Ingeborg Schwenzer, ‘Global unification of contract law’

Before turning to the main subject matter of this article, a few words shall be said about the development of international trade. Due to globalization, the overall development of international trade over the last half-century is startling. Without having regard to 2009’s dramatic decrease of world merchandise exports, which in any case was basically equalized in 2010, it may be useful to have a look at the demonstrated trend during the last decades. World Trade Organization (WTO) figures for 2013 indicate that worldwide merchandise export trade amounted to US $18.8 billion and worldwide merchandise import trade to US $18.9 billion. These figures are approximately 100 times more than 50 years ago. The average annual growth from 2000 to 2013 was more than 5 per cent for both exports and imports worldwide. No longer is the highest growth found in North America and Europe, but, instead, it is the transition economies from different points of the globe – particularly Brazil, China, Russia, India, and some African countries. These economic developments have prompted legal answers in a variety of fields. The focus of this article, however, shall be on the harmonization and unification of contract law since contract law is at the very heart of international trade … (more)

Ingeborg Schwenzer, ‘Global unification of contract law’. Uniform Law Review (2016) 21 (1): 60-74, doi: 10.1093/ulr/unw005.

First posted 2016-04-07 06:10:21

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