International law is a system of rules and principles that govern international relations of the subjects of international law namely; sovereign States, international organisations, the entities which do not have the full requirements of statehood and individuals. This chapter focuses on dispute settlement mechanisms in international economic law as a means of implementing the rules and principles of international law. The chapter discusses some of the important fundamental issues such as the nature of international economic law, its role, its relationship with other branches of law, its sources, and its substantive content. The latest financial crisis may also be regarded as the crisis of social sciences, in particular, of law, economics, and international relations theory. At the age of globalisation, the boundaries between sovereign States have lost their significance and the subjects of international law have been engaging in economic activities at unprecedented levels. Keywords: international economic law; sovereign States