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