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2 Role of Law

From: Governing Law Risks in International Business Transactions

Philip R. Wood

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 02 June 2023

Contract — Applicable law

This chapter discusses the role of law as an ideology and the largest and the most comprehensive moral code of modern societies, assesses the economic value of law, discusses the role of English and New York law as international public utilities compared to other dominant institutions, and reviews the growth of law and its impact. It discusses that role of law as a monopoly by comparing the use of the US dollar, Delaware corporate law, the ISDA Master Agreement, the payment messaging service SWIFT, CLS Bank, various other clearing systems, and legal systems as monopolies or near monopolies, and reviews their hard power and soft power. It discusses the reasons for the growth of law since 1830 in relation to money, banks, and corporations.

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