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Articles 1 - 30 of 114
Full-Text Articles in Law
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Annelise Riles
In the wake of the disasters of March 2011, financial regulators and financial-risk management experts in Japan expressed little hope that much could be done nor did they take great interest in defining possible policy interventions. This curious response to regulatory crisis coincided with a new fascination with culturalist explanations of financial markets, on the one hand, and a resort to what I term “data politics”—a politics of intensified data collection—on the other. In this article, I analyze these developments as being exemplary of a new regulatory moment characterized by a loss of faith in both free market regulation and …
Ethnography In The Realm Of The Pragmatic: Studying Pragmatism In Law And Politics, Annelise Riles
Ethnography In The Realm Of The Pragmatic: Studying Pragmatism In Law And Politics, Annelise Riles
Annelise Riles
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Transdisciplinary Conflict Of Laws Foreword: Cavers's Double Legacy, Karen Knop, Ralf Michaels, Annelise Riles
Transdisciplinary Conflict Of Laws Foreword: Cavers's Double Legacy, Karen Knop, Ralf Michaels, Annelise Riles
Annelise Riles
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Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Annelise Riles
A central challenge for international financial regulatory systems today is how to manage the impact of global systemically important financial institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This paper focuses on the Financial Stability Board (FSB) and proposes a new research agenda for the FSB’s emerging regulatory forms. In particular, it examines the regulatory architecture of the New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some …
Placeholders: Engaging The Hayekian Critique Of Financial Regulation, Annelise Riles
Placeholders: Engaging The Hayekian Critique Of Financial Regulation, Annelise Riles
Annelise Riles
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, …
Remedies And The Psychology Of Ownership, Jeffrey J. Rachlinski, Forest Jourden
Remedies And The Psychology Of Ownership, Jeffrey J. Rachlinski, Forest Jourden
Jeffrey J. Rachlinski
No abstract provided.
The Psychological Foundations Of Behavioral Law And Economics, Jeffrey J. Rachlinski
The Psychological Foundations Of Behavioral Law And Economics, Jeffrey J. Rachlinski
Jeffrey J. Rachlinski
Over the past decade, psychological research has enjoyed a rapidly expanding influence on legal scholarship. This expansion has established a new field—“Behavioral Law and Economics” (BLE). BLE’s principal insight is that human behavior commonly deviates from the predictions of rational choice theory in the marketplace, the election booth, and the courtroom. Because these deviations are predictable, and often harmful, legal rules can be crafted to reduce their undesirable influence. Ironically, BLE seldom recognizes that its intellectual origins lie with psychology more so than economics. This failure leaves BLE open to criticisms that can be answered only by embracing the underlying …
The "New" Law And Psychology: A Reply To Critics, Skeptics, And Cautious Supporters, Jeffrey J. Rachlinski
The "New" Law And Psychology: A Reply To Critics, Skeptics, And Cautious Supporters, Jeffrey J. Rachlinski
Jeffrey J. Rachlinski
No abstract provided.
The Uncertain Psychological Case For Paternalism, Jeffrey J. Rachlinski
The Uncertain Psychological Case For Paternalism, Jeffrey J. Rachlinski
Jeffrey J. Rachlinski
No abstract provided.
Constitution-Making In Africa: Assessing Both The Process And The Content, Muna Ndulo
Constitution-Making In Africa: Assessing Both The Process And The Content, Muna Ndulo
Muna B Ndulo
No abstract provided.
African Economic Community And The Promotion Of Intra-African Trade, Muna Ndulo
African Economic Community And The Promotion Of Intra-African Trade, Muna Ndulo
Muna B Ndulo
No abstract provided.
African Integration Schemes: A Case Study Of The Southern African Development Community, Muna Ndulo
African Integration Schemes: A Case Study Of The Southern African Development Community, Muna Ndulo
Muna B Ndulo
No abstract provided.
