Over the last three decades, the rapid pace of technological change, transformations in the composition of markets and the emergence of global production capacities and service providers have created many new opportunities for business, as well as consumers. Globalization is the new and irreversible economic reality of our age. Clearly these economic changes have contributed to the creation of new pressures on, and expectations of, those fields of law connected to the regulation of business, particularly cross-border business. Lawmakers and regulators have been compelled to respond to the new demands and challenges created by the emergence of a global economy. New expectations of law – in particular, that it be more agile or flexible in regulating the market economy – have prompted law-makers and regulators in multiple jurisdictions to adopt various novel regulatory techniques and legal forms to respond to this challenge.
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