The globalisation of markets has pushed static, territorially-bounded legal
structures towards a more rapid and efficient adaptation to the globalised and
regionalised reality. In addition, substantial modifications in the structure
and activities of financial institutions have increased risks and the need for
new regulatory responses. Efforts to harmonise commercial law within the
global order have resulted in a fragmented and
ad hoc process,
constructed according to multiple different interests and in order to preserve
public policies in the face of transnational challenges.
This book is the first to systematically analyse the current state of
commercial law from a global perspective. The author seeks to both identify
the reasons that are fostering the harmonisation process and to explain the
ways in which it is developing. Among the relevant elements examined in this
thorough analysis are the following:
-
how emerging countries are absorbing international standards (with a special
case study of Brazil);
-
the impact of corporate activities on legal systems;
-
the role of the corporation in promoting the standardisation of laws;
-
issues of social responsibility and corporate accountability;
-
justifications for the regulation of the corporate world;
-
free trade vs. fair trade;
-
the impact of treaty reservations and different forms of treaty incorporation
into national legal systems;
-
interaction between regional trade agreements and the WTO system;
-
how movements of capital are reflected in international initiatives as well as
in regional legislation and regulation;
-
co-operation among national financial authorities;
-
the emerging new lex mercatoria; and
-
the role of professional associations such as the International Chamber of
Commerce (ICC).
A detailed study of the various legal vehicles that promote the spread of
international standards emphasizes the influential role of soft law and the
emergence of customs alongside the case law developed by the International
Court of Justice and the European Court of Justice. Further analysis includes
a detailed comparison of the standardisation of company law in the Mercosur
and the European Union, demonstrating the evolution of certain regional
integration processes into full-fledged legal structures.
The synthesis of existing systems and emerging trends presented in this
important book will be of immeasurable value to everyone working in the field
of international commerce, from business executives and their counsel to
policymakers and government officials. It will be consulted by all these
professionals for many years to come.
