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Once the United States won the second World War, it sought to standardize business practices worldwide, especially in war-torn Europe. Legal standards were put in place by the American-dominated trading system that sought to create a global regime of free trade using the U.S. dollar as the base currency. Only a major international power such as the postwar U.S. could have made this trade regime work.

International business law has several sources for basic legislation. Primarily, major financial institutions that back groups such as the International Monetary Fund and the World Bank are major legislators of basic business practices. In addition, regional organizations such as the European Union, the Arab League, and the Association of East Asian Nations are also sources of international law and practice in business. Powerful states such as the U.S. oil producing states and China also have a important role to play in shaping international business legislation. Ultimately, law in this case often becomes compromises among these power centers.

The basic features of global business law concern protections for intellectual property, contract enforcement, environmental protection and labor standards. The goal here is to create uniform standards as much as possible. The European Union, for example, has standards on all of these areas that seek to create a uniform European code. This is to facilitate movements of goods and labor across national borders to cut the costs of doing business.

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