A COSMOPOLITAN COURT FOR TRANSNATIONAL CORPORATE WRONGDOING - WHY ITSTIME HAS COME

In the absence of any institution for imposing legal liability on glob al business, the idea of instituting a cosmopolitan court for internat ional corporate offenses is advocated. The proposal is then critically examined and defended in light of a number of key objections. Having both civil and criminal jurisdiction, such a tribunal could benefit do mestic and international legal systems, multinational corporations, an d victims of transnational and international corporate misdeeds. By la ying down minimal global standards of corporate liability, resolving c onflicts between the regulatory activities of national legal systems, and affording redress for aggrieved parties in countries with inadequa te legal infrastructures, the tribunal would promote the objectives of compensatory, distributive, procedural and retributive justice at the global level. Moreover, the court would assist corporations by transl ating compliance with minimum ethical standards to the bottom line. Et hical corporations will gain competitive advantage relative to unscrup ulous firms, since the latter's activities will be sanctioned. The int ernational community need not leave obedience to basic norms up to the voluntary good-will and discretion of multinational firms.