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Full-Text Articles in Law
Moral Diversity And Efficient Breach, Matthew A. Seligman
Moral Diversity And Efficient Breach, Matthew A. Seligman
Michigan Law Review
Most people think it is morally wrong to breach a contract. But sophisticated commercial parties, like large corporations, have no objection to breaching contracts and paying the price in damages when doing so is in their self-interest. The literature has ignored the profound legal, economic, and normative implications of that asymmetry between individuals’ and firms’ approaches to breach. To individuals, a contract is a promise that cannot be broken regardless of the financial stakes. For example, millions of homeowners refused to breach their mortgage contracts in the aftermath of the housing crisis even though doing so could have saved them …
Troubled Waters Between U.S. And European Antitrust, D. Daniel Sokol
Troubled Waters Between U.S. And European Antitrust, D. Daniel Sokol
Michigan Law Review
Review of The Atlantic Divide in Antitrust: An Examination of US and EU Competition Policy by Daniel J. Gifford and Robert T. Kudrle.
The Corporation’S Place In Society, Gabriel Rauterberg
The Corporation’S Place In Society, Gabriel Rauterberg
Michigan Law Review
The vast majority of economic activity is now organized through corporations. The public corporation is usurping the state’s role as the most important institution of wealthy capitalist societies. Across the developed world, there is increasing convergence on the shareholder-owned corporation as the primary vehicle for creating wealth. Yet nothing like this degree of convergence has occurred in answering the fundamental questions of corporate capitalism: What role do corporations serve? What is the goal of corporate law? What should corporate managers do? Discussion of these questions is as old as the institutions involved.
Has Corporate Law Failed? Addressing Proposals For Reform, Antony Page
Has Corporate Law Failed? Addressing Proposals For Reform, Antony Page
Michigan Law Review
Part I of this Review discusses the modem "nexus of contracts" approach to corporations and highlights how Greenfield's views differ. Part II examines corporate goals and purposes, suggesting that Greenfield overstates the impact of the shareholder-primacy norm and does not offer a preferable alternative. Part III critiques the means to the ends--Greenfield's proposals for changing the mechanics of corporate governance. Although several of his proposals are intriguing, they seem unlikely to achieve their pro-social aims. This Review remains skeptical, in part because-even given its problems-the U.S. "director-centric governance structure has created the most successful economy the world has ever seen." …
The Future Of Enterprise Organizations, Eric W. Orts
The Future Of Enterprise Organizations, Eric W. Orts
Michigan Law Review
Both the law and business schools at the University of Michigan offer a basic course in Enterprise Organization. This tradition owes to the influence of Professor Alfred Conard, one of the leading scholars of his generation, who taught during most of his career at the University of Michigan Law School. The tradition persists in part because Enterprise Organization suggests an appropriately broad view of its topic, unlike more common course titles such as Corporations or Business Associations. We live in a world populated not only by people but also the organized legal entities we create. Business firms and nonprofit organizations …
Coase Defends Coase: Why Lawyers Listen And Economists Do Not, Stewart Schwab
Coase Defends Coase: Why Lawyers Listen And Economists Do Not, Stewart Schwab
Michigan Law Review
A Review of The Firm The Market and The Law by Ronald Coase
A Micro-Microeconomic Approach To Antitrust Law: Games Managers Play, Harry S. Gerla
A Micro-Microeconomic Approach To Antitrust Law: Games Managers Play, Harry S. Gerla
Michigan Law Review
If we are to gain an accurate perspective on the impact of antitrust laws and policies on the behavior of firms in the real world, we must adopt a micro-microeconomic approach which focuses not on how rational, profit-maximizing firms will theoretically behave, but upon how late twentieth-century American managers and executives actually behave. This article attempts to begin that task.
Part I of this article examines the justifications for focusing on individual managers rather than profit-maximizing firms as the key actors in antitrust law. Part II looks at contemporary management mores and practices and develops some generalized "rules of the …
Edwards: Big Business And The Policy Of Competition, Carl H. Fulda
Edwards: Big Business And The Policy Of Competition, Carl H. Fulda
Michigan Law Review
A Review of Big Business and the Policy of Competition By Corwin D. Edwards.