Well-functioning contract law is a crucial prerequisite for
economic development. However, even though international trade has
increased enormously in recent decades, we still know little about
the contract enforcement mechanisms that exist in today's
globalised markets. The aim of this work is to shed light on the
governance of complex cross-border contracts by developing a
comprehensive theoretical framework for understanding the relevance
of both formal and informal institutions. This framework is then
applied to an empirical study of cross-border software development
contracts. Combining a unique data set of 41 qualitative expert
interviews with statistical data and surveys, the author
demonstrates that state contract laws show fundamental signs of
dysfunction across borders. Companies engaged in globalised
exchange therefore rarely use this mechanism. Even the European
Union's supranational enforcement order is, in practice,
insignificant. Against all expectations, international commercial
arbitration also turns out to be limited in its ability to provide
a workable legal infrastructure for global commerce. With global
trade lacking a reliable formal legal order, companies have reacted
by creating their own informal governance structures. This book
explains how complex exchange in global markets has emerged in the
absence of a global legal order.
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