Foreword
Summary
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5
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A1
Acknowledgements
Figures and tables
Economic value of English law | Oxera

A1.1: Maritime sector

Published: October 5th 2021
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2.1: Introduction 2.2: Economic value is created by ‘gains from trade’—realised through transactions 2.3: The law underpins growth in the volume of transactions (and therefore the generation of economic value) 2.4: Considering the law as infrastructure on which transactions take place
3.1: Introduction 3.2: The economic value created through the UK legal services ecosystem 3.3: The economic value created for the UK as a whole -3.3.1: English law as a global market standard -3.3.2: Agglomeration effects -3.3.3: Reduced transaction costs for UK businesses trading internationally 3.4: The choice of law and legal services for internationally mobile transactions
4.1: Introduction 4.2: English law provides significant value to the UK economy -4.2.1: Maritime sector -4.2.2: Commodity trading -4.2.3: ISDA swaps and derivatives -4.2.4: International insurance contracts -4.2.5: The value of English law to the UK economy is significant 4.3: Risks and opportunities 4.4: Future opportunities for the use of English law represent significant potential value to the UK
5.1: Introduction 5.2: English law suffers from a type of ‘market failure’ 5.3: Solutions to the free-rider problem: coordination across private and public parties 5.4: How to manage the ‘provision’ of English law
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Chapter A1

A1.1: Maritime sector

The maritime sector comprises various interlinked industries such as shipping, ports, and marine and maritime business services. It covers the transportation of freight and passengers, the physical building of vessels, and the operation of ports. It also includes a large industry of maritime business services, from shipbrokers to finance providers and insurers. Much of these activities are internationally mobile, though currently the UK is a leading global maritime hub, and English law is the leading choice for shipping and associated commercial contracts