Globalization of Law and Markets
Author: Terence Halliday
This project on the globalization of bankruptcy law has produced a book (Law’s Global Markets) and many articles and book chapters. Law’s Global Markets (forthcoming, Stanford University Press, Spring 2009) shows that in many fields of commercial law, including corporate bankruptcy law, there has been a global enterprise to create global norms for national lawmakers. Over a period of two decades in the bankruptcy field, many international public and private organizations moved to create procedural rules for coordinating bankruptcies in multiple countries (late 1980s-later 1990s), to provide guidelines for the construction of national bankruptcy systems in emerging economies (late 1990s to 2003), and to offer global norms for bankruptcy law and institutions in advanced and emerging economies (1999-2004). After the Asian Financial Crisis, international organizations sought vigorously to persuade countries such as China, Indonesia, and Korea to conform their laws to these international norms. This project analyzes the domestic policy-making in each of these three countries. It also examines closely three major processes that determine relationships between global and national actors: intermediation, foiling, and recursivity. This research seeks to map the scope and limits of globalization in commercial law.
A further phase of this project examines closely the key institution that emerged as the global leader on bankruptcy reforms—the UN Commission on International Trade Law (UNCITRAL). Not only did UNCITRAL produce a Legislative Guide on Insolvency for lawmakers across the world, but it has ambitions to modernize laws across the world on corporate groups in insolvency, on financing in corporate reorganizations, and on court-to-court relationships.
Summaries and findings
- Architects of the State: International Organizations and the Reconstruction of States in the Global South
- Sep 23, 2008
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