Finance & economics | Not so civil anymore

How free-market economics reshaped legal systems the world over

Friedrich Hayek’s followers promised growth. They may have overpromised

Commercial and residential properties on the city skyline in Dubai, United Arab Emirates.
Image: Getty Images

The legal system that operates in the United Arab Emirates (uae)—like that in many countries across the Gulf—is a blend of French civil and Islamic Sharia law. But this summer Dubai announced that it was exploring the introduction of English common law to 26 free-trade zones. These are jurisdictions that are exempt from local taxes and customs duties, and have their own independent legal systems and courts. The region is increasingly dotted by such common-law islands, reflecting the belief that the Anglosphere’s legal tradition is better for business.

This article appeared in the Finance & economics section of the print edition under the headline “Not so civil anymore”

From the October 21st 2023 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from Finance & economics

A white fish going into the mouth of a group of black fishes forming a bigger fish.

Why your portfolio is less diversified than you might think

The most important idea in modern finance has become maddeningly hard to implement

A German flag waves in front of the buildings of the banking district in Frankfurt, Germany.

Can Germany’s economy stage an unexpected recovery?

The situation is dire, but there are glimmers of hope


Italy's Prime Minister Giorgia Meloni smiles at the Palazzo Chigi in Rome.

Giorgia Meloni has grand banking ambitions

Will Italy’s nationalist prime minister manage to concentrate financial power?


Tech tycoons have got the economics of AI wrong

Following DeepSeek’s breakthrough, the Jevons paradox provides less comfort than they imagine

Donald Trump’s economic warfare has a new front

The president has threatened to blow up the global tax system. Will allies be able to stop him?

Don’t let Donald Trump see our Big Mac index

America’s tariff-loving president could learn the wrong lessons from international burger prices