Introduction - International Regulatory Harmonization
3 Chicago Journal of International Law 271
7 Pages Posted: 17 Nov 2012
Date Written: 2002
Because we live in a world of national laws and international business activity, the regulation of a single transaction can be affected by several different legal regimes. Within domestic systems, even if sub-units such as the states of the United States exist, there is a central government authority that can regulate such transactions.1 In the international arena, the problems are more difficult. There is no supranational authority able to impose international standards; attempts at harmonization must overcome greater differences in culture and legal tradition; and national lawmakers are often resistant to any form of international rulemaking.
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