¿Razón, Trabajo Y Corazón?: Los Mitos De Una Ilusa Conciliación (Comentario Al Nuevo Régimen Laboral Juvenil), Joshimar De La Cruz Aroni
¿Razón, Trabajo Y Corazón?: Los Mitos De Una Ilusa Conciliación (Comentario Al Nuevo Régimen Laboral Juvenil), Joshimar De La Cruz Aroni
Joshimar De la cruz Aroni
Critical Legal Studies
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Robert C. Hockett
With the American economy stalled and another federal election campaign season well underway, the “outsourcing” of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year’s political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American participation in the World Trade Organization, in the North American Free Trade Agreement, and in the processes of global economic integration more generally appear …
Reflective Intensions: Two Foundational Decision-Points In Mathematics, Law, And Economics, Robert C. Hockett
Reflective Intensions: Two Foundational Decision-Points In Mathematics, Law, And Economics, Robert C. Hockett
Robert C. Hockett
This Article, transcribed from a symposium talk given by the author, examines two critical junctures at which foundational decisions must be made in three areas of theoretical inquiry - mathematics, law, and economics. The first such juncture is that which the Article labels the "arbitrary versus criterial choice" juncture. This is the decision point at which one must select between what is typically called an "algorithmic," "principled," "law-like," or "intensionalist" understanding of those concepts which figure foundationally in the discipline in question on the one hand, and a "randomized," "combinatorial," or "extensionalist" such understanding on the other hand. The second …
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Robert C. Hockett
This invited essay critically assesses a movement of which I consider myself to be part – the movement to “redemocratize” financial institutions in a manner that restores, to non-wealthy citizens, access to basic financial services comparable to those enjoyed by wealthy citizens. I argue that while financial redemocratization of this sort is necessary to the larger project from which it draws most of its meaning – viz that of redemocratizing access to the resources requisite to productive enterprise and meaningful citizenship more generally – it is far from sufficient to this task. We must therefore take special care not to …
From "Mission-Creep" To Gestalt-Switch: Justice, Finance, The Ifis, And The Intended Beneficiaries Of Globalization, Robert C. Hockett
From "Mission-Creep" To Gestalt-Switch: Justice, Finance, The Ifis, And The Intended Beneficiaries Of Globalization, Robert C. Hockett
Robert C. Hockett
No abstract provided.
Bringing It All Back Home: How To Save Main Street, Ignore K Street, And Thereby Save Wall Street, Robert C. Hockett
Bringing It All Back Home: How To Save Main Street, Ignore K Street, And Thereby Save Wall Street, Robert C. Hockett
Robert C. Hockett
No abstract provided.
Bailouts, Buy-Ins, And Ballyhoo, Robert C. Hockett
Bailouts, Buy-Ins, And Ballyhoo, Robert C. Hockett
Robert C. Hockett
The bailout strategy now being pursued by Treasury under the recently authorized Troubled Asset Relief Plan, if “strategy” it can be called, remains obscure and erratic at best. All the while markets remain jittery and credit remains tight, as the underlying source of our present financial jitters—continued decline in the housing market and still mounting foreclosures—goes unaddressed. This piece proposes an interesting and novel approach to solving the financial problem. If it works out, it would eventually minimize the cost to the government.
Taking Distribution Seriously, Robert C. Hockett
Taking Distribution Seriously, Robert C. Hockett
Robert C. Hockett
It is common for legal theorists and policy analysts to think and communicate mainly in maximizing terms. What is less common is for them to notice that each time we speak explicitly of socially maximizing one thing, we speak implicitly of distributing another thing and equalizing yet another thing. We also, moreover, effectively define ourselves and our fellow citizens by reference to that which we equalize; for it is in virtue of the latter that our social welfare formulations treat us as “counting” for purposes of socially aggregating and maximizing. To attend systematically to the inter-translatability of maximization language on …
Legally Defending Mission-Creep: How The Bretton Woods Charters Anticipate And Justify Imf Attention To "Structural" Variables In Its Oversight Of The Global Financial System, Robert C. Hockett
Robert C. Hockett
No abstract provided.
