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2020

Brooklyn Law School

Law and Economics

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Articles 1 - 19 of 19

Full-Text Articles in Law

Functional Statehood In Contemporary International Law, William Thomas Worster Dec 2020

Functional Statehood In Contemporary International Law, William Thomas Worster

Brooklyn Journal of International Law

The international community lacks a form of territorial-based, international legal personality distinct from statehood, and yet, non-state, territorial entities of varying degrees of autonomy or independence need to function within the international community in some form. Some of these entities cannot be recognized as states because their creation violates jus cogens norms, though others are not recognized based on an assessment that they may not fully qualify as a state or that there are political reasons to refuse recognition. However, existing states still need to engage with these territorial quasi-states through the only paradigm the international community has—statehood. For example, …

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Directors’ Duty Of Care In Times Of Financial Distress Following The Global Epidemic Crisis, Leon Yehuda Anidjar Dec 2020

Directors’ Duty Of Care In Times Of Financial Distress Following The Global Epidemic Crisis, Leon Yehuda Anidjar

Brooklyn Journal of International Law

The global COVID-19 pandemic is causing the large-scale end of life and severe human suffering globally. This massive public health crisis created a significant economic crisis and is reflected in a recession of global production and the collapse of confidence in the functions of markets. Corporations and boards of directors around the world are required to design specific strategies to tackle the negative consequences of the crisis. This is especially true for small and medium-sized enterprises (SMEs) that suffered tremendous economic loss, and their continued existence as ongoing concern is under considerable risk. Given these uncertain financial times, this Article …

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Cyber-Insecurity: The Reasonableness Standard In Internet Of Things Device Regulation And Why Technical Standards Are Better Equipped To Combat Cybercrime, Chynna Rose Foucek Dec 2020

Cyber-Insecurity: The Reasonableness Standard In Internet Of Things Device Regulation And Why Technical Standards Are Better Equipped To Combat Cybercrime, Chynna Rose Foucek

Brooklyn Journal of Corporate, Financial & Commercial Law

While the Internet of Things (IoT) has created an interconnected world via phones, laptops, and even household devices, it is not infallible. As cyber-attacks increase in frequency, affecting companies of all sizes and industries, IoT device manufacturers have become particularly vulnerable, due in large part to the fact that many companies fail to implement adequate cybersecurity protocols. Mass data breaches occur often. However, these companies are not held accountable due to the use of the reasonableness standard in existing cybersecurity legislation, which is flexible and malleable. In 2019, the California Legislature enacted a cybersecurity law specific to IoT device manufacturers. …

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The Political Face Of Antitrust, Spencer Weber Waller, Jacob E. Morse Dec 2020

The Political Face Of Antitrust, Spencer Weber Waller, Jacob E. Morse

Brooklyn Journal of Corporate, Financial & Commercial Law

The last twenty years have brought antitrust back to the fore as a political issue of greater salience. Several booms and busts in the economy have highlighted the issue of corporate power in the economy and the political system. The growing influence and aggressiveness of the European Union and other jurisdictions’ competition laws have highlighted the relative retreat in the United States. Political movements in the United States have brought issues of corporate power and its abuse back into the public limelight and with them a greater political salience for antitrust in the election cycle of 2020.

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Two Politicizations Of U.S. Antitrust Law, Frank Pasquale, Jacqueline Green Dec 2020

Two Politicizations Of U.S. Antitrust Law, Frank Pasquale, Jacqueline Green

Brooklyn Journal of Corporate, Financial & Commercial Law

Critics have accused the Trump Department of Justice (DOJ) and Trump-appointee-chaired Federal Trade Commission (FTC) of populism, deviating from the more technocratic standards that governed agency interventions during the Bush and Obama eras. The broad brush of politicization has been applied to the administration's handling of a wide variety of topics, ranging from marijuana and media mergers, to landmark lawsuits against Google and Facebook. But a more discerning eye is necessary here. The concept of the political has both authoritarian and democratic registers. The federal Google and Facebook antitrust cases reflected the democratization of high technology antitrust. Meanwhile, troublingly authoritarian …

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A History Of Consumer Class Actions In State Courts, Anne Fleming Dec 2020

A History Of Consumer Class Actions In State Courts, Anne Fleming

Brooklyn Journal of Corporate, Financial & Commercial Law

Most historians date the “modern” class action to the 1966 amendments to the Federal Rules of Civil Procedure. Yet, the class action or “representative suit” has a longer, unexplored history in the state courts. In the late 1930s and 1940s, a group of scrappy, first-generation lawyers tried to build their businesses by aggregating the small-sum claims of many consumers. The defendants in these cases were, for example, lenders who failed to comply with the technicalities of state disclosure mandates, and utility companies that charged consumers extra fees. Each consumer’s claim was small, but, as a group, the claims could yield …

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The Revolution Of The Commercial Space Industry: Why Current Laws Must Be Replaced Before American Business Expands To The Moon And Beyond, Drew M. Fryhoff Dec 2020

