Institutional Foundations Of Impersonal Exchange

Author: Benito Arruñada
Publisher: University of Chicago Press
ISBN: 0226028356
Size: 31.96 MB
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Governments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.

The Role Of Government In Water Markets

Author: Vanessa Casado-Perez
Publisher: Taylor & Francis
ISBN: 1317222709
Size: 69.16 MB
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While water is an increasingly scarce resource, most existing methods to allocate it are neither economically nor environmentally efficient. In these circumstances, water markets offer developed countries a form of regulatory response capable of overcoming many of the shortcomings of current water management. The debate on water markets is, however, a polarized one. This is mostly a result of the misunderstanding of the roles played by governments in water markets. Proponents mistakenly portrayed them as leaving governments, for the most part, out of the picture. Opponents, in turn, understand commodification of water and administration by public agencies as incompatible. Casado Pérez argues that both sides of the debate overlook that water markets require a deeper and more varied governmental intervention than markets for other goods. Drawing on economic theories of regulation based on market failure, she explains the different roles governments should play to ensure a well-functioning water market, and concludes that only the visible hand of governments can ensure the success of water markets. Casado Pérez proves her case by examining case studies of California and Spain to assess the success of their water markets. She explores why water markets were more extensively institutionalized in California than in Spain in the first ten years since their introduction and how the role of governments in each case study impacted water market operation. This unique analysis of governmental roles in water markets, alongside qualitative studies of California and Spain, offers valuable guidance to understand environmental markets and to face the challenges presented by water management in regions with periodical droughts.

The Elgar Companion To Ronald H Coase

Author: Claude Ménard
Publisher: Edward Elgar Publishing
ISBN: 1782547991
Size: 61.47 MB
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Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase’s work and the continuing inspiration that researchers and policy makers find in his contributions. The book presents a review of the continuing power of Coase’s work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase’s work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase’s research going beyond his famous papers on ‘The Nature of the Firm’ and ‘The Problem of Social Cost’ are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase’s vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist.

The Dignity Of Commerce

Author: Nathan B. Oman
Publisher: University of Chicago Press
ISBN: 022641566X
Size: 39.19 MB
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Why should the law care about enforcing contracts? We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Just as Shakespeare’s Shylock can stand on his contract with Antonio not because Antonio is bound by honor but because the enforcement of contracts is seen as important to maintaining a kind of social arrangement, today’s contracts serve a fundamental role in the functioning of society. With The Dignity of Commerce, Nathan B. Oman argues persuasively that well-functioning markets are morally desirable in and of themselves and thus a fit object of protection through contract law. Markets, Oman shows, are about more than simple economic efficiency. To do business with others, we must demonstrate understanding of and satisfy their needs. This ability to see the world from another’s point of view inculcates key virtues that support a liberal society. Markets also provide a context in which people can peacefully cooperate in the absence of political, religious, or ideological agreement. Finally, the material prosperity generated by commerce has an ameliorative effect on a host of social ills, from racial discrimination to environmental destruction. The first book to place the moral status of the market at the center of the justification for contract law, The Dignity of Commerce is sure to elicit serious discussion about this central area of legal studies.

Capitalism From Below

Author: Victor Nee
Publisher: Harvard University Press
ISBN: 0674065395
Size: 25.34 MB
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Over 630 million Chinese escaped poverty since the 1980s, the largest decrease in poverty in history. Studying 700 manufacturing firms in the Yangzi region, the authors argue that the engine of China’s economic miracle—private enterprise—did not originate at the top but bubbled up from below, overcoming initial obstacles set up by the government.

A Theory Of The State

Author: Yoram Barzel
Publisher: Cambridge University Press
ISBN: 9780521000642
Size: 28.42 MB
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The Emergence of Protection and Third-Party Enforcement; The State and the Enforcement of Agreements; Third-Party Enforcement and the State; The Choice among Enforcement Forms; Anonymous Exchange, Mixed Enforcement, and Vertical Integration; Jurisdictional Issues; Collective Action and Collective Decisions; Tying the Protector's Hands: The Agreement between Subjects and Protector; The Emergence of Legal Institutions Legal Rights; The State's Enhancement of Market Trade; The Size and Scope of the State; The Character of the State Merger and Local Autonomy; The Distinction between "Legitima te" and "Criminal" States; Power, Violent Conflict, and Political Evolution; The time parth of change under dictatorships and under Rule-of-Law Regimes; Recapitulation and an Epilogue.

