Global Markets and the Evolution of Law in China and Japan

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.