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Introduction to Business Law Master - Essay Example
Conducting business beyond the boundaries and borders of one's home country is common practice, nowadays. Globalization has not only made international business less complicated but has imposed a set of principles which actively encourage the practice, among which one may mention the removal of all artificial barriers to trade…
Therefore, to avoid problems, it is necessary that international corporations, or business forms which intend to expand internationally, have an understanding of the sources of international law and the function of the relevant international organizations.
International law, according to the Cambridge professor of international relations and law, Malcolm Shaw (2003), is derived from four sources. These sources are international conventions and treaties, customary law and commonly accepted practices, conventional law as defined and implemented by nation-states and judicial interpretations and decisions, as would establish a rule of precedent (pp. 44-46). As Shaw (2003) further explains, international law can basically be understood as comparable to national laws but implemented over the international community, as opposed to the national one (p. 48).
Identifying the sources of international law is the first step towards understanding how the mentioned can influence international business. As regards the first source, which is international or bilateral treaties and conventions, it has a direct impact on international business if the treaties in question are relevant to trade and investment. For example, some nations have laws which specify the areas of investment and business which foreigners can engage in. ...