Describe the two different schools of thought-formalism and substantivisim

The two different schools of thought in international economic law are formalism and substantivism. These two schools of thought represent different perspectives on the role and purpose of international economic law and have important implications for the interpretation and application of international economic agreements and institutions.

Formalism is a perspective that emphasizes the importance of legal form and procedure in international economic law. According to formalism, the rules and norms of international economic law are self-contained and have an inherent logic that can be understood through careful examination of the language of the treaties, agreements, and institutions that govern the global economy. From this perspective, the main objective of international economic law is to promote stability, predictability, and consistency in the international economic system.

Formalists view international economic law as a set of objective and impartial rules that govern the behavior of states and other actors in the international economic system. They believe that international economic law should be applied in a neutral and impartial manner, regardless of the particular circumstances of each case. They also argue that the rules and norms of international economic law should be interpreted in a straightforward and literal manner, based on the plain meaning of the text, rather than on broader policy considerations.

Substantivism, on the other hand, is a perspective that emphasizes the social and political context in which international economic law operates. According to substantivism, international economic law cannot be understood in isolation from the political, economic, and social context in which it operates. Substantivists __________ ___ ______ ____ _____ ______ _________ _____.
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