The Nature of the Lex Mercatoria

The theory of lex mercatoria shall be known as a theory in the frontier of the law science. The theory of lex mercatoria is an autonomous doctrine which is not enforced by sovereign governments but is created by active merchants in the field of international commerce and applied through international commercial arbitration. This subject is in contradiction to the paradigms of the present time regarding the foundation of law and its resources. Nevertheless, the Lex Mercatoria principle can be applied by arbitrators as a practical instrument. since the Lex Mercatoria is a new theory, the jurists have had different ideas regarding its nature and meaning.: Some believe that it is a method of finding the appropriate law, some other recognize it as a collection of general principles and legal rules. However, the most controversial ideas belong to those who deem the Lex Mercatoria a legal system beside the national and international public law.