ABSTRACT
The transnationalisation of commercial law is the key development in the field, where transnationalisation is understood as the combined internationalisation and privatisation of the governance of commercial transactions triggered by the ongoing globalisation of commerce. The key dilemmas related to this trend result from a reflection of the pros and cons of private ordering. As the main values embodied in the implementation of the rule of law by state created commercial law are access to justice, equity, legal certainty, and the public good, the privatisation of governance may put these values into question, where there is no level playing field for the competition of public and private governance regimes. It is likely that some national legal systems will increase their competitiveness in the future, while innovation is continued to be created outside of the established legal systems.
Calliess, Gralf-Peter, The Future of Commercial Law: Governing Cross-Border Commerce (February 6, 2011) in Sam Muller, Stavros Zouridis, Morly Frishman and Laura Kistemaker (eds), The Law of the Future and The Future of Law, Torkel Opsahl Academic EPublisher, Oslo, 2011, p 233.
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