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Harmonization of private law on a global level

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

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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  6. Emanuela Carbonara & Francesco Parisi, 2007. "The paradox of legal harmonization," Public Choice, Springer, vol. 132(3), pages 367-400, September.
  7. Edward P. Lazear, 1995. "Culture and Language," NBER Working Papers 5249, National Bureau of Economic Research, Inc.
  8. 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.
  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. 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.
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