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The Legal Autonomy Of The Dubai International Financial Centre: A Scalable Strategy For Global Free‐Market Reforms

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  • Michael Strong
  • Robert Himber

Abstract

Islamic culture is founded on a deep and pervasive respect for contract, and for contractual relationships as a means of solving diverse social problems. In addition, for more than a thousand years Islamic empires have included Jewish and Christian communities that were allowed to have a substantial degree of legal autonomy. These two facts about Islamic legal culture are used to explain the remarkable phenomenon of the Dubai International Financial Centre (DIFC), a financial free zone in Dubai in which a British judge administers British common law within the zone while outside the zone UAE law applies. We encourage other nations to consider the flexible and pragmatic approach that has characterised Dubai in the creation of the DIFC.

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  • Michael Strong & Robert Himber, 2009. "The Legal Autonomy Of The Dubai International Financial Centre: A Scalable Strategy For Global Free‐Market Reforms," Economic Affairs, Wiley Blackwell, vol. 29(2), pages 36-41, June.
    • Handle: RePEc:bla:ecaffa:v:29:y:2009:i:2:p:36-41
    DOI: 10.1111/j.1468-0270.2009.01891.x
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    1. Jakob De Haan & Susanna Lundström & Jan‐Egbert Sturm, 2006. "Market‐oriented institutions and policies and economic growth: A critical survey," Journal of Economic Surveys, Wiley Blackwell, vol. 20(2), pages 157-191, April.
    2. Justesen, Mogens K., 2008. "The effect of economic freedom on growth revisited: New evidence on causality from a panel of countries 1970-1999," European Journal of Political Economy, Elsevier, vol. 24(3), pages 642-660, September.
    3. Douglass C. North & John Joseph Wallis & Barry R. Weingast, 2006. "A Conceptual Framework for Interpreting Recorded Human History," NBER Working Papers 12795, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Moberg, Lotta, 2015. "The political economy of special economic zones," Journal of Institutional Economics, Cambridge University Press, vol. 11(1), pages 167-190, March.

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