Commercial Law: Globalization and Tradition
This chapter focuses on commercial law. It argues that commercial law is the one field where borrowing from the West has taken place most systematically and felicitously. This thesis is illustrated at the outset by a sample of high court decisions across the Middle East. The chapter proceeds with a historical examination of the classical model and its long-term characteristics, up until the first systematic codification in the Ottoman Empire. It concludes by focusing on the resurgence of the tradition in some controversial areas developing in the ‘emerging’ markets of the region: agency, company law — including ‘Islamic banking’ — and commercial arbitration.
Keywords: Ottoman Commercial Code, commercial agency, company law, limited liability, capital markets, Islamic banking, arbitration, legislation, case-law
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