The Revolution Of The Commercial Space Industry: Why Current Laws Must Be Replaced Before American Business Expands To The Moon And Beyond, Drew M. Fryhoff

Brooklyn Journal of Corporate, Financial & Commercial Law

Space, the final frontier. Resting at the rim of the Earth, an endless void full of opportunity awaits those who are willing to take a leap of faith. Historically, only national space programs have been capable of orchestrating expeditions to outer space. However, American aerospace companies now rival governmental entities in their abilities to operate beyond the Earth’s atmosphere. State-of-the-art developments in aerospace technology have positioned the American commercial space sector to become more productive than national space programs in the years to come. Unfortunately, the potential of the American commercial space sector is severely hindered under the Treaty on …

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Alternative Data And Insider Trading: Are Investment Managers Assleep At The Wheel On Big Data Use?, William Montemarano Dec 2020

Alternative Data And Insider Trading: Are Investment Managers Assleep At The Wheel On Big Data Use?, William Montemarano

Brooklyn Journal of Corporate, Financial & Commercial Law

The rapid rise of “big data” has transformed the way that professional investors make investment decisions. In addition, the intersection of the United States federal securities laws and the use of “big data” to inform securities trading lies in uncharted waters. The nuanced and factually-dependent securities laws are far behind industry practices, and the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have remained largely silent on the issue to date. This Note argues that this combination of murky laws and rapidly evolving business practices gives rise to legal and regulatory risk, and that investment managers leveraging …

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The Modern Pay For Play Model: Laws That Protect Student-Athletes' Fundamental Right To Commercialze Their Names, Images, And Likeness, Paul A. Schwabe Jr. Dec 2020

The Modern Pay For Play Model: Laws That Protect Student-Athletes' Fundamental Right To Commercialze Their Names, Images, And Likeness, Paul A. Schwabe Jr.

Brooklyn Journal of Corporate, Financial & Commercial Law

In O’Bannon v. NCAA, the United States District Court for the Northern District of California entered a permanent injunction against the National Collegiate Athletic Association enjoining the collegiate sports governing body from enforcing limits on student-athlete compensation derived from the use of their name, images, and likenesses rights. The court concluded that NCAA rules unreasonably restrained trade in violation of the Sherman Anti-Trust Act, however, neither the court nor the NCAA laid out a framework for lawfully implementing these new economic rights to student-athletes. Since that ruling, only one state’s legislature, California, has attempted to pass legislation to prevent the …

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Brave New World: A Post-Coronavirus Perspective On Trade, Kevin J. Fandl Dec 2020

Brave New World: A Post-Coronavirus Perspective On Trade, Kevin J. Fandl

Journal of Law and Policy

Trade policy during the Obama Administration largely reflected the pinnacle of the globalist moment in history. The dream of global peace through economic security was on the cusp of being achieved, with a comprehensive set of trade alliances linking countries both economically and politically to one another, a worldwide system of rules which nearly all countries abided in their economic relationships, and a deeply integrated global supply chain that not only enabled companies to satisfy consumer demands at exceedingly low cost and rapid development, but also empowered more and more workers in poor countries to join the global economy. This …

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Inequality In The Sharing Economy, Gregory M. Stein Jun 2020

Inequality In The Sharing Economy, Gregory M. Stein

Brooklyn Law Review

The rise of the sharing economy benefits consumers and providers alike. Consumers can access a wider range of goods and services on an as-needed basis and no longer need to own a smaller number of costly assets that sit unused most of the time. Providers can engage in profitable short-term ventures, working on their own schedule and enjoying many new opportunities to supplement their income. Sharing economy platforms often employ dynamic pricing, which means that the price of a good or service varies in real time as supply and demand change. Under dynamic pricing, the price of a good or …

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South Dakota V. Wayfair: An Ill-Conceived Blow To The Free Flow Of Interstate Commerce, Revel Shinn Atkinson Jun 2020

South Dakota V. Wayfair: An Ill-Conceived Blow To The Free Flow Of Interstate Commerce, Revel Shinn Atkinson

Brooklyn Journal of Corporate, Financial & Commercial Law

For more than a century, brick-and-mortar retailers have been losing local customers—first with the rise of mail-order houses and then more acutely with the rapid growth of online retail. As a result, states have noticed a significant loss in sales tax revenue. While an equivalent amount of tax is typically still owed to the state in the form of a use tax, which is to be remitted to the state by the customer, because these taxes are not automatically collected at the time of the sale, customers have overwhelmingly elected not to pay them. In an effort to recover this …

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Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon Jun 2020

Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon

Brooklyn Journal of Corporate, Financial & Commercial Law

Bankruptcy law changed drastically in 2019 with the passage of several bills. This Note will examine two of them. First, the Family Farmer Relief Act of 2019 raised the debt limit of the family farmer from $4,411,400 to $10,000,000. This enables more financially distressed family farmers to be eligible for Chapter 12 relief, a reorganizational tool designed for farmers. Second, the Small Business Reorganization Act of 2019 created Subchapter V – Small Business Debtor Reorganization in Chapter 11. This new Subchapter streamlined the reorganization process for small business debtors by removing roadblocks which often derail a reorganization of a small …

