What Can International Arbitration Learn from Medieval Merchant Courts?

This article explores the relationship between international arbitration and medieval merchant courts. They resemble or are distinguished from each other in terms of parties, judges, governing laws, role and function, the possibility of appeal and in relation to impartiality and independence. Notwithstanding the differences between international arbitration and medieval merchant courts, this article argues that international arbitration, to a large extent, could be regarded as a successor to medieval merchant courts. In addition, international arbitration has its own disadvantages and is facing challenges with respect of speed justice and transparency. To become a more competitive method of dispute resolution as to international trade and investment, international arbitration should enhance efficiency, establish principle of precedent and guarantee party autonomy and independence.