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The New Global Economic Order as a Stimulus for Harmonising the Law of Sale in the Southern African Development Community (SADC) Region

The New Global Economic Order as a Stimulus for Harmonising the Law of Sale in the Southern... I. INTRODUCTION The origins of cross-border trading can be traced back to time immemorial.1 Although there is little agreement on the historical development of the global economy as we know it today, it is clear that international trade has always played a determining role. The levels of international trade experienced in the current era are unprecedented. Prior to the First World War, the global economy had several decades of stable international trade relations characterised by a significant crossborder flow of goods, capital and people.2 During this period, trade relations centred on a network of bilateral trade treaties,3 which reduced trade barriers, mostly in the form of tariffs, removed quantitative restrictions, voluntary restraint agreements and exchange controls and largely limited trade discrimination.4 Reductions in transport costs resulting from technological innovations such as (LLB Cum Laude (UFH; LLM (UCT); LLD (Stellenbosch); Senior Lecturer, Department of Mercantile and Labour Law, School of Law, University of Limpopo. 1 W. J. Bernstein, A Splendid Exchange: How Trade Shaped the World (Atlantic Monthly Press 2008), chapters 1 and 2 deal with the origin of world trade, beginning with the first fragmentary evidence of long-range commerce during the Stone Age. Africa has been involved in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png African Journal of International and Comparative Law Edinburgh University Press

The New Global Economic Order as a Stimulus for Harmonising the Law of Sale in the Southern African Development Community (SADC) Region

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Publisher
Edinburgh University Press
Copyright
© Edinburgh University Press 2016
Subject
Articles; African Studies
ISSN
0954-8890
eISSN
1755-1609
DOI
10.3366/ajicl.2016.0158
Publisher site
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Abstract

I. INTRODUCTION The origins of cross-border trading can be traced back to time immemorial.1 Although there is little agreement on the historical development of the global economy as we know it today, it is clear that international trade has always played a determining role. The levels of international trade experienced in the current era are unprecedented. Prior to the First World War, the global economy had several decades of stable international trade relations characterised by a significant crossborder flow of goods, capital and people.2 During this period, trade relations centred on a network of bilateral trade treaties,3 which reduced trade barriers, mostly in the form of tariffs, removed quantitative restrictions, voluntary restraint agreements and exchange controls and largely limited trade discrimination.4 Reductions in transport costs resulting from technological innovations such as (LLB Cum Laude (UFH; LLM (UCT); LLD (Stellenbosch); Senior Lecturer, Department of Mercantile and Labour Law, School of Law, University of Limpopo. 1 W. J. Bernstein, A Splendid Exchange: How Trade Shaped the World (Atlantic Monthly Press 2008), chapters 1 and 2 deal with the origin of world trade, beginning with the first fragmentary evidence of long-range commerce during the Stone Age. Africa has been involved in

Journal

African Journal of International and Comparative Law – Edinburgh University Press

Published: Aug 1, 2016

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