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Party Autonomy in International Commercial Transactions: the Place of International Commercial Arbitration
This paper tries to show that commercial arbitration is an important part of a general transformation, which is taking place in both domestic and international law. For various reasons there has been a strong desire for a private system of justice including arbitration and a general reluctance to submit private disputes to State courts. As a result of the expansion of international trade and investment, the second part of the last century witnessed an unprecedented growth of international arbitration. The prospect of a private dispute settlement represents an international regime which, despite national regulatory interventions, is based on a market economy, private law and a spontaneous order. The popularity of arbitration has, therefore, its roots in the changing patterns of social interactions in the modern market economies and in particular the ideas of liberty and choice of individuals to control their life. Consequently, arbitration and other forms of alternative dispute resolution are increasingly claiming ground from public administered justice.