| The conflicting demands for efficiency and equity have become the focus of attention of all actors seeking in their endeavors to establish order and predictability in international political economic relations. Nowhere has this been more prominent than in the attempt to establish a regime for an International Sea-Bed Authority to govern the Area of the seabeds beyond the territorial jurisdiction of states. This study examines comprehensively the quest of the actors to attain their interests in terms of efficiency and equity in the establishment of the ISA regime.; The thesis of this study is that the proposed ISA regime represents a compromise among actors holding different views regarding efficiency and equity. This compromise, which poses a challenge to power, ideology, and nationalism, has been developed by the coalitions of the Third United Nations Conference on the Law of the Sea. It is neither an example of Pareto optimality (economic efficiency) as emphasized by the developed countries, nor an ideal model of equity as demanded by the developing countries. The unrealistic assumptions which surround the concepts of efficiency and equity, the impact of power and interdependence, the constraining role of sovereignty and the effects of the formation of coalitions, make the proposed regime the most appropriate alternative for governing the Area beyond national jurisdiction of states. It can, however, serve the collective interests of the developed countries in economic efficiency and also meet the equity objectives of the developing countries by providing stability and certainty.; Four countries, most prominently the United States, have refused to sign the Convention. However, the wide support the Convention has received from diversified social and economic systems and organizations may require opposing states to reappraise their positions.; The methodology is primarily historical descriptive, including textual analysis of the Convention and the records of UNCLOS III. Since the ISA is not yet operational, the study also relies upon insights from secondary sources. With the combination of primary and secondary sources, as well as the aid of plausible and relevant theories, the study demonstrates the value of the compromise contained in Part XI of the Convention. |
