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Articles 1 - 14 of 14

Full-Text Articles in Law

Truth, Justice, And The Libertarian Way(S), Gary Lawson Jul 2011

Truth, Justice, And The Libertarian Way(S), Gary Lawson

Faculty Scholarship

More than twenty years ago, I was commissioned to write an article – my very first scholarly article – on “the ethics of insider trading” (this was hot on the heels of the Ivan Boesky insider-trading scandal of the mid-1980s).1 After tracing philosophical debates concerning the morality of exchanges based on unequal information from Cicero and Aquinas through Henry Manne and Frank Easterbrook,2 I had to decide what I could responsibly say in a scholarly work as a matter of substantive moral theory about the practice of insider trading – and derivatively what it would be appropriate to say normatively in ...


Some Notes On Property Rules, Liability Rules, And Criminal Law, Keith Hylton Feb 2011

Some Notes On Property Rules, Liability Rules, And Criminal Law, Keith Hylton

Faculty Scholarship

The property-liability rules framework, which offers a robust positive theory of criminal law, has come under attack in recent years. One critique, which I label the Indifference Proposition, argues that property rules and liability rules are equivalent in low transaction cost settings. In this paper I examine the conditions under which the Indifference Proposition is valid. In several plausible low transaction-cost settings the proposition is not valid.


Securities Class Actions As Public Law, James D. Cox Jan 2011

Securities Class Actions As Public Law, James D. Cox

Faculty Scholarship

The Political Economy of Fraud on the Market provides a wide-ranging criticism of and thoughtful reforms for securities class actions....However, both their critique of contemporary class actions and their model of the reforms they propose leave unexamined a good many matters relevant to both the criticism and reform of securities class actions....Bratton and Wachter earn high marks for being less passionate and much more thoughtful than others in the chorus calling for reform; indeed, their observations are among the most thoughtful to be found in this area. Nonetheless, their analysis is incomplete in many important areas, and in ...


The Functionalism Of Legal Origins, Ralf Michaels Jan 2011

The Functionalism Of Legal Origins, Ralf Michaels

Faculty Scholarship

This article, written on request for the centennial issue of Ius Commune Europaeum, connects the economic literature on legal origins (La Porta et al) and the World Bank's Doing Business reports with discussions in comparative law about the functional method. It finds that a number of parallels and similarities exist, and that much of the criticism that has been voiced against functionalism should apply, mutates mutants, also to these more recent projects. The attraction that these projects have derive not, it is argued, from their methodological sophistication, but instead from "the strange lure of economics" and from the ostentatious ...


Conflict Of Norms Or Conflict Of Laws?: Different Techniques In The Fragmentation Of International Law, Ralf Michaels, Joost H.B. Pauwelyn Jan 2011

Conflict Of Norms Or Conflict Of Laws?: Different Techniques In The Fragmentation Of International Law, Ralf Michaels, Joost H.B. Pauwelyn

Faculty Scholarship

One of the most pressing topics in current international law is fragmentation. Traditionally, most constructive attempts to deal with fragmentation have been based on analogies what one of us, in an earlier book, called "conflicts of norms" - those rules in domestic law that deal with conflicts of norms within one legal system. In this article, we assess under what circumstances a different approach, based on an analogy to conflict of laws - those rules in domestic law that deal with conflicts of norms between different legal systems - yields a more adequate structure. The result is that public international law conflicts are ...


Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill Jan 2011

Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill

Faculty Scholarship

The Chicago Lakefront, along Grant Park, is internationally regarded as an urban gem. Its development – or, perhaps more accurately, lack of development – has been the result of a series of legal challenges and court rulings, most famously involving the landmark U.S. Supreme Court decision, Illinois Central R.R. v. Illinois (1892), and four decisions of the Illinois Supreme Court, from 1897 to 1910, involving Aaron Montgomery Ward. The former invented the modern public trust doctrine, which continues as much the favorite of environmental groups; the latter involved the now largely forgotten public dedication doctrine. This article begins with a ...


L'Interprétation Systémique: Le Liant Du Droit International, Giovanni Distefano, Petros C. Mavroidis Jan 2011

L'Interprétation Systémique: Le Liant Du Droit International, Giovanni Distefano, Petros C. Mavroidis

Faculty Scholarship

Systemic Interpretation in International and WTO Law: The Glue of the International Legal Order

The authors endeavour to emphasis the paramount role of systemic interpretation, provided for and codified in Article 31 (3) c) of the 1969 Vienna Convention on the Law of Treaties, in the light of both general international and WTO Law. This short essay ultimately leads to the confirmation that this hermeneutics method accrues by all means to the cementation of the international legal order.


