Law & Globalization

This article explores the position of law vis-à-vis the complex phenomenon of globalization. It begins by defining globalization as the change brought about by the onset of market economy and by the technological revolution of the twentieth century. The article goes on to sketch a short history of the institutions which globalization has had the greatest destabilizing impact on: the national State and—for civil law jurisdictions—codifications. The declining role of States (and their codes) is then presented as the main reason for the enhanced importance of lex mercatoria in regulating international exchanges. This change translates, in practice, in the increased need for the expertise of jurists. In fact, the latter are the only keepers of that body of legal knowledge necessary to regulate economic transactions. Thanks to their specialized education, they have therefore come to supplement the deficiency of State institutions and legislation in providing certainty to the globalized economy.