Rules and Networks: The Legal Culture of Global Business Transactions (Onati International Series in Law and Society)

1841132950......Page 1
Half title verso......Page 3
Title page......Page 4
Title verso......Page 5
Series Editor's Foreword......Page 6
Preface......Page 8
Contents......Page 10
List of Contributors......Page 12
Introduction: The Legal Culture of Global Business Transactions......Page 16
Part One.  The New Global Environment of Business Transactions......Page 52
1.  Sovereignty and Law in a Denationalised World
......Page 54
Statehood in the National Constellation......Page 55
Challenges of and Responses to Denationalisation......Page 60
The New Architecture of Statehood......Page 70
Law Beyond the Nation-State......Page 72
References......Page 80
2.  The Institutional Structuring of Business Transactions......Page 88
The Management of Uncertainty in Business Transactions......Page 90
Institutional Features Affecting Inter-Firm Relationships......Page 95
Institutional Features, Business Environments and the Management of Business Transactions......Page 102
The Management of International Business Transactions......Page 108
References......Page 111
Part Two.  The Role of Legal Rules: State Law and Unified Law......Page 116
3.  Global Law in Our High Speed Economy......Page 118
Lon Fuller - Theorist of Globalisation?......Page 120
High-Speed Dispute Resolution in a High-Speed Economy......Page 126
Conclusions......Page 131
References......Page 133
4.  Traditional Private and Commercial Law Rules under the Pressure of Global Transactions: The Role for an International Order......Page 138
"The Legal Approach"......Page 140
Rise of Global Transactions......Page 144
Types of Global Transactions......Page 146
The Changing Role of the Nation-State......Page 150
Internationalisation and Uniformity......Page 153
The Strategies of Private Parties......Page 159
Conclusion......Page 163
References......Page 165
Part Three.  The Role of Autonomous Rules: The New Lex Mercatoria and Self-Regulation......Page 172
The Lex Mercatoria Approach to Globalisation......Page 174
Analysis of the Lex Mercatoria Approach to Globalisation......Page 182
Legitimacy of the Lex Mercatoria Approach to Globalisation......Page 193
Assessment and Conclusion......Page 195
References......Page 196
6.  Lex Mercatoria - Critical Comments on a Tricky Topic......Page 204
A Field of Study of Arbital Awards......Page 206
Validity and Enforceability of Such Awards is Not a Problem......Page 212
Conclusions......Page 213
References......Page 214
7.  Global Markets, New Games, New Rules: The Challenge of International Private Governance......Page 216
Introduction: The Limits of Metaphors in Public Policy......Page 217
The Emergence of Rules and Institutions Among Rational Actors......Page 220
Beyond Game Theory: The Social Foundations of Economic Action......Page 229
Private Governance and the Provision of Public Goods......Page 234
Public Information, Institutions and Social Embeddedness......Page 243
Conclusion......Page 255
References......Page 257
Part Four.  The Role of the Legal Profession: Mega-Lawyers and In-house Counsel......Page 262
8.  Capital Markets: Those Who Can and Cannot Do the Purest Global Law Markets......Page 264
Part 1: Capital Markets Business......Page 268
Part 2: Multidisciplinary Partnerships......Page 274
Part 3: Bringing it Together......Page 279
References......Page 283
9.  The Role of Global Law Firms in Constructing or Obstructing a Transitional Regime of Labour Law......Page 288
The Role of Lawyers in Labour Law......Page 292
Labour Lawyers in the Global Economy: An Empirical Study......Page 294
The Effects of Globalisation on National Labour Law......Page 302
The Effects of Globalisation on Labour Lawyers......Page 304
Conclusion......Page 308
References......Page 309
10.  Oil Lawyers and the Globalisation of the Venezuelan Oil Industry......Page 316
The Oil Business in Venezuela......Page 317
Legal Services for the Oil Businesses......Page 321
The Career of Oil Lawyers......Page 324
Conflict Prevention and Apertura......Page 329
Conflict and Litigation......Page 332
Conclusions......Page 334
References......Page 336
Part Five.  The Role of Business Networks: Relationism and Guanxi......Page 338
11.  Social Logic as Business Logic: Guanxi, Trustworthiness, and the Embeddedness of Chinese Business Practices......Page 340
A Three-Dimensional View of Guanxi......Page 342
The Intermediate Logic of Guanxi......Page 347
Guanxi and Business Transactions......Page 349
The Institutional Context of Interim Networks......Page 352
Conclusion: The Chinese Way of Doing Business in a Global Economy......Page 356
References......Page 357
12.  Coasean Foundations of a Unified Theory of Western and Chinese Contractual Practices and Economic Organisations......Page 362
Introduction......Page 363
Coase's Theory of the Firm (1937)......Page 365
Landa's Theory of Contract Law (1976)......Page 366
Landa's (1981) Theory of the Ethnically Homogenous Chinese Middleman Group (EHMG)/Ethnic Trading Groups......Page 369
Theory of EHMG: Links with the "Markets-Hierarchies", "Embeddedness/Social Networks" Research Programmes......Page 372
Implications of a Theory of EHMG for Formulating some (Testable) Hypotheses......Page 374
References......Page 376
13.  Understanding Chinese Legal and Business Norms: A Comment on Janet Tai Landa's Chapter......Page 378
Tai Landa's Theory of Contract Law and the Logic of the Ethnically Homogenous Middleman Group (EHMG)......Page 379
Evaluating and Re-Evaluating China's Commercial Tradition and Law......Page 381
Law (+ Social Norms) As "Rules of the Game"......Page 388
Property, Politics and the Prerequisites of "Spontaneous" Norms......Page 394
Conclusion......Page 396
References......Page 397
14.  A Brief Note on Guanxi......Page 400
Promises and Problems......Page 401
The Limitations of a Rational-Instrumentalist Analysis of Trust-Based Transaction......Page 402
Guanxi and Chinese Business Behaviour......Page 404
Conclusion: What Guanxi is not about......Page 409
References......Page 411
15.  Responding to Comments by John K. M. Ohnesorge and Tai-lok Lui......Page 414
Response to Lui's Comments......Page 416
References......Page 417
16.  Settling Business Disputes with China......Page 418
Twenty Years of Legal Progress in China......Page 420
Negotiating Means of Dispute Resolution......Page 425
Actual Dispute Resolution......Page 428
Concluding Thoughts......Page 434
References......Page 435
Index......Page 436