LEGAL ENVIRONMENT OF WORLD TRADE 1. THE BASES FOR WORLD LEGAL SYSTEMS: ISLAMIC LAW SOCIALIST LAW COMMON LAW CODE LAW.

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Presentation transcript:

LEGAL ENVIRONMENT OF WORLD TRADE 1

THE BASES FOR WORLD LEGAL SYSTEMS: ISLAMIC LAW SOCIALIST LAW COMMON LAW CODE LAW

LEGAL ENVIRONMENT

ISLAMIC V. SOCIALIST LAW ISLAMIC Religious duties & obligations specific patterns of social and economic behavior Example: Riba SOCIALIST Formal tenets of Marxism Emphasis on public ownership of the means of production Example: State Enterprises

COMMON V. CODE LAW COMMON LAW Basis: tradition, past practices, and legal precedents Interpretation: through past decisions of higher courts CODE LAW Basis: all-inclusive system of written rules or codes. Three separate codes: –commercial –civil –criminal

International Legal Disputes: Jurisdiction Major Problem: No international body exists No formalized common international law Two situations –between a company and a government –between two companies

WHICH LAW GOVERNS?

LEGAL RECOURSE

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