Originally from Dispute Resolution Journal

World peace and arbitration: consideration of these two concepts first brings to mind tbe great political, intergovernmental arbitrations of the nineteenth and early twentieth century. Solemn occasions they were, held in picturesque places, with kings, presidents, and even popes as arbitrators, and famous international law specialists articulately presenting the positions of their respective governments.

Whatever the historical achievements of these highly charged proceedings between sovereign states, in our day it is in world trade that arbitration is making its greatest contribution to world peace. It is largely through commerce that modern nations maintain their day-to-day relations. Even between countries with antagonistic policies, trade continues. International commerce may not directly avoid all war, but it certainly creates interdependence and balance.

Stimulated by an enormous increase in international commerce during the last 50 to 60 years and the reluctance of parties to litigate in foreign courts, an effective worldwide system of international commercial arbitration has come into being—one that provides procedural rules for the conduct of international arbitration proceedings, experienced and trusted arbitral institutions providing impartial services, and an effective treaty network for the enforcement of arbitral agreements and awards. It is a development that contributes to international understanding and gives encouraging proof of the ability of people of different cultures, traditions, and languages, often distant from one another, to resolve their disputes without enmity or resort to force.