This slim volume, being the second edition of the work, is an updated publication of a series of lectures originally given by the author as Gresham Professor of Law between 1976–80. As its title suggests, the lectures review recent developments in the field of commercial law seen from an economic and social standpoint. Professor Schmitthoff seeks to show, that in an ever changing historical context, progress has been inevitable, and to what extent the law now reflects this advance.

The work is divided into four chapters covering the ambit of commercial law, international trade, company law and arbitration. Thus the author clearly places his accent on aspects of the law relating to the business world and, in addition, those areas which now have a clear international flavour. Understandably, given his undoubted commitment to the European cause, Professor Schmitthoff’s thesis also seeks to show how far developments in these areas are bringing us closer to harmonisation of principles within the context of the EEC.

The first chapter argues for a new lex mercatoria by showing that the nationalistic 17th and 18th century process of incorporating original mercantile custom into English law is now irreconcilable with present-day needs. Since domestic commercial