Well-functioning contract law is a crucial prerequisite for economic
development. However, even though international trade has increased
enormously in recent decades, we still know little about the contract
enforcement mechanisms that exist in today's globalised markets. The
aim of this work is to shed light on the governance of complex
cross-border contracts by developing a comprehensive theoretical
framework for understanding the relevance of both formal and informal
institutions. This framework is then applied to an empirical study of
cross-border software development contracts. Combining a unique data
set of 41 qualitative expert interviews with statistical data and
surveys, the author demonstrates that state contract laws show
fundamental signs of dysfunction across borders. Companies engaged in
globalised exchange therefore rarely use this mechanism. Even the
European Union's supranational enforcement order is, in practice,
insignificant. Against all expectations, international commercial
arbitration also turns out to be limited in its ability to provide a
workable legal infrastructure for global commerce. With global trade
lacking a reliable formal legal order, companies have reacted by
creating their own informal governance structures. This book explains
how complex exchange in global markets has emerged in the absence of a
global legal order.
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Produktdetaljer
ISBN
9781782253914
Publisert
2015
Utgave
1. utgave
Utgiver
Vendor
Hart Publishing
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter