Scott Veitch on The Perfect Storm: Artificial Intelligence, Financialisation, and Venture Legalism (Law and Critique)

"The Perfect Storm: Artificial Intelligence, Financialisation, and Venture Legalism"
Scott Veitch
Law and Critique
Published online: November 2024

Abstract: This article analyses the limits of legal norms and institutions in holding to account the emerging power of Artificial Intelligence (AI) and Machine Learning. It demonstrates how a symbiosis of capitalism and new forms of digital power is mutating to produce novel and dangerous styles of organised irresponsibility that go beyond the reach of conventional legal mechanisms. It draws on the work of Pashukanis, Baudrillard, and Alain Supiot to show how this transformation is taking place. Referring to the role of AI in the spread of Financial Technologies, it introduces a new term – ‘venture legalism’ – to describe how unprecedented risks are currently being created. It concludes by observing how ethical and democratic registers are equally implausible modes of accountability.

New book by Alec Stone Sweet and Wayne Sandholtz: The Law and Politics of International Human Rights Courts: The Dilemma of Effectiveness (Oxford University Press)

The Law and Politics of International Human Rights Courts: The Dilemma of Effectiveness
Alec Stone Sweet, Wayne Sandholtz
Oxford University Press
Published online: July 2024

Abstract: The Law and Politics of International Human Rights Courts addresses three key topics. First, the book provides an account of the origins and evolution of six regional human rights courts. In each, judges sought to overcome political forces and legal obstacles that threatened to neutralize the regime and render it irrelevant to the daily lives of the people. Second, it analyzes the emergence of a common “jurisprudence of effectiveness,” the express purpose of which has been to raise standards of rights protection within nascent, multi-level “transnational systems of justice.” A transnational system of justice is comprised of three components: a charter of rights, a court tasked with enforcing the charter, and the right of individuals to petition the court with a claim that their rights have been violated. The book analyzes the case law on diverse topics, covering both absolute rights (the right to life and prohibitions of torture and slavery) and selected qualified rights (self-determination, abortion and privacy, family law, and indigenous rights to property). Third, the book examines how state officials respond to the development of systems of transnational justice (STJs), in particular, the extent to which the prospect of more effective rights protection is embraced by state officials. In each of the cases, the activities of the STJ have generated significant political “backlash,” leading some states to seek to curb the court’s authority or to exit the regime. The book describes and evaluates these attempts, the results of which have been mixed, with most court-curbing exercises failing.

Sida Liu et al on Crisis as opportunity: legal career paths at two historical turning points in Hong Kong (LSR)

"Crisis as opportunity: legal career paths at two historical turning points in Hong Kong"
Sida Liu, Anson Au, and Pamela P. Tsui
Law & Society Review, Volume 58, Issue 3, pp. 481 - 504
Published online: October 2024

Abstract: This article investigates the career trajectories of Hong Kong solicitors during two historical turning points, specifically 1994–1997 and 2018–2021, when hundreds of lawyers left private practice to pursue alternative career options such as business and finance, government and politics, or relocation to other countries. Data are sourced from the career mobility records of law firm partners reported in 336 monthly issues of the Hong Kong Lawyer journal between 1994 and 2021, as well as other relevant archival sources. The research examines the underlying forces that led these law firm partners to abandon their high-status positions and pursue alternative career paths during these pivotal moments in Hong Kong’s history. The findings suggest that the career trajectories of these elite professionals are not solely based on individual choices but are also shaped by their social origins and the physical and social spaces that influence their careers over time. This study contributes original insights into the complex interplay between individual, spatial and temporal factors that drive career mobility among legal professionals.

Douglas Arner et al on Monetary Hegemony: Technological Evolution and the International Monetary System (ILJ)

"Monetary Hegemony: Technological Evolution and the International Monetary System"
Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, and Anton N. Didenko
Boston University International Law Journal, ILJ 42.2 — Summer 2024
Published online: October 2024