Human Persons, Human Rights, And The Distributive Structure Of Global Justice, Robert C. Hockett
Human Persons, Human Rights, And The Distributive Structure Of Global Justice, Robert C. Hockett
Robert C. Hockett
It is common for economically oriented transnational legal theorists to think and communicate mainly in maximizing terms. It is less common for them to notice that each time we speak explicitly of maximizing one thing, we speak implicitly of distributing another thing and equalizing yet another thing. Moreover, we effectively define ourselves and our fellow humans by reference to that which we equalize. For it is in virtue of the latter that our global welfare formulations treat us as "counting" for purposes of globally aggregating and maximizing. To analyze maximization language on the one hand, and equalization and identification language …
Why Paretians Can’T Prescribe: Preferences, Principles, And Imperatives In Law And Policy, Robert C. Hockett
Why Paretians Can’T Prescribe: Preferences, Principles, And Imperatives In Law And Policy, Robert C. Hockett
Robert C. Hockett
Recent years have witnessed two linked revivals in the legal academy. The first is renewed interest in articulating a normative “master principle” by which legal rules might be evaluated. The second is renewed interest in the prospect that a variant of Benthamite “utility” might serve as the requisite touchstone. One influential such variant now in circulation is what the Article calls “Paretian welfarism.” This Article rejects Paretian welfarism and advocates an alternative it calls “fair welfare.” It does so because Paretian welfarism is inconsistent with ethical, social, and legal prescription, while fair welfare is what we have been groping for …
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
Robert C. Hockett
This Working Paper is no longer available. The published version of this article is available at: http://scholarship.law.cornell.edu/facpub/1405/ Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, …
What The New Treasury Must Do, Robert C. Hockett
What The New Treasury Must Do, Robert C. Hockett
Robert C. Hockett
After a number of heady false starts, against the backdrop of threatened financial catastrophe, Congress and the White House enacted a stopgap financial “bailout”plan early in October 2008. From that point onward the “plan” has repeatedly morphed, morphed again, and morphed back through a string of remarkably fleeting guises. One suspects this dynamic will continue, at least for a while, as a new president and Congress find their footing in the first half of 2009.
What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett
What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett
Robert C. Hockett
Present-day advocates of an ownership society (OS) do not seem to have noticed the means we have already employed to become an OS where homes and human capital (higher education) are concerned. Nor do they appear to have considered whether these same means - which amount to publicly enhanced private credit markets - might be employed to spread shares in business firms, with a view to completing our OS. This article, the third in a series, seeks tentatively to fill that gap. It does so first by demonstrating how the Employee Stock Ownership Plan, or ESOP, in effect replicates our …
How The International Financial Institutions Can Help To Win Globalization Of More Stakeholders - By Making More Stockholders, Robert C. Hockett
How The International Financial Institutions Can Help To Win Globalization Of More Stakeholders - By Making More Stockholders, Robert C. Hockett
Robert C. Hockett
No abstract provided.
Minding The Gaps: Fairness, Welfare, And The Constitutive Structure Of Distributive Assessment, Robert C. Hockett
Minding The Gaps: Fairness, Welfare, And The Constitutive Structure Of Distributive Assessment, Robert C. Hockett
Robert C. Hockett
Despite over a century’s disputation and attendant opportunity for clarification, the field of inquiry now loosely labeled “welfare economics” (WE) remains surprisingly prone to foundational confusions. The same holds of work done by many practitioners of WE’s influential offshoot, normative “law and economics” (LE). A conspicuous contemporary case of confusion turns up in recent discussion concerning “fairness versus welfare.” The very naming of this putative dispute signals a crude category error. “Welfare” denotes a proposed object of distribution. “Fairness” describes and appropriate pattern of distribution. Welfare itself is distributed fairly or unfairly. “Fairness versus welfare” is analytically on all fours …
The Impossibility Of A Prescriptive Paretian, Robert C. Hockett
The Impossibility Of A Prescriptive Paretian, Robert C. Hockett
Robert C. Hockett
Most normatively oriented economists appear to be “welfarist” and Paretian to one degree or another: They deem responsiveness to individual preferences, and satisfaction of one or more of the Pareto criteria, to be a desirable attribute of any social welfare function. I show that no strictly “welfarist” or Paretian social welfare function can be normatively prescriptive. Economists who prescribe must embrace at least one value apart from or additional to “welfarism” and Paretianism, and in fact will do best to dispense with Pareto entirely.
Vertical Restraints After Monsanto, George A. Hay
Vertical Restraints After Monsanto, George A. Hay
George A. Hay
The decision in Monsanto Co. v. Spray-Rite Service Corp. represents the Supreme Court's latest effort to articulate the standards governing vertical restraints of trade under the United States anti-trust law. It is unlikely that this will be the last time the Court addresses this topic. Notwithstanding the many Supreme Court decisions in this area, several issues remain unresolved. Indeed, Monsanto may have created (or resurrected) as many new questions as it answered, a phenomenon characteristic of most prior opinions in this area. At least part of the reason for this unsettled state is that, from the outset, the Supreme Court …