Business Law Development Of Mongolia

2212 WordsJun 29, 20159 Pages
Course Paper Myagmarsuren Jargal International American University BUS 540: Business Law for Managers Flavia LLoyd June 28, 2015 Business Law Development Issues in Mongolia Mongolia is a developing country, which is encountering challenges to develop modern business law. During the twentieth century, Mongolia had been a socialist country and developed almost fifty years of non-private property regime. However, the end of the twentieth century, the country changed its regime to democratic and resulted mass privatization of its state property. The government of the country distributed an interest of the state property to its people and made more than half of Mongolian population as shareholder. However, many of policy makers, lawyers, business people and general public encountered considerable lack of understanding about a business law. Thus, it was necessary to start and develop business related law in all fields. Nevertheless, due to lack of experts who understand modern law on businesses, Mongolia has faced significant challenges to build its business law and still been in a process of business initial stage of business law development. For Mongolia, it has been strenuous process in transition from centrally planned economy to market economy and developing various aspects of business law including corporate and securities law. In the middle of twentieth century, Mongolia was considered a close ally to communist USSR. However, when the communist system
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