The Three And A Half Minute Transaction

Author: Mitu Gulati
Publisher: University of Chicago Press
ISBN: 0226924394
Size: 65.22 MB
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Boilerplate language in contracts tends to stick around long after its origins and purpose have been forgotten. Usually there are no serious repercussions, but sometimes it can cause unexpected problems. Such was the case with the obscure pari passu clause in cross-border sovereign debt contracts, until a novel judicial interpretation rattled international finance by forcing a defaulting sovereign—for one of the first times in the market’s centuries-long history—to repay its foreign creditors. Though neither party wanted this outcome, the vast majority of contracts subsequently issued demonstrate virtually no attempt to clarify the imprecise language of the clause. Using this case as a launching pad to explore the broader issue of the “stickiness” of contract boilerplate, Mitu Gulati and Robert E. Scott have sifted through more than one thousand sovereign debt contracts and interviewed hundreds of practitioners to show that the problem actually lies in the nature of the modern corporate law firm. The financial pressure on large firms to maintain a high volume of transactions contributes to an array of problems that deter innovation. With the near certainty of massive sovereign debt restructuring in Europe, The Three and a Half Minute Transaction speaks to critical issues facing the industry and has broader implications for contract design that will ensure it remains relevant to our understanding of legal practice long after the debt crisis has subsided.

International Bankruptcy

Author: Jodie Adams Kirshner
Publisher: University of Chicago Press
ISBN: 022653202X
Size: 52.84 MB
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With the growth of international business and the rise of companies with subsidiaries around the world, the question of where a company should file bankruptcy proceedings has become increasingly complicated. Today, most businesses are likely to have international trading partners, or to operate and hold assets in more than one country. To execute a corporate restructuring or liquidation under several different insolvency regimes at once is an enormous and expensive challenge. With International Bankruptcy, Jodie Adams Kirshner explores the issues involved in determining which courts should have jurisdiction and which laws should apply in addressing problems within. Kirshner brings together theory with the discussion of specific cases and legal developments to explore this developing area of law. Looking at the key issues that arise in cross-border proceedings, International Bankruptcy offers a guide to this legal environment. In addition, she explores how globalization has encouraged the creation of new legal practices that bypass national legal systems, such as the European Insolvency Framework and the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law. The traditional comparative law framework misses the nuances of these dynamics. Ultimately, Kirshner draws both positive and negative lessons about regulatory coordination in the hope of finding cleaner and more productive paths to wind down or rehabilitate failing international companies.

The International Law Of Investment Claims

Author: Zachary Douglas
Publisher: Cambridge University Press
ISBN: 0521855675
Size: 64.29 MB
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This book is a codification of the principles and rules relating to the prosecution of investment claims.

The Racial Contract

Author: Charles W. Mills
Publisher: Cornell University Press
ISBN: 0801471346
Size: 56.82 MB
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The Racial Contract puts classic Western social contract theory, deadpan, to extraordinary radical use. With a sweeping look at the European expansionism and racism of the last five hundred years, Charles W. Mills demonstrates how this peculiar and unacknowledged "contract" has shaped a system of global European domination: how it brings into existence "whites" and "non-whites," full persons and sub-persons, how it influences white moral theory and moral psychology; and how this system is imposed on non-whites through ideological conditioning and violence. The Racial Contract argues that the society we live in is a continuing white supremacist state. Holding up a mirror to mainstream philosophy, this provocative book explains the evolving outline of the racial contract from the time of the New World conquest and subsequent colonialism to the written slavery contract, to the "separate but equal" system of segregation in the twentieth-century United States. According to Mills, the contract has provided the theoretical architecture justifying an entire history of European atrocity against non-whites, from David Hume's and Immanuel Kant's claims that blacks had inferior cognitive power, to the Holocaust, to the kind of imperialism in Asia that was demonstrated by the Vietnam War. Mills suggests that the ghettoization of philosophical work on race is no accident. This work challenges the assumption that mainstream theory is itself raceless. Just as feminist theory has revealed orthodox political philosophy's invisible white male bias, Mills's explication of the racial contract exposes its racial underpinnings.