Abstract
Commerce always needs to be institutionally embedded. In institutional economics, it is accepted that the exchange of goods and commodities can only take place when property rights are clearly defined and when enforceable, effective behavioural rules justify the expectation that contractual provisions will be mutually honoured (Richter and Furubotn 2003; Williamson 2005a; Hadfield 2008). For ordoliberals, these institutions are an essential part of every economic constitution and encapsulated in the term ‘transactional law’ (Böhm 1933; Behrens 2000).
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Notes
Case C-126/97, Eco Swiss China Time Ltd v. Benetton International NV (1999).
ICC Case No. 8626 (1996), J. Droit Int’l (Clunet) 1073–1079 (1999).
ICC Case No. 7893 (1994), Y. B. Com. Arb. XXVII 139–152 (2002).
ICC Case No. 8817 (1997), 25 Y. B. Com. Arb. 11–432 (2000).
ICC Case No. 12045 (2003), 133 J. Droit Int’l (Clunet) 1434–1443 (2006).
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© 2015 Gralf-Peter Calliess, Hermann B. Hoffmann and Jens Michael Lobschat
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Calliess, GP., Hoffmann, H.B., Lobschat, J.M. (2015). Explaining the Transnationalization of Commercial Law. In: Rothgang, H., Schneider, S. (eds) State Transformations in OECD Countries. Transformations of the State. Palgrave Macmillan, London. https://doi.org/10.1057/9781137012425_7
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DOI: https://doi.org/10.1057/9781137012425_7
Publisher Name: Palgrave Macmillan, London
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