International Business Law, Nature, Sources, Shanghai University, Essay,
What are your views on the nature and sources of international business law?
The idea of international business law is fairly easy to understand: It is the standardization of fundamental business practices worldwide. Its purpose is to increase global interdependence. International business goes beyond national states borders and is essentially lawless. Since World War II, steps have been taken to change this aspect of business and base it on standard practice.
International business law has been created by the western society (...)
[...] The basic features of global business law mainly concern protections for intellectual property (patents, copyrights), environmental protection (respect of the environment) and labour standards (child labour, equity). The goal of this law is to uniform standards as much as possible. As an example, the European Union, has very high standards on the areas quoted above and is currently seeking to build a uniform European code. The main reason is to facilitate movements of goods and labour across national borders to cut the costs of doing business together. [...]
[...] International Business Law 04/21/2011 What are your views on the nature and sources of international business law? International business law is one of the most complex and fast changing areas of law today. It is an all-new topic and the rules are relentlessly evolving. The idea of international business law is fairly easy to understand: It is the standardization of fundamental business practices worldwide. Its purpose is to increase global interdependence. International business goes beyond national states borders and is essentially lawless. [...]
[...] One of its particularities is the codification of law. This system has been taken by numerous Asian countries such as China. The Common Law System, also known as case law, is a system developed by judges through decisions of courts and similar tribunals rather than through legislative statutes. A "common law system" is a legal system that gives weight to common law, on the principle that it is unfair to treat similar facts differently on different occasions. This system is used by the USA, the UK and all the ex-British colonies such as India, Australia or Singapore. [...]
[...] In this interdependent world it is now a real necessity to unify forces and share the same thoughts towards the law to prevail against any inequity. International business law is aimed to create self-interest. It has been created to have a single legal framework that governs international transactions, in order to save money by making easier the costs of agreement. If a firm has to change its functioning based on each state's legal structure, the operating costs of doing business overseas would be very high. Having an international framework saves time and money. [...]
[...] This committee will have to do daily economic intelligence and surveys in order to face the relentless evolution of business laws. By doing so they will be able to anticipate any changes and have the same straight point of view towards the same cases. Conclusion As I said in the first part, International business law is about going beyond the nation laws as the only source of legal authority prevailing. I believe that it is true that businesses must obey local laws, but international laws have made this adaption much easier for companies. [...]
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