Indeed, the medieval Law Merchant
powerfully illustrates the self generative capacity of commercial customary norms.
Or they may choose to have customary law, as it has evolved and developed under the modern law merchant
, to govern their contracts instead.
The law merchant
, or lex mercatoria, was a system of mercantile
encompass the law of state-state relations, the law merchant
, and the
It also provides a blueprint for the future, as the modern lex mercatoria is presented in the genealogical narratives as either the reincarnation (rebirth) of the ancient law merchant
or as the result of its evolution.
I must move on to discuss custom more fully, and will no longer dwell on these other sources of (transnational private) law except to say that in my view (33) they present a hierarchy of norms, which in international commerce and finance forms the essence of the modern international law merchant
or new lex mercatoria.
International trade is thriving, and the informal institution of the Law Merchant
seems to be doing an excellent job helping it do so.
The fear of a proliferated Law Merchant
has led to the growth of a 'new' Law Merchant
, closely resembling its medieval forefather" (Trakman 1983, p.
I mention the law merchant
only to prove that law does not require the backing of coercion supplied by government Once this point a proven, the intellectual keystone supporting Peritz's book disappears.
The problem was thus, as the common law courts expanded jurisdiction in the seventeenth century, to understand how those courts absorbed a pre-existing jurisprudence, the law merchant
13) The new law merchant
arises outside of the state's apparatus for making law.
After Swift, states increasingly localized matters previously subject to general law, abandoning "reliance on the general law merchant
in favor of localized commercial doctrines.