Abstract: In this article, we analyze the evolution of the international monetary system. Today’s system is built around the US dollar as the core international monetary instrument, supported by a range of international institutions (in particular the International Monetary Fund and the Bank for International Settlements) and domestic and cross-border payment systems, some public, some private, some mixed. The foundation of this system are major central banks, in particular the US Federal Reserve, responsible for US dollar issuance, and with a twin mandate for both monetary stability and economic growth along with financial stability, all backed by a range of regulatory mandates focusing on payments infrastructure and finance. This system, established after World War II as the Bretton Woods international monetary system, has evolved from one based fundamentally on gold and physical payment and financial arrangements, to one—particularly following the end of the Bretton Woods system of currencies fixed to the US dollar and the evolution of a floating exchange rate system from the early 1970s—based on digital systems, with the approximately $7.5 trillion of foreign exchange transactions each day almost entirely digital. This system however has been subject to criticism almost since its inception, with continual calls to reduce the international monetary hegemony of the US dollar. Over the past fifteen years, since the 2008 Global Financial Crisis weakened confidence in the US-led international monetary and financial order, criticisms and calls for reform have become increasingly common globally. In this Article, we highlight two aspects of international monetary evolution which have been under-addressed: the role of technology and the role of law. Following a discussion of the evolution of the international monetary system focusing in particular on the interaction of monetary hegemony, technological evolution and the role of legal arrangements (public, private, domestic, international), we turn to our central thesis: a technological revolution in monetary and payments systems is introducing alternatives and competitors to the existing international monetary regime based on the US dollar and offers the opportunity to build an improved international system, a system which, for the first time, may not be based on a single dominant monetary instrument. We bring these various elements together to consider a range of scenarios for the future of the international monetary system, highlighting in particular new initiatives from the IMF and BIS which could serve as the basis of new international multicurrency payment arrangements. We analyze the new technologies which could underpin such a new system and the possible role of a Digital Dollar. We conclude that the geopolitics of a multipolar world coupled to the evolution of enabling technologies may well result in a small number of major economy central bank digital currencies and currency areas, eliminating the historical pattern of monetary hegemony. There is a clear need to redesign systems to support international monetary and payment arrangements as a public good, and we explore how this might be achieved.

Tipping the Scales for Public Health (Eric Ip Profiled in HKU Bulletin)

"Tipping the Scales for Public Health"
Eric Ip
HKU Bulletin
Published in November 2024

Pandemics, vaccination programmes and other public health measures cannot succeed without good legal regimes. Professor Eric Ip Chi-yeung presents the case.

In the early months of the COVID-19 pandemic, the UK government announced that it was “following the science” in implementing severe interventions. The approach sounded reasonable, but soon revealed serious limitations, particularly in regard to people’s freedoms and mental health. Similarly, in Hong Kong, stringent interventions, such as mandatory masking and quarantine, were initially appropriate, but over time, with vaccinations and community immunity, they seemed unduly restrictive.

Professor of Law and public health bioethicist Eric Ip Chi-yeung, who is Co-Director of the Centre for Medical Ethics and Law, argues that policymakers tend to forget that the rule of law is as important to public health as science, in his new book The Law and Regulation of Public Health: Global Perspectives on Hong Kong.

“My book has two general messages. The first is that all the incredible achievements in public health during the 20th century were made possible by law, whether it be criminal law to punish those who do not wear seatbelts or administrative law to empower certain public authorities to enforce sanitation policies, administer immunisation programmes, and so forth,” he said.

“The second message is that while we need the guidance of scientists in making public health decisions, to rely exclusively on them would be woefully inadequate. Science can’t answer the crucial questions that governments face such as the trade-offs in the social relationships between the individual, the population and the state. During a lockdown, an appropriate balance must be struck between respiratory health and other dimensions of human flourishing, such as familial love, friendship, mental well-being, and economic stability.”

The Hong Kong case

His book outlines why and how the rule of law should be given its due place in protecting mental and physical health. Professor Ip chose Hong Kong as a case study because...

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Weixia Gu comments on Hong Kong's rising significance for international arbitration in China

"As Chinese firms expand overseas, legal spotlight turns on cross-border disputes"
Alyssa Chen
South China Morning Post
6 October 2024

Chinese enterprises setting up overseas are navigating a minefield of legal challenges, making effective dispute resolution through arbitration more crucial than ever...

International arbitration is a preferred method for resolving cross-border commercial disputes outside traditional court systems and involves parties from different jurisdictions submitting their conflicts to a neutral arbitration centre...

Experts cautioned that Chinese companies face significant hurdles in international arbitration because of limited understanding, language barriers, the selection of arbitration venues and differences in legal systems – obstacles that require additional support and guidance from the Chinese government...

Chinese firms might find themselves at a disadvantage because of differences between the civil law system they are accustomed to in China and the common law systems prevalent in many Western countries, particularly regarding the handling of document requests and evidence procedures...

In the realm of international arbitration, Hong Kong was increasingly proving to be an indispensable bridge between Chinese legal practices and global standards, leveraging its unique position under the “one country, two systems” principle, Weixia Gu said.

Hong Kong’s legal system presented multiple strengths in international arbitration, such as the robustness of its common law, a deep-seated legal culture, abundant bilingual legal talent and the judicial reasoning embedded in its case law system, according to Gu.

