Common & Civil Law in the Global Economy Assignment

Common & Civil Law in the Global Economy - Assignment Example This is achieved through a critical analysis of the past judicial interpretations of the law in search for advice. On the contrary, common law refers to a legal system principally based on past judicial opinions. The past judicial opinions postulate prior interpretations of the legislation, which provides a better guidance as compared to literal requirements as in the case of civil law. This implies that, as much as common law systems develop their laws over time, the laws may be altered by single ruling (Emerson, 2009). As such, common law perpetuates a legal system that is more flexible and expeditious. The most prominent difference between common law and civil law is based on their methodological approach towards statutes and codes. In this regard, common law is dictated by customs while civil law is bound to written codes which have to be abided by the courts inexorably. Thus, legislation is the main source of law in countries which embrace civil law system. This implies that judges make their decisions based on the laid down statutes and codes. Common law legal systems are dominant in commonwealth countries. According to Emerson (2009), this is attributable to their shared British heritage. On the other hand, civil law is predominant in most countries in the globe, especially in the Europe continent and Latin America. Thus, basing on the foregoing discussion, Civil law is the best legal system in the global economy. In this regards, civil law seeks to resolve non-criminal disputes which include disagreements in contracts, divorce, damages for personal and property damage, child custody and property ownership. It covers a profusion of areas which are rife in the global market system. They include employment law, consumer law, entertainment law, international law, animal law, agriculture law, business law, tax law, family law, negligence, intentional torts like battery, assault, slander, defamation and libel, inter alia. In conclusion, common law