidad técnica e imposición implícita de infraestructura digital extranjera»; y Rubén Méndez con Andrea Lucas, de la Universidad Autónoma de Chile, titulado «Thoughts on the cost-benefit and cost-effectiveness analysis in the Climate Change Laws of Chile and Colombia».

Por otra parte, como se adelantó, este número también alberga valiosas contribuciones presentadas en la convocatoria general y permanente, exhibiendo, a tal efecto, trabajos de: Cristóbal Lema, de la Universidad de Santiago de Chile, titulado «Arbitraje de oferta final como herramienta regulatoria y para la protección de la libre competencia en Chile»; Catalina Meza, de la Universidad Mayor, Chile, titulado «Regulación de datos personales en el mercado de la publicidad en línea: Análisis comparado y el caso de Chile»; la abogada Paula Riquelme, titulado «Estatuto jurídico aplicable a los deberes precontractuales de información en la contratación de seguros en el derecho chileno»; y del licenciado Ignacio Peralta, titulado «El Tribunal de Defensa de la Libre Competencia: Una institución contradictoria».

Como puede apreciarse, el número que nos complace presentar recoge aportes sobre distintas temáticas, como inversión extranjera, Estado emprendedor, política económica internacional, integración económica, comercio digital, asuntos ambientales, libre competencia, datos personales y derecho del consumidor, lo que lo convierte en una apuesta comprometida con el avance del saber y el espíritu crítico, valores inherentes a la Universidad de Chile.

No está de más hacer presente que todos los trabajos publicados se sometieron al mismo sistema de doble arbitraje anónimo. Tanto aquellos que proceden de la convocatoria general, como los emanados del simposio, siguiendo estrictos criterios editoriales que permitieron contar con los textos más acabados.

Nos alegra, entonces, seguir haciendo universidad —y país— y colaborar en el diálogo académico regional, poniendo a disposición, mediante un sistema de acceso abierto, el volumen 80 número 2 de la Revista de Derecho Económico, publicación que ha servido, a lo largo de los años, para construir un acervo fecundo que permite la reflexión sobre la amplia gama de tópicos propios de esta rama de la ciencias jurídicas y sociales.