Evolution of private law in the global market of the 21st century
Abstract: The evolution of private law in 21st Century has been affected by the globalization of economic and financial markets. The rules issued by the monopolistic sources of national and international legal orders have been replaced or supplemented by rules autonomously created by the defining rights and obligations of private individuals in relation to their respective positions in the markets. On the other hand, as a reaction, the constitutional value of rights of private individuals as universal civil or human rights has been affirmed. This evolution has made factual analysis and comparative method essential tools for a correct and effective understanding and interpretation of how the basic paradigms of private law, such as contract and corporate personality have evolved. In the area of contractual relations, an attempt to overcome the asymmetrical positions of the parties for the economic and social inequalities caused by the global markets has led to operational solutions enhancing the role of good faith in civil law systems and of reliance in common law systems, whose efficacity in the context of new technologies which are being developed is, however, still to be tested. In the area of corporations and other business organizations, the overwhelming increase of financial globalization has accelerated the pursuit of purely monetary profit in the shortest term as the sole purpose of investments in enterprises and has led to negative results for the economy and societies of different countries and populations worlwide. In order to alter this trend, international and national institutions and many States are advocating the purpose of corporations and economic entities be radically changed making compulsory for them the pursuit of ESG principles. Changes in the global economy caused by the recent dramatic events (pandemia, war) will influence the future evolution of private law, but can not overlook its present results.
Sommario: 1. The global market. – 2. The evolution of private law. – 3. The need for an argumentative and comparative method in the interpretation of private law. – 4. The evolution of the contract paradigm. – 5. The evolution of the corporation paradigm. – 6. A note on prospects of future evolution