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Harmonization of private law on a global level

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  • HERINGS, P. Jean-Jacques
  • KANNING, Arnald J.

Abstract

The Vienna Sales Convention (1980) follows in large measure the American Uniform Commercial Code: Article 2 on Sales. Is this to imply that the Contracting States to the Vienna Sales Convention really prefer American sales law? This paper answers this question in the negative, and argues instead that the United States' economic leverage with other countries is the key factor influencing developments pertaining to private law on a global level. We explain why it may be useful to harmonize rules of private law on a global level and which rules should be chosen for a uniform law. We show that the choice between two legal arrangements may lead to a coordination problem. Next we argue that the coordination problem is solved in favor of the jurisdiction whose economy is less dependent upon the economies of other jurisdictions than the other way around. We use our model to discuss the harmonization of sales law on a global level in the twentieth century.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -2152.

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Handle: RePEc:cor:louvrp:-2152

Note: In : International Review of Law and Economics, 28, 256-262, 2008
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  1. La Porta, Rafael & Lopez-de-Silanes, Florencio & Pop-Eleches, Cristian & Shleifer, Andrei, 2004. "Judicial Checks and Balances," Scholarly Articles 3451311, Harvard University Department of Economics.
  2. Mattei, Ugo, 1994. "Efficiency in legal transplants: An essay in Comparative Law and Economics," International Review of Law and Economics, Elsevier, vol. 14(1), pages 3-19, March.
  3. Edward P. Lazear, 1999. "Culture and Language," Journal of Political Economy, University of Chicago Press, vol. 107(S6), pages S95-S126, December.
  4. Wolfgang Kerber & Stefan Grundmann, 2006. "An optional European contract law code: Advantages and disadvantages," European Journal of Law and Economics, Springer, vol. 21(3), pages 215-236, May.
  5. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, December.
  6. Van Den Bergh, Roger, 1996. "Economic criteria for applying the subsidiarity principle in the European community: The case of competition policy," International Review of Law and Economics, Elsevier, vol. 16(3), pages 363-383, September.
  7. Garoupa, Nuno & Ogus, Anthony, 2003. "A Strategic Interpretation of Legal Transplants," CEPR Discussion Papers 4123, C.E.P.R. Discussion Papers.
  8. Rubinstein, Ariel, 1985. "A Bargaining Model with Incomplete Information about Time Preferences," Econometrica, Econometric Society, vol. 53(5), pages 1151-72, September.
  9. Mahoney, Paul G, 2001. "The Common Law and Economic Growth: Hayek Might Be Right," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 503-25, Part I Ju.
  10. Emanuela Carbonara & Francesco Parisi, 2007. "The paradox of legal harmonization," Public Choice, Springer, vol. 132(3), pages 367-400, September.
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Cited by:
  1. Andrzej Baniak & Peter Grajzl, 2010. "Interjurisdictional Linkages and the Scope for Interventionist Legal Harmonization," CESifo Working Paper Series 3085, CESifo Group Munich.
  2. Bertrand Crettez & Bruno Deffains & Olivier Musy, 2013. "On the dynamics of legal convergence," Public Choice, Springer, vol. 156(1), pages 345-356, July.

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