The role of the legal system in responding to economic challenges in light of globalization

Abstract

  Abstrac : Globalization has become an integral part of general development, and on the economic aspect it is more realistic than other aspects. The world is currently globalized from an economic aspect. The research seeks to shed light on identifying the extent of the legal system’s response to economic challenges in light of globalization in Iraq. We relied on the descriptive analytical approach, Which is useful in exploring scientific facts and deriving rulings from international laws and legislation, agreements and evidence used to know the impact of globalization on the legal system. The study concluded that globalization led to increased opening of borders and increased cooperation and interaction, but its development was linked to the development of means of communication and the movement of capital.  Economic globalization has also prompted a number of countries to correct their corporate governance structures. In response to foreign competition and the requirements of international investors, the research also recommends that the Iraqi legislator should amend the articles of the constitution in a way that is consistent with the globalization system and respond to its challenges, in a way that is consistent with international reality, achieving development and keeping pace with the conditions of the times. Countries must restructure their economies and develop policies that are consistent with the policies of economic globalization in order to Take advantage of its pros and cons.