Footnote:
In: CAPITALISMS AND CAPITALISM IN THE 21ST CENTURY, Glenn Morgan and Richard Whitley, eds., Oxford University Press, 2012
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 6, 2011 erstellt
Description:
Cross border economic activities are embedded either in formal subordination to particular national legal systems, a commitment established and structured by nation-states and in practice voluntarily agreed by participants in a contract, or global business deals are enabled by global institutions. The protection of property rights – a basic condition for every economic activity – remains a domain of the nation state whereas contract enforcement is offered by highly diverse institutions created by international agreements or non-state actors like trade associations. The number of such legal and private structures governing international trade increases dramatically every year opening a new field of professional activity for international law firms, arbitrators and consultants. States try to catch-up with this professional expert knowledge by enhanced internationalization of courts, of administrative structures and legal education. Firms, as a reaction to increasing uncertainties in the global market, develop their own governance devices through relational contracts, mergers and long-term forms of cooperation. These developments require a reconsideration of “institutional support” in institutional economics and “contractual certainty” in classical Weberian sociology of law