Global business interacts efficiently despite the heterogeneity of
social, economic, and legal cultures which, according to widespread
assumptions, cause insecurities and uncertainties. Breaches of
contracts may occur more frequently and business relationships may
be terminated more often in international than in domestic trade.
But most business people engaged in exporting or importing products
or services seem to operate in a sufficiently predictable
environment allowing successful ventures into the global market.
The apparent paradox presented by cultural/institutional diversity
and contractual efficiency in cross-border business transactions is
the focus of this volume of essays. The wide range of approaches
adopted by contributors to this volume include: the Weberian
concept of law as a tool for avoiding the risk of opportunism *
economic sociology, which treats networks and relationships between
contractual parties as paramount * representatives of new
institutional economics who discuss law as well as private
governance institutions as most efficient responses to risk *
comparative economic sociologists who point to the varieties of
legal cultures in the social organization of trust * national and
international institutions such as the World Bank which try to
promote legal certainty in the economy. Inspired and edited by
scholars of the famous 'Bremen School, ' these essays will be of
great interest to scholars and students of globalization. The book
builds on this interdisciplinary exercise by adding empirical
evidence to ongoing debates regarding enabling structures for
international business. It critically reviews and discusses some
propositions which contain interesting hypotheses on the effects of
the internationalization of markets on market co-ordination
institutions, and on the role of the state in the globalizing
economy. (Series: Onati International Series in Law and Society
General
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