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China's Belt And Road Initiative: An Examination Of Project Financing Issues And Alternatives, August Nelson Dinwiddie Jun 2020

China's Belt And Road Initiative: An Examination Of Project Financing Issues And Alternatives, August Nelson Dinwiddie

Brooklyn Journal of International Law

In 2013, China launched the Belt and Road Initiative (BRI) to realize the vision of revitalizing the ancient Silk Road. The BRI can be characterized as a vast infrastructure development initiative spanning over sixty-five countries that total almost half of the world's GDP. Since its launch, BRI projects have primarily been financed through commercial loans provided by Chinese banks, creating concerns over debt sustainability. At the top of these concerns are fears over whether participation in the BRI will lead to a "debt-trap scenaro." Public-Private Partnerships (PPPs) provide an alternative financing option. In project development under a PPP, particularly the …

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Are Centralized Cryptocurrency Regulations The Answer? Three Countries; Three Different Directions, Rani Shulman Jun 2020

Are Centralized Cryptocurrency Regulations The Answer? Three Countries; Three Different Directions, Rani Shulman

Brooklyn Journal of International Law

Virtual currencies have undoubtably been a topic of conversation and uncertainty for some time. Many countries have jumped ahead of the industry and regulated cryptocurrencies, while others have taken a back seat to see exactly how the market responds. This Note explores the history behind cryptocurrency and Blockchain and how governments worldwide have dealt with the growing concern regarding regulation of the often volatile and decentralized industry. By way of comparative analysis, this Note examines how China, Switzerland, and the United States have taken measures to either embrace or repudiate the industry, as well as how they have succeeded and …

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Kosovo's Controversial 100 Percent Tariff: An Analysis Of Its Imposition And The Issues Bleeding Into The Conflict Between Kosovo And Serbia, Ernira Mehmetaj Jun 2020

Kosovo's Controversial 100 Percent Tariff: An Analysis Of Its Imposition And The Issues Bleeding Into The Conflict Between Kosovo And Serbia, Ernira Mehmetaj

Brooklyn Journal of International Law

On November 6, 2018, Kosovo imposed a 10 percent tariff on products imported from Serbia and Bosnia and Herzegovina. Later that month, on November 28, 2018, after Kosovo was denied membership in the International Criminal Police Organization, Kosovo increased the custom tariffs on Serbian and Bosnian goods from 10 to 100 percent. These actions resulted in a standstill of the European Union–mandated Belgrade-Pristina dialogue—a dialogue seeking to normalize the relations between the two states. Having the tumultuous history shared by Kosovo and Serbia as a backdrop, this Note analyzes the international agreements Kosovo is party to, specifically the Central European …

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Multi-Jurisdictional Anti-Corruption Enforcement: Time For A Global Approach, Sharon Oded May 2020

Multi-Jurisdictional Anti-Corruption Enforcement: Time For A Global Approach, Sharon Oded

Journal of Law and Policy

With the rise of globalization, foreign corruption has become a prominent enemy of the world’s economy. Over time, numerous international initiatives―such as the OECD and United Nations conventions against foreign corruption―have enlisted a growing number of sovereign states to join in the global war against that enemy. As a consequence, global enhancement of anti-foreign corruption enforcement often results in duplicative, multi-jurisdictional enforcement, such that multiple enforcement actions are initiated against the same corporation by several authorities, in one or more jurisdictions, in relation to the same misconduct. This phenomenon, which was recently addressed by the US Department of Justice in …

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The Impossibility Doctrine In Commercial Contracts: An Empirical Analysis, Uri Benoliel Apr 2020

The Impossibility Doctrine In Commercial Contracts: An Empirical Analysis, Uri Benoliel

Brooklyn Law Review

The impossibility doctrine – under which a contracting party has no duty to perform the agreement if performance thereof is rendered impossible – is a basic building block of U.S. contract law. The prevailing law-and-economics analysis of this doctrine suggests that when contract performance becomes impossible, courts should assign the contractual risk of non-performance to the superior risk bearer, i.e., to the party that can bear said risk at least cost. This article empirically tests, for the first time, the economic theory of the impossibility doctrine. It first hypothesizes that most sophisticated parties to commercial contracts are unlikely to adopt …

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Building A Law-And-Political-Economy Framework: Beyond The Twentieth-Century Synthesis, K. Sabeel Rahman, Amy Kapczynski, David Singh Grewel, Jedediah Britton-Purdy Apr 2020

Building A Law-And-Political-Economy Framework: Beyond The Twentieth-Century Synthesis, K. Sabeel Rahman, Amy Kapczynski, David Singh Grewel, Jedediah Britton-Purdy

Faculty Scholarship

No abstract provided.

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