The Philosophical Approach to the Existence of Business Law: Comparison of Indonesia, Vietnam, and Ghana

Abstract

Business law plays an important role in regulating the global and local economy, with different philosophical approaches in Indonesia, Vietnam, and Ghana, influenced by their respective legal traditions, cultures, and politics, while facing challenges in the implementation of effective, fair regulations that align with local values. This research aims to analyze how the philosophical and moral foundations of business law in Indonesia, Vietnam, and Ghana shape their legal frameworks and responses to economic globalization, taking into account the social, cultural, and political contexts of each country. This research uses a normative legal method with philosophical, comparative, and conceptual approaches to analyze business law regulations in Indonesia, Vietnam, and Ghana, and to identify the values underlying the business law systems in these countries, through the collection of data from primary, secondary, and tertiary legal materials, which are analyzed qualitatively and descriptively-analytically. The research findings indicate that the philosophical and moral foundations of business law in Indonesia, Vietnam, and Ghana reflect the socio-cultural and political backgrounds of each country, which also shape their responses to economic globalization. Indonesia relies on the principle of distributive justice based on religious and customary values, despite facing challenges of bureaucracy and corruption. Vietnam emphasizes socialist ideology with a focus on collectivism and social protection, which aligns with market liberalization to attract investment. Ghana, combining English common law and customary law, stresses the supremacy of law and transparency, though limited by weak legal infrastructure. These three countries demonstrate the importance of local philosophy and morality as a foundation for building adaptive business law regulations that remain rooted in national identity.