Legal Transplants in Todays Global World Essay Example | Topics and Well Written Essays - 1000 words

Legal Transplants in Todays Global World - Essay Example Amidst the debate, one thing is clear - transplanting foreign rules requires extreme caution and thorough consideration because despite the success of early European countries with it, legal transplants are not for everyone. However, with the advent of globalization and the increasing integration of national economies as a result of it, legal transplants have become not only a trend, but a rule at times. As this paper will argue, globalization, as a driving force for economic integration, has influenced the growth of legal transplants and created both formal and informal institutions that are forcing countries to hastily, if not blindly, copy foreign commercial laws with little consideration to the country's culture and historical experience, thus rendering the transplant unsuccessful. Brings laws and legal cultures into more direct, frequent, intimate, and often complicated and stressed contact. It influences what legal professionals want and need to know about foreign law, how they transfer, acquire, and process information, and how decisions are made. This influence takes effect in two ways. ... Triggered by the desire for a better investment climate in their home country and a more market-oriented home economy to aid in their business endeavors, these individuals can pressure local legal professionals to adopt better commercial and economic laws utilized in other jurisdictions. Thus, the increased flow of information brought about by a globalised world can influence those individuals who are directly affected by these laws, who in turn influence the politicians and law makers who supply them. Faced with pressures from those who demand better economic and commercial laws, lawmakers often result to legal transplants because of the simplicity and efficiency of the process of adopting these laws compared to the harrowing course that can take place in creating new ones. A second effect of globalization is the external pressures that come from other countries, international organizations, and trade associations, forcing legal transplants on countries in an effort to create a harmonized world economy. One of the consequences of globalization is the need to harmonize economic laws the world over to facilitate a more efficient global trading environment and create free markets. As a result, international organizations like the World Trade Organization (WTO) force countries, wanting to be members to adopt certain economic laws to foster the country's trading environment. Another international organization, International Monetary Fund (IMF), also forces countries wanting their assistance for loans to adopt certain policies that have been proven effective in most developed countries. In this regard, globalization has effectively created institutions that induce legal transplants, if not force them, on developing countries. Thus, a legal