Globalization is profoundly transforming how we do business, how we think and plan about doing business, and what business we actually do, especially international business. The dynamics of this historic process, especially in its pervasive economic dimensions, continue to spread and deepen the interdependencies linking societies, economies and regions. It is today almost impossible to find any country that is untouched by cross-border flows of commerce, investment, people, ideas and images. “Business law” is practiced at the heart of globalization’s changes because it facilitates and creates the ways in which globalized business transactions and operations are structured and consummated and at the same time helps to shape the environment in which these transactions occur.
How is globalization transforming business law and the practice of business law? How globalization affects businesses and how they interact. The interplay of globalization, business and business law has also catalyzed the extensive development of international treaties, model laws and codes of best practices or statements of principles as well as national laws that directly regulate or seek to influence and shape international business and how it is conducted. But perhaps globalization’s profoundest impact on business law is to expand the concept of what constitutes “business law” and the practice of business law itself.
A.Substantially all of business law, especially in the U.S. and the EU, is now affected to varying degrees by international law, including international standards and legal norms that are being developed by international standards-setting organizations as codes of best practices. B.Globalization is eroding the boundaries between domestic and international business law practice, just as it is transforming the nature of national borders separating once sovereign nation-states C.Two recent occurrences...