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Globalization of Law and Markets

Author: Terence Halliday

In the wake of the global financial crisis of 2008/2009, Stanford University Press  published the prize-winning Bankrupt: Global Lawmaking and Systemic Financial Crisis.  Authors Terence Halliday and Bruce Carruthers say that the best way to understand how international organizations and global lawmakers respond to a financial crisis is to examine in depth the last major crisis--the Asian Financial Crisis.

Bankrupt shows how international public and private organizations created procedural rules for coordinating bankruptcies in multiple countries (late 1980s-later 1990s), provided guidelines for the construction of national bankruptcy systems in emerging economies (late 1990s to 2003), and developed global norms for bankruptcy law and institutions in advanced and emerging economies (1999-2004).

After the Asian Financial Crisis, international organizations sought vigorously to persuade countries such as China, Indonesia, and Korea to conform their laws to these international norms. Bankrupt analyzes the domestic policy-making in each of these three countries. It also examines closely three major processes that determine relationships between global and national actors: intermediation, foiling, and recursivity. This research seeks to map the scope and limits of globalization in commercial law.

A subsequent phase of this project examines closely the key institution that emerged as the global leader on bankruptcy reforms—the UN Commission on International Trade Law (UNCITRAL). Not only did UNCITRAL produce a Legislative Guide on Insolvency for lawmakers across the world, but it has ambitions to modernize laws across the world on corporate groups in insolvency, on financing in corporate reorganizations, and on court-to-court relationships.


Summaries and findings

Architects of the State: International Organizations and the Reconstruction of States in the Global South
Sep 23, 2008

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