Law in International Relations and Business

Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.

International mostly means something (a company, language, or organization) involving more than a single country. The term international as a word means involvement of, interaction between or encompassing more than one nation, or generally beyond national boundaries. For example, international law, which is applied by more than one country and usually everywhere on Earth, and international language which is a language spoken by residents of more than one country.

International Relations (IR) or International Affairs (IA) - commonly also referred to as International Studies (IS) or Global Studies (GS) - is the study of interconnectedness of politics, economics and law on a global level. Depending on the academic institution, it is either a field of political science, an interdisciplinary academic field similar to global studies, or an entirely independent academic discipline in which students take a variety of internationally focused courses in social science and humanities disciplines. In all cases, the field studies relationships between political entities (polities) such as sovereign states, inter-governmental organizations (IGOs), international non-governmental organizations (INGOs), other non-governmental organizations (NGOs), and multinational corporations (MNCs), and the wider world-systems produced by this interaction. International relations is an academic and a public policy field, and so can be positive and normative, because it analyses and formulates the foreign policy of a given state.

Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.