LEGAL AND ALTERNATIVE INTERNATIONAL ECONOMIC DISPUTE RESOLUTION

Abstract

The article is devoted to the difficult mechanism of international economic dispute settlement. Due to continuous development of the international economic dispute settlement system conflicts among public and individuals are becoming more multifaceted. In this aspect, the mechanism of international economic dispute settlement turns into the most important step towards the creation of strong communications between subjects of interaction. This underscores the continuing relevance of the topic. This article considers modern judicial and alternative technologies of dispute settlement. These technologies differ in the extent of their orientation to regulatory enactment and, consequently, the principles by which the decision is made are various. Moreover, the analysis of their main advantages and disadvantages is conducted in order to understand why subjects chose this or that technology of dispute settlement. Special attention is paid to such alternative methods as an international arbitration, negotiations, mediation and mini-trials. The system of international economic dispute settlement is not a full-fledged mechanism. However there is no denying that the existing technologies of dispute settlement are effective in the peaceful resolution of existing disputes, and besides, they are capable to provide an international economic order.