Digital Commons Network^™

Placeholders: Engaging The Hayekian Critique Of Financial Regulation, Annelise Riles

Cornell Law Faculty Working Papers

Since Friedrich Hayek, debates about the proper relationship between the state and the market, and about the optimal design of regulatory institutions, often turn on assumptions about the workings of legal expertise — and in particular about the difference between public expertise (bureaucratic knowledge) and private expertise (private law). Hayek’s central argument, adopted uncritically by a wide array of policy-makers and academics across the political spectrum, is a temporal one: bureaucratic reasoning is inherently one step behind the market, and hence effective market planning is impossible. In contrast, Hayek argues, private ordering is superior because it is of the moment, …

An International Perspective On Battling The Bulge: Japan's Anti-Obesity Legislation And Its Potential Impact On Waistlines Around The World, Christin Lawler

San Diego International Law Journal

This Comment identifies six factors which my be analyzed to predict the outcome of Japan's new "Metabo" legislation: (1) the compelling need for anti-obesity legislation; (2) the broad authority vested in Japanese physicians and medical policymakers; (3) the Japanese cultural emphasis on harmony; (4) the structure of the Japanese Constitution; (5) the legislation's enforcement mechanisms; and (6) the costs of the program. This Comment predicts that although the cost of implementing the program could pose a serious impediment to initiating the anti-obesity campaign on a national scale, the new legislation is likely to succeed in decreasing Japanese obesity.

Why Japanese Entrepreneurs Don't Give Up Control To Venture Capitalists, Zenichi Shishido

Zenichi Shishido

The biggest difference in the incentive bargains between entrepreneurs and venture capitalists in the US and Japan is that American entrepreneurs abandon control while Japanese entrepreneurs do not. Years ago, Black & Gilson tried to explain the difference by the existence and non-existence of liquid IPO markets. Although now there are multiple liquid IPO markets in Japan, Japanese entrepreneurs are still reluctant to abandon control of their companies to venture capitalists. While there must be many complementary reasons, such as different market situations, different social norms, etc., for the difference, I will raise a hypothesis that it can be partly …

Financial Crisis Containment, Anna Gelpern

Articles in Law Reviews & Other Academic Journals

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.

First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …

The U.S. Economic Crisis: Another "Lost Decade"?, Paula Chungsathaporn

Honors College Theses

America is experiencing the worst economic downturn since the Great Depression originating with problems from mortgage backed securities and seeping into every major sector in the economy. We have witnessed the downfall or government takeover of some of the most powerful companies in the country, contributing to the highest unemployment rate America has seen in decades. During the 1990s, Japan experienced what is commonly referred to as “the lost decade,” a period of prolonged stagnant growth. Many similarities can be drawn between the current U.S. crisis and the Japanese crisis of the late 90s. The macroeconomic conditions that caused the …

Reforming Knowledge? A Socio-Legal Critique Of The Legal Education Reforms In Japan, Annelise Riles, Takashi Uchida

Cornell Law Faculty Publications

This article critiques the current Japanese legal education reforms, modeled largely on the United States, by proposing a socio-technical framework for analyzing the distribution of legal expertise in a given society. On one side of the spectrum is the "monocentric" model of legal expertise, in which expertise is monopolized by the profession and legal literacy is low. On the other side of the spectrum is the "polycentric" model of legal expertise, in which a range of social and institutional actors share responsibility for legal expertise and legal literacy is high. If the U.S. is a more monocentric system, the Japanese …

Common Roots, Divergent Evolution: Insider Trading Doctrine In The United States, Japan, And Germany, Joan Macleod Heminway

Scholarly Works

Many nations ostensibly use (or at least credit) U.S. insider trading doctrine under Rule 10b-5 as the model for their own regulation of insider trading. This phenomenon has occurred in part because of historical and political factors and in part because the United States is seen as (and has wielded regulatory power as) a market leader — an early adopter of regulation with both (a) a well established supervisory and policy-oriented regulatory and enforcement agency and (b) a well developed, disaggregated, public securities market. As a result, the laws of many countries now prohibit identified classes of persons from trading …

Care, Social (Re)Production And Global Labour Migration: Japan’S ‘Special Gift’ Toward ‘Innately Gifted’ Filipino Workers, Hironori Onuki

Faculty of Law, Humanities and the Arts - Papers (Archive)

The Economic Partnership Agreement (EPA)1 concluded by the Japanese and the Philippine governments on 9 September 2006, was described in the Japanese media as a ‘new step toward opening Japan’s labour market’ (Asahi Shimbun 2006b). Similar to Japan’s previous free trade treaties with Singapore, Mexico and Malaysia, the Japan-Philippines Economic Partnership Agreement (JPEPA) mainly concerns tariff reduction to facilitate bilateral exchanges of goods and services (Ministry of Foreign Affairs (MOFA) 2006).2 Yet, its distinctive feature is its facilitation of the movement of ‘natural persons’ – more specifically, the JPEPA allows for the Philippines to send up to 400 nurses and …

Automatic Outs: Salary Arbitration In Nippon Professional Baseball, David L. Snyder

Marquette Sports Law Review

No abstract provided.

Financial Crisis Containment, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

This Article maps financial crisis containment - extraordinary measures to stop the spread of financial distress - as a category of legal and policy choice. I make three claims.

First, containment is distinct from financial regulation, crisis prevention and resolution. Containment is brief; it targets the immediate term. It involves claims of emergency, rule-breaking, time inconsistency and moral hazard. In contrast, regulation, prevention and resolution seek to establish sound incentives for the long term. Second, containment decisions deviate from non-crisis norms in predictable ways, and are consistent across diverse countries and crises. Containment invariably entails three kinds of choices: choices …