Rustamova, N.N. New developments in the sphere of approaches towards defining applicable law and formation of the conflict of laws norms in the international private law.

Abstract: This article includes a brief review of one of the latest developments in the sphere of formation of approaches to the applicable law and to the formulation of the conflict of law norms in the international private law, which becomes more and more popular, which is viewing the efficiency of the conflict of laws norms from the economic point of view. At the same time none of the existing concepts for defining applicable law uses economic efficiency of the conflict of laws norm as a key principle for the approach towards the applicable law. The article includes the system of principles for establishing the applicable law, which is based on the individual choices of participants of the relations in the sphere of private law with a foreign element in order to maximize their benefits as well as the global benefits. In spite of the novel developments and ideas in the sphere of approaches towards the applicable law, the author comes to a conclusion that it will not be possible to leave the classical approaches towards the applicable laws and conflict of laws.

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