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What kind of transnational law are we facing in the twenty-first century? Some commentators argue that even today, there is no real transnational legal field, only national legal fields and the activities of national actors in national settings, producing transnational legal activities. But that reminds me of something a former law school dean told me sixteen years ago when I said I was coming to Yale to teach International Business Transactions: that there is no genuinely transnational body of international business law, because transnational business law is like that famous non-book, The Law of the Horse, which consists of Chapter I: "Contracting for a Horse," Chapter II: "Owning a Horse;" Chapter III, "Torts by a Horse," and Chapter IV: "Litigating over a Horse."

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