“The city – the only place in China practising common law – brings a wealth of case law and a distinctive legal thinking that provides significant learning opportunities for arbitration institutions in mainland China,” Gu said...

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Weixia Gu on China’s Modernization of International Commercial Arbitration and Transnational Legal Order (JITCL)

"China’s Modernization of International Commercial Arbitration and Transnational Legal Order"

Weixia Gu

The UC Irvine Journal of International, Transnational, and Comparative Law, Volume 9, Issue 1, 2024

Published online: October 2024

Abstract: China’s interaction with international commercial arbitration (ICA) norms reveals a trajectory from initial resistance to gradual alignment and potential emergence as a rule contributor. This early resistance manifested in its unique dual-track arbitration mechanism and institutional arbitration monopoly. Reforms signal a shift towards global standards, driven by pro-arbitration judicial efforts and institutional competition in China’s vibrant arbitration market. As China’s global influence expands, it is innovating to shape the ICA landscape through initiatives like the China-Africa Joint Arbitration Centre, the China International Commercial Court’s one-stop dispute resolution platform, and the International Commercial Dispute Prevention and Settlement Organization. The role of transnational legal elites in China further facilitates this evolution.

Sida Liu et al on China’s Pragmatic Approach to International Human Rights Law (JITCL)

"China’s Pragmatic Approach to International Human Rights Law"
Sida Liu,Yun Xian, Sitao Li
The UC Irvine Journal of International, Transnational, and Comparative Law, Volume 9, Issue 1, 2024
Published online: October 2024

Abstract: China has adopted a pragmatic approach to international human rights law in the early 21st century, characterized by pragmatic experimentation in the appropriation and modification of human rights norms, selective decoupling of international and domestic human rights rules, and divergent enforcement in the legislative and practical responses to various human rights issue areas. This approach permits significant gaps between “law on the books” and “law in action,” as well as between domestic rules and international law. Analysis of China’s engagement with the ICCPR and CEDAW, respectively focused on criminal procedural rights and women’s rights, reveals the complex and uneven nature of China’s human rights governance. While China has gradually reduced overt violations of human rights within criminal procedures, it has concurrently developed a more opaque and institutionalized punitive system. In comparison, despite recent legislative advances, limited practical enforcement and increased state control on feminist activists characterize women’s rights protections in China. Understanding China’s pragmatic approach is crucial for effectively addressing human rights concerns within the country.

Welcome the new Global Academic Fellow Dr Suhong Yang!

Welcome to Dr Suhong Yang who joined the Faculty of Law as a Global Academic Fellow. Dr. Suhong Yang is an international lawyer interested in criminal law, human rights, and environmental law issues. Her S.J.D. dissertation investigates the legitimacy of international and hybrid criminal tribunals that try atrocity crimes in post-conflict situations. Suhong was awarded as a David D. Caron Fellow and a Salzburg Cutler Fellow for her research. Her work has appeared or is forthcoming in the Chinese Journal of International Law, Denver Journal of International Law & Policy, European Papers, George Mason International Law Journal, International Legal Materials, and Proceedings of the ASIL Annual Meeting.

At the HKU Faculty of Law, Suhong is engaged in teaching activities and assisting the Director of the Centre for Comparative and Public Law in research-related activities. Prior to joining the HKU, Suhong was a Judicial Fellow at the International Court of Justice, working with Judge H.E. XUE Hanqin. She also served the Office of the President of the U.N. International Residual Mechanism for Criminal Tribunals, the Office of the Prosecutor of the International Criminal Court, and the Legal Policy Office of the U.N. High Commissioner for Human Rights.

Suhong holds a Bachelor of Laws degree from Renmin University of China, and LL.M. and S.J.D. degrees from Georgetown University Law Center. In addition to the academic degrees, she also studied at the University of Oxford, Kathmandu School of Law, and Cheng-Chi University (Taiwan) in different capacities. Suhong has facilitated teaching or been invited to give guest lectures on tort law, international law, US law, and Chinese law at Georgetown University, Leiden University, and Renmin University.

Suhong is currently Vice-Chair of the International Criminal Law Interest Group of the American Society of International Law (ASIL), and Secretary of ASIL Women in International Law Interest Group. She served as Co-Chair of ASIL New Professionals Interest Group from 2019 to 2023.

Welcome the new Global Academic Fellow Dr Alex Zhicheng Huang!

