MJIEL Vol 13 Issue 1 2016 - Article 4 by Gbenga

The ‘Reimaginarium’ of Lex Mercatoria:
Critique of the Geocentric Theory about the Origins and Episteme of the Lex Mercatoria
 
Gbenga Oduntan
 
ABSTRACT: The article examines the controversy surrounding sources, nature and scope of operation of the so called field of lex mercatoria. It aims to critique the classic positions regarding the existence/non-existence or validity/invalidity of the lex mercatoria as presented in legal literature. Specifically it aims to deepen understanding of the lex mercatoria by examining the interconnectedness of the world’s basic cultures and legal traditions to the lex Mercatoria and indicating the possible streams from which it derived and continues to derive its validity. A refutation is made of the predominant view that the lex mercatoria is a creation of Western Europe. The paper also aims at raising arguments to counter some of the little discussed misconceptions that are discernible in legal literature and which have arguably prevented a holistic approach to the discussion of this important issue area of the law. The paper thus, invites scholars to rethink and re-imagine the enigma of the lex mercatoria in favour of a more culturally encompassing and commercially inclusive epistemology.

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