Income Tax Discrimination: Still Stuck In The Labyrinth Of Impossibility, Michael J. Graetz, Alvin C. Warren Jan 2011

Income Tax Discrimination: Still Stuck In The Labyrinth Of Impossibility, Michael J. Graetz, Alvin C. Warren

Faculty Scholarship

In previous articles, we have argued that European Court of Justice’s reliance on nondiscrimination as the basis for its decisions did not (and could not) satisfy commonly accepted tax policy norms, such as fairness, adminstrability, production of desired levels of revenues, avoidance of double taxation, fiscal policy goals, inter-nation fiscal equity, and so on. In addition, we argued that the Court cannot achieve consistent and coherent results by requiring nondiscrimination in both origin and destination countries for transactions involving the tax systems of more than one member state. We demonstrated that – in the absence of harmonized income tax bases ...


How Constitutional Theory Matters, Jamal Greene Jan 2011

How Constitutional Theory Matters, Jamal Greene

Faculty Scholarship

It is impossible to understand the present moment in progressive constitutionalism without engaging a stock narrative given iconic articulation more than a decade ago by originalist scholar Randy Barnett. According to this narrative, conservatives in the 1980s, prodded by Edwin Meese III's Justice Department, rallied around originalism, and particularly "original intentions" originalism, as a politically congenial and intellectually satisfying approach to constitutional interpretation. They were defeated in the courts of academic and political opinion due in part to a series of unanswerable criticisms from liberal legal scholars such as Paul Brest and H. Jefferson Powell, and in part to ...


Making Coasean Property More Coasean, Thomas W. Merrill, Henry E. Smith Jan 2011

Making Coasean Property More Coasean, Thomas W. Merrill, Henry E. Smith

Faculty Scholarship

In his pioneering work on transaction costs, Ronald Coase presupposed a picture of property as a bundle of government-prescribed use rights. This picture is not only not essential to what Coase was trying to do, but its limitations emerge when we apply Coase’s central insights to analyze the structure of property itself. This leads to what we term the Coase Corollary: in a world of zero transaction costs the nature of property does not matter to allocative efficiency. But as with the Coase Theorem itself, the real point is the implication for a positive transaction cost world: we need ...


Cultivating Justice For The Working Poor: Clinical Representation Of Unemployment Claimants, Colleen F. Shanahan Jan 2011

Cultivating Justice For The Working Poor: Clinical Representation Of Unemployment Claimants, Colleen F. Shanahan

Faculty Scholarship

The combination of current economic conditions and recent changes in the United States’ welfare system makes representation of unemployment insurance claimants by clinic students a timely learning opportunity. While unemployment insurance claimants often share similarities with student attorneys, they are unable to access justice as easily as student attorneys, and as a result, face the risk of severe poverty. Clinical representation of unemployment claimants is a rich opportunity for students to experience making a difference for a client, and to understand the issues of poverty and justice that these clients experience along the way. These cases reveal that larger lessons ...


Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill Jan 2011

Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill

Faculty Scholarship

When one thinks of how the law protects public rights in open spaces, the public trust doctrine comes to mind. This is especially true in Chicago. The modem public trust doctrine was born in the landmark decision in Illinois Central Railroad Co. v. Illinois, growing out of struggles over the use of land along the margin of Lake Michigan in that city. Yet Chicago's premier park – Grant Park, sitting on that land in the center of downtown Chicago – owes its existence to a different legal doctrine. This other doctrine, developed by American courts in the nineteenth century, holds that ...


The Paradox Of Law Enforcement In Immigrant Communities: Does Tough Immigration Enforcement Undermine Public Safety?, David Kirk, Andrew V. Papachristos, Jeffrey Fagan, Tom R. Tyler Jan 2011

The Paradox Of Law Enforcement In Immigrant Communities: Does Tough Immigration Enforcement Undermine Public Safety?, David Kirk, Andrew V. Papachristos, Jeffrey Fagan, Tom R. Tyler

Faculty Scholarship

Frustrated by federal inaction on immigration reform, several U.S. states in recent years have proposed or enacted laws designed to stem the flow of illegal immigrants into the U.S. and to facilitate their removal. An underappreciated implication of these laws is the potential alienation of immigrant communities – even law abiding, cooperative individuals – from the criminal justice system. The ability of the criminal justice system to detect and sanction criminal behavior is dependent upon the cooperation of the general public, including acts such as the reporting of crime and identifying suspects. Cooperation is enhanced when local residents believe that ...


The Unenforceable Corrupt Contract: Corruption And Nineteenth Century Contract Law, Zephyr Teachout Jan 2011

The Unenforceable Corrupt Contract: Corruption And Nineteenth Century Contract Law, Zephyr Teachout

Faculty Scholarship

This paper explores the 19th century practice of courts refusing to enforce "corrupt" contracts as against public policy.