Religion And International Trade
Relationship between Religion and International Trade
Hilal AKINCI, Yeditepe University, İstanbul 2014
The main aim of this paper is to show whether or not religion has impacts on international trade and how it does happen. To do so, researches about the topic will be covered and some worldwide statistics are gathered together.
Empirical Studies
There are few empirical studies about impacts of religion on international trade or its relationship with international trade. In shared research of Emilia Justyna Powell, University Alabama, and Stephanie J. Rickard, London School of Economics, impacts of Islamic law on international trade is examined. Two models which are monadic and dyadic techniques are used in this study. The main purpose of them to demonstrate whether or not countries governed by Islamic law are effected regarding their international trade although they believe that “the importance of countries’ legal systems for trade has declined over time, possibly due to the increased role of international arbitration bodies and/or the standardization of international sales contracts (Powell & and Rickard, 2010). This research is important as being the first direct test of the effect of Islamic law on countries’ trade relations.
The researched draws our attention to the situation that trade can be conceptualized as the aggregate flow of goods and services between countries but in fact that flows are a series of contracts between buyer and seller countries. Enforcement of contract is really important to reduce risk and cost of business. In case of occurrence of a problem in the contract courts become important player due to their role of enforcement of contracts. Anderson and Young (2006) found evidence that imperfect contract enforcement reduces international trade by using subjective evaluations of contract enforcement surveys conducted by the World Economic Forum (WEF).
Legal institution similarities of countries have a role to reduce the insecurity of
Hilal AKINCI, Yeditepe University, İstanbul 2014
The main aim of this paper is to show whether or not religion has impacts on international trade and how it does happen. To do so, researches about the topic will be covered and some worldwide statistics are gathered together.
Empirical Studies
There are few empirical studies about impacts of religion on international trade or its relationship with international trade. In shared research of Emilia Justyna Powell, University Alabama, and Stephanie J. Rickard, London School of Economics, impacts of Islamic law on international trade is examined. Two models which are monadic and dyadic techniques are used in this study. The main purpose of them to demonstrate whether or not countries governed by Islamic law are effected regarding their international trade although they believe that “the importance of countries’ legal systems for trade has declined over time, possibly due to the increased role of international arbitration bodies and/or the standardization of international sales contracts (Powell & and Rickard, 2010). This research is important as being the first direct test of the effect of Islamic law on countries’ trade relations.
The researched draws our attention to the situation that trade can be conceptualized as the aggregate flow of goods and services between countries but in fact that flows are a series of contracts between buyer and seller countries. Enforcement of contract is really important to reduce risk and cost of business. In case of occurrence of a problem in the contract courts become important player due to their role of enforcement of contracts. Anderson and Young (2006) found evidence that imperfect contract enforcement reduces international trade by using subjective evaluations of contract enforcement surveys conducted by the World Economic Forum (WEF).
Legal institution similarities of countries have a role to reduce the insecurity of
References: Mittelstaedt, J. D (2002). A Framework for Understanding the Relationships between Religions and Markets. Journal of Macromarketing, 22:6. doi:10.1177/027467022001002 Lee, C Powell, E. J. (2010). International Trade and Domestic Legal Systems: Examining the Impact of Islamic Law. International Interactions, 36:335-362, doi: 10.1080/03050629.2010.523668 Beets,S Thanksgiving Statistics (2014).Retrieved from http://www.statisticbrain.com/thanksgiving-statistics/ Lamb markets prepairing for ethnic holidays in 2014 (n.d.)