7 Business Orientation

Subject(s):

Contract

This chapter reviews the comparative business orientation of legal systems. It underlines the importance of business law in economic prosperity and welfare. There is a historical review of business orientation in relation to the development of bond markets and bills of exchange. The key indicator is chosen for measuring business orientation include compulsory notice of the assignment of receivables and the deprivation of the assets of a bankrupt corporation in relation to joint ventures and flip clauses. This chapter explains that one of the most remarkable changes over the last century has been the acceleration of economic development and prosperity by the growth of business in the world and the reduced importance of agriculture in terms of GDP. It describes how cruel life could be without this prosperity and proposes that the law should seek to foster enterprise and invention.