Role of Law in Business Development
Fordham International Law Journal
Volume 20, Issue 5 1996 Article 6
The Role of Law in Business Development
Ibrahim F.I. Shihata∗
∗
Copyright c 1996 by the authors. Fordham International Law Journal is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj
The Role of Law in Business Development
Ibrahim F.I. Shihata
Abstract
Part I of this Essay concerns the law of developing nations as it effects business growth. Part II describes the legal framework needed in developing nations. Part III talks about the legislative policies that should be adopted. Part IV is about the role of the World Bank in developing nations.
THE ROLE OF LAW IN BUSINESS DEVELOPMENT*
Ibrahim F.L Shihata*** INTRODUCTION As we approach the new century, our world is increasingly described as a global village and our times as the post-geography era. Political boundaries are becoming less of a barrier in the face of the explosive growth of global investment and trade. Almost a hundred investment laws and over a thousand bilateral investment treaties have extended to foreign investors, legal treatment equal, or similar to, that enjoyed by local investors. The right to national treatment is progressively finding its way to becoming part of customary international law. In these circumstances, it is no longer appropriate to speak of the need for a separate legal framework for international business distinct from that applicable to domestic business. What is needed is a legal framework that allows private business, regardless of whether it is domestic or foreign, to grow and prosper. I. LAW AND DEVELOPMENT I began working on development issues over thirty years ago. Ever since then, it has been clear to me that law plays a key role in the business development process in general and a pivotal role in the growth of private business in particular. Since the late 1960s, I have tried to articulate this role in my writings in a continued effort to
Volume 20, Issue 5 1996 Article 6
The Role of Law in Business Development
Ibrahim F.I. Shihata∗
∗
Copyright c 1996 by the authors. Fordham International Law Journal is produced by The Berkeley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj
The Role of Law in Business Development
Ibrahim F.I. Shihata
Abstract
Part I of this Essay concerns the law of developing nations as it effects business growth. Part II describes the legal framework needed in developing nations. Part III talks about the legislative policies that should be adopted. Part IV is about the role of the World Bank in developing nations.
THE ROLE OF LAW IN BUSINESS DEVELOPMENT*
Ibrahim F.L Shihata*** INTRODUCTION As we approach the new century, our world is increasingly described as a global village and our times as the post-geography era. Political boundaries are becoming less of a barrier in the face of the explosive growth of global investment and trade. Almost a hundred investment laws and over a thousand bilateral investment treaties have extended to foreign investors, legal treatment equal, or similar to, that enjoyed by local investors. The right to national treatment is progressively finding its way to becoming part of customary international law. In these circumstances, it is no longer appropriate to speak of the need for a separate legal framework for international business distinct from that applicable to domestic business. What is needed is a legal framework that allows private business, regardless of whether it is domestic or foreign, to grow and prosper. I. LAW AND DEVELOPMENT I began working on development issues over thirty years ago. Ever since then, it has been clear to me that law plays a key role in the business development process in general and a pivotal role in the growth of private business in particular. Since the late 1960s, I have tried to articulate this role in my writings in a continued effort to