The first angle of this Article concerns the exclusivity of rights, which is the notion that a right has an exclusive boundary of ownership. The socialist system and traditional customary law in China gave only weak recognition to this concept, especially prior to China's move toward a market economy and the introduction of modern law. The second angle addresses the functionality of extralegal norms. Law reforms tend to be measured by the efficiency gains they produce, a process intensified by competition among systems. The third angle involves the ideological nature of the market-oriented development of law. The foreign enterprises and international financial institutions leading the global market have until now been major actors in instigating China's development of law.
Global Markets and the Evolution of Law in China and Japan,
Mich. J. Int'l L.
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