World Court of Justice Essay Example | Topics and Well Written Essays - 500 words

World Court of Justice - Essay Example Addressing the plenary session of the UN General Assembly in 1999, the then President of the International Court of Justice, Judge Stephen M. Schwebel mentioned that issues like peaceful settlement of international disputes, disarmament and the law of war, were discussed at the First Hague Peace Conference in 1899. In 1907, at the second Hague Peace Conference the creation of a permanent court of international justice was proposed. However, this proposal did not come through as the members disagreed on the procedure for the selection of judges. With the start of the First World War, this proposal took a back seat. Later, it was under the League of Nations that the Permanent Court of International Justice, or the first world court was set up in 1922. (Schwebel, 1999). The Second World War marked the end of this court and its last hearing was held in February, 1940. (Permanent Court of International Justice (PCIJ) The International Court of Justice follows the procedures laid out in its Statute, and in the Rules of Court adopted by it under the Statute. This includes a written phase in which the parties file and exchange pleadings, and an oral phase consisting of public hearings at which agents and counsel address the Court. After the oral proceedings, the Court deliberates in-camera, and then delivers its judgment at a public sitting.

The Market System and the Circular Flow Essay Example | Topics and Well Written Essays - 250 words

The Market System and the Circular Flow - Essay Example The idea of the invisible hand suggests that when competition is assumed, public and private interests coincides. The visible hand also suggests that if the profits of the firms are maximized, the society’s output would in return be maximized. The visible hand theory has two main virtues in the marketing system where it creates room for economic freedom and allocates resources effectively and efficiently. The invisible hand theory also suggests that it is individual’s motivation that drives the growth and development of the economy. EcoCommerce101 suggests that invisible hand theory should the concept of transaction among two individuals. The generated information is absorbed by the two economic participants, therefore, allowing proper allocation of resources. Individuals will always try to produce and provide best goods and services that the people are willing and able to buy; therefore, promoting the interests of the society (Basu, 2010). Meanwhile, the government is also responsible in regulating the types of businesses to be established in a certain region to avoid congestion. The government uses the idea of imposing high taxes to its resources. Conclusively, it does not mean invisible hand is only beneficial t o the economy, but the participants might also experience