Abstract
Even as contract law globalizes, it is splitting along industry lines, so that disputes arising in different industry sectors are decided according to industry-specific rules rather than generally-applicable contract law principles—a phenomenon this chapter describes as “sectoral fragmentation”. Sectoral fragmentation is explained as aspect of functional differentiation in globalized commercial society: as state governance declines in importance compared with contractual and other forms of private governance, the borderless and sector-specific structure of commercial communities is recapitulated in formal contract law. The chapter reviews the causes, mechanisms, and consequences of a sectorally fragmented transnational contract law.
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