ABSTRACT
A central effort in this chapter was to recover the ways in which the state participates in governing the global economy. The context is one increasingly dominated by deregulation, privatization and the growing authority of non-state actors, with some of these assuming new normative roles. Geared toward governing key aspects of the global economy, both the particular transformations inside the state and the new emergent privatized institutional order are partial and incipient but strategic. Economic globalization has been accompanied by the creation of new legal regimes and legal practices and the expansion and renovation of some older forms that bypass national legal systems. This is evident in the rising importance of international commercial arbitration and the variety of institutions that fulfil rating and advisory functions that have become essential for the operation of the global economy.
