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31 Am. J. Comp. L. 526 (1983)
The Impact of International Arbitration on the Development of Business Law

handle is hein.journals/amcomp31 and id is 536 raw text is: Practitioners' Notebook THE IMPACT OF INTERNATIONAL ARBITRATION ON THE DEVELOPMENT OF BUSINESS LAW Bernardo M. Cremades* Arbitration plays a crucial juridical role in the new international merchant law-a law which is elaborated and established by its own participants. Arbitration grants a true opino juris to the practices regularly used in the business world. It is difficult to conceive of a legal system without jurisdiction. Arbitration plays this essential role in the development of the mod- ern international merchant law. When businessmen resort to arbi- tration in order to settle their disputes they sow important seeds for the future growth of the merchant law. Besides developing a new means for efficiently anticipating and resolving disputes, arbitration is creating a body of arbitral decision making that is defining the standards of conduct of international business. The creation of a new international economic order, so often proclaimed in international fora, requires the active participation of so-called developing countries in the world's economic decision- making centers rather than their systmatic and sometimes strategic isolation. Similarly, the participation of these countries in interna- tional arbitration is necessary to develop a truly global and effective merchant law. Abandoning old ideas of veiled exploitation, most of the developing countries are now active participants in international arbitration. It is increasingly their companies, and even government agencies that come to arbitration; their nationals that sit on arbitra- tion tribunals; and the behavior of both that is an example to be fol- lowed. It is only with the participation of businessmen from all over the world that the new international law merchant will be ratified without social, geographic, racial, linguistic or economic discrimination. The Elaboration of a New Ethic in International Business It is logical that arbitrators and judges do not usually rely on ab- stract or general principles when reaching their decisions. Rather, these decisions are the result of specific pleadings and proposals put * Professor of Law, University of Madrid. This is an abbreviated version of an address to the American Foreign Law Association in New York, 24 Feb. 1981.

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