Topic Three: Bottom-up or Top-down Legislation in International Business Law
Bottom-up and Top-down are two different legislation approaches. The former is industry- driven: merchants/businesses design their own rules and states/international organizations make these rules into laws. The latter is legislature-driven: states/international organizations enact laws and merchants/businesses comply with these laws. Which approach is dominant in international business law? Why? Any pros and cons? How might this dichotomy be better managed?