ABSTRACT. Machinea et al. state that to strengthen private enterprise in open economies that are integrated into global markets, it is necessary to adapt and modernize the legal framework in which business activity takes place. Brady et al. maintain that globalization does not appear to have clearly large negative or positive effects. Hirst and Thompson observe that it has become fashionable to assert that the era of the nation state is over, that national-level governance is ineffective in the face of globalized eco- nomic and social processes.