kaal:claim:2029983-008

Harmonization is politically unattainable absent either a central authority able to preempt the law of many jurisdictions or a single jurisdiction with enough economic clout to impose its rules on others, which makes harmonization especially difficult beyond national borders.

Second, harmonization is difficult to accomplish politi- cally unless there is a central authority that can preempt the law in a multitude of jurisdictions or, alternatively, a jurisdic- tion has so much economic clout that it can impose its rules on others.

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012), I.A. The Harmonization Alternative, p. 17
https://ssrn.com/abstract=2029983 · source PDF

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

• cross border harmonization
• no supranational preemptive authority exists

conditionsupport: arguedfailure: harmonization-political-impossibilityfamily: harmonization-and-standardization-failureeconomics

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