Welcome to Dr Alex Zhicheng Huang who joined the Faculty of Law as a Global Academic Fellow. Dr Alex Huang’s research focuses on bankruptcy law, corporate law, judicial behavior, and the application of economics and data science to legal questions. His current projects involve the use of network analysis and natural language processing to examine a large number of judicial opinions related to Chapter 11 reorganization. He explores computational doctrinal analysis to examines the content of law—legal reasoning and justification—in an empirical way. Computational doctrinal analysis sets itself apart from both the outcome-oriented empirical legal studies and the case study-driven doctrinal analysis. Additionally, he is interested in the role of courts, judicial performance evaluation, and public trust in the judiciary, particularly the impacts of new technologies like artificial intelligence on these fields.

His writings have appeared in the Emory Bankruptcy Developments Journal and Research of Institutional Economics, and he has contributed chapters to several books. His research has been featured in several media outlets and academic blogs including the Financial Times, The Deal, Reorg, Oxford Business Law Blog, and Harvard Law School Bankruptcy Roundtable. He has received several research awards, including the Best Paper Award at the Annual Law and Economics Conference in China and the Most Innovative Presentation Award at the INSOL ERA Annual Workshop.

Dr Alex Huang holds a JSD and LLM from the University of California, Berkeley, where he was named to the Dean’s List. He was also a Lloyd M. Robbins Fellow at the Berkeley School of Law and a Berkeley Empirical Legal Studies Fellow at the Berkeley Center for the Study of Law and Society. He earned his Bachelor of Laws from Sun Yat-sen University, where he received the China National Scholarship.

Before teaching Cross-border Insolvency Law at HKU Law, he taught Law and Economics I & II, Sociology of Law, Law in Chinese Society, and Fundamentals of U.S. Law as a lecturer and graduate student instructor in the legal studies program and the law school at UC Berkeley.

Huang is also a Research Associate at the Sun Yat-sen University Law and Economics Research Center, where he serves as a co-investigator for a key project funded by the National Social Science Fund of China.

Welcome the new Global Academic Fellow Dr Pangyue Cheng!

Welcome to Dr Pangyue Cheng who joined the Faculty of Law as a Global Academic Fellow. Dr. Pangyue Cheng is a legal scholar focusing on corporate law, financial regulation, and AI governance. Her research interests encompass institutional stewardship, corporate governance, sustainability, and AI regulation. Pangyue’s work explores the legal challenges companies face in a rapidly changing global environment, particularly how shifts in investor roles, technological advancements, and increasing sustainability demands shape corporate governance and regulatory practices. Her research has been published in international law reviews and peer-reviewed journals such as the Columbia Business Law Review and the European Business Law Review.

Currently, Pangyue’s research focuses on the intersection of corporate governance, sustainability, and technological innovation. She examines how institutional investors foster corporate responsibility and long-term value creation through ESG integration. Additionally, her research on AI governance addresses the opportunities and legal challenges that emerging technologies pose to corporate systems and governance frameworks.

Pangyue holds a Bachelor of Laws from Beijing Normal University, an LLM in Corporate and Financial Services Law, and a PhD from the National University of Singapore, where she researched institutional stewardship in Chinese listed companies. Her work on ESG integration and corporate sustainability was fully funded by the MacMillan Center for International and Area Studies at Yale University. She has been invited to share her research at esteemed institutions, including Yale University, Harvard University, the University of Michigan, the Edinburgh Centre for Commercial Law, the Society of Legal Scholars, and the American Society of Comparative Law.

Pangyue currently teaches China Company Law and Securities Regulation at the HKU Faculty of Law. She was a Fox International Fellow at Yale University and worked as a researcher on several projects at the National University of Singapore Law School. Before entering academia, she practiced law in mainland China and served as legal counsel for a listed AI company.

Congratulations to Xin He, Mok Sau-King Professorship in Law

Congratulations to Professor Xin He who has been appointed to the Mok Sau-King Professorship in Law at the University of Hong Kong.

Professor He is a leading authority and an eminent scholar on comparative Chinese law. He writes principally on the role of courts and the judicial process in Chinese society. He is an award-winning author and undoubtedly one of the most prolific and widely-published Chinese law scholar in the English world. His record of publication is exceptional, in terms of both volume, as measured by annual output, and quality, as judged by the ranking of journals and the reputation of publishers.

Congratulations to Professor Cora Chan!

Congratulations to Professor Cora Chan on her promotion to full professorship! Professor Chan is a versatile scholar who excels in research, teaching, knowledge exchange, and service. She has contributed significantly by engaging in international debates on comparative constitutional law and constitutional theory, as well as providing unique expertise in China-Hong Kong constitutional relations. Her impressive international recognition is especially noteworthy. Cora is a valuable member of our faculty, and this promotion is a well-deserved recognition of her achievements.