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Enviar artigo via e-mail THE IMPACT OF GLOBALIZATION ON "INTERNATIONAL TRADE CONTRACTS IN DEVELOPING COUNTRIES"
Resumo
This research studies how globalization influences international trade contracts in countries that are still developing, given the fast changes in laws and economies caused by increased global openness and more liberalized trade and investment. The researcher looks at globalization in terms of financial, legal, cultural and technological areas and shows how it impacts the rules in developing countries. Many countries are now needing to update their laws to respond to globalization and defend their business needs. The area of focus in this study is how difficult it is for developing countries to control international trade contracts because of weak laws, judicial institutions and complex situations in arbitration and law selection. Researchers focused on Jordanian law to show how its legislator has dealt with world-wide changes and how it stands when compared to other countries’ legislation. It studies clauses in contracts that are changed by globalization, stands out the disadvantage faced by local communities in dealings with richer companies and discusses arbitration, penalties and dispute resolution matters. According to the study, globalization has brought new laws that mean developing countries must review and update their legislation to make them more able to negotiate in trade contracts. Some of its recommendations are entry into international accords, changes in trade and investment legislation, the creation of dedicated dispute resolutions groups and a review of ways to protect more vulnerable parties in international contracts.
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DOI: http://dx.doi.org/10.21902/Revrima.v4i46.7954
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Revista Relações Internacionais do Mundo Atual e-ISSN: 2316-2880
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