This is borne out by the historical Law Merchant
as well as its modern equivalent.
In the absence of a supranational sovereign to enforce and sustain property rights between contemporary international traders, modern international trade is similarly governed privately--by a modern law merchant
Chen, Code, Custom, and Contract: The Uniform Commercial Code as Law Merchant
, 27 TEX.
court as to the prevailing custom in the law merchant
, and, in the late
the law merchant
, the law maritime, and the law of state-state relations
Emily Kadens, The Myth of the Customary Law Merchant
, 90 TEX.
21) Invocations of the ancient law merchant
are also recurring in the modern conflict-of-laws literature, as well as in domestic commercial law.
16) It could also be said that the old law merchant
concerning negotiable instruments was mandatory international custom before it became caught up in the 19th century national codifications, or statutory law in England.
This, it is alleged, was only possible because at that time, traders developed a law merchant
similar to the modern lex mercatoria, whose forerunner it was.
The purest example of "spontaneous law"--law based not upon sovereign coercion but, instead, upon voluntary action--is the law merchant
Rogers has a simple objective: to correct the persistent notion that English commercial law finds its origins "in the struggle between the law merchant
and the common law" (p.