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Articