International Business Arbitration

Paper Summary:

Three overlapping systems of international arbitration have developed to resolve international business disputes: (1) maritime arbitration of disputes related to ocean shipping and transportation; (ii) arbitration of disputes arising out of international trade in goods and services; and (iii) arbitration of disputes arising out of private foreign direct investment (FDI) and other trans-national financial transactions. This paper examines the effectiveness of international arbitration as a means of resolving business disputes arising out of international trade in goods and services and investment. The paper summarizes the historical roots of commercial arbitration, and the fundamental steps taken in the postwar period to establish a solid national and international legal and institutional framework to permit it to operate effectively.

Paper Headings:
Introduction
Defining Characteristics and Appeal
What is Commercial Arbitration?
Appeal of Commercial Arbitration in an International Context
Pre-1945 Historical Evolution of Arbitration
Ancient Origins
Arbitration in Medieval Europe
Decline of the Effectiveness of Commercial Arbitration
Establishing An Effective Legal Framework
Hostility of Other Legal Systems to Commercial Arbitration
Summary

From the Paper:

"Thousands of (but certainly not all) maritime and international commodity arbitrations are handled today in many of the world's great ports in a similar matter of fact and informal manner. Due to the scientific, mercantile, industrial and post-industrial revolutions which have occurred since the 16th century, the volume of world commerce has expanded and the means and methods of production, distribution and transportation have become much more complex. Global trade increased by an average per annum of 4.57 percent during the period 1870-1929, then (due to the Great Depression and World War II) by less than one per cent between 1929 and 1945. Since then, world trade in goods and services has mushroomed, increasing, according to the World Trade Organization, by an average of six and one half percent per annum between 1958 and 1993, from just $2.62 billion in 1986 to $6.3 billion in 1996."

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