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Diversity of Contract Law and the European Internal Market

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  • Smits, Jan

Abstract

This contribution discusses the question whether diversity of contract law among the European member states is a barrier to cross-border trade. This question is important in view of the ongoing debate about the need for a unified European private law. It has tried to answer the question by building upon insights from psychology, economics and law. It turns out that no definitive answer can be given to the question whether the savings in transaction costs through the removal of legal diversity are greater than the losses caused by the termination of competition of legal systems.

Suggested Citation

  • Smits, Jan, 2005. "Diversity of Contract Law and the European Internal Market," MPRA Paper 8192, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:8192
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    File URL: https://mpra.ub.uni-muenchen.de/8192/1/MPRA_paper_8192.pdf
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    References listed on IDEAS

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    4. Nitsch, Volker, 2002. "Border effects and border regions: Lessons from the German unification," HWWA Discussion Papers 203, Hamburg Institute of International Economics (HWWA).
    5. Mattli,Walter, 1999. "The Logic of Regional Integration," Cambridge Books, Cambridge University Press, number 9780521635363, July.
    6. Mahoney, Paul G, 2001. "The Common Law and Economic Growth: Hayek Might Be Right," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 503-525, Part I Ju.
    7. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-623, June.
    8. Mattli,Walter, 1999. "The Logic of Regional Integration," Cambridge Books, Cambridge University Press, number 9780521632270, July.
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    Cited by:

    1. Jan Smits, 2012. "Introduction to special issue: Harmonisation of contract law: an economic and behavioural perspective," European Journal of Law and Economics, Springer, vol. 33(3), pages 473-480, June.
    2. L. Visscher & M. Faure, 2021. "A Law and Economics Perspective on the EU Directive on Representative Actions," Journal of Consumer Policy, Springer, vol. 44(3), pages 455-482, September.

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    More about this item

    Keywords

    Unification; Contract Law;

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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