The Elements Necessary for the Development of a Free Market Economic System in Burma

Description: 

"For a market economy system to succeed, it must be based on the rule of law and protected by an impartial judiciary. To a large extent, a successful market economy depends on the trust the market participants have in the legal system to uphold their rights and fairly adjudicate their disputes. There must be an efficient, just and affordable judicial mechanism to resolve disputes, including the disputes involving governments. The mechanism must have strong, enforceable safeguards to ensure that the parties are treated fairly. Disputes must be adjudicated based solely on the facts and the law, not on the identity of the party or the relationship the party has to the government. For example, if a business enters into a contract to purchase goods, it must know that it can obtain a legal remedy if the supplier fails to deliver the goods. Businesses justifiably avoid markets that lack fair, efficient and unbiased courts because of the risk of uncompensated loss. In the Yaung Chi Oo case in Burma, for example, a private Singapore company made a joint venture with the Burmese government to manufacture beer. The government attempted to nationalize the company before the expiration of their contract. When the parties went to court, the judge ignored the Singapore company?s arguments and unjustifiably used its broad discretion under the law to rule for the government. A free market economy cannot succeed in such an environment..."

Source/publisher: 

"LawKa PaLa - Legal Journal on Burma" - No. 39 (August 2011)

Date of Publication: 

2011-08-00

Date of entry: 

2018-05-23

Grouping: 

  • Individual Documents

Language: 

English

Local URL: 

Format: 

pdf

Size: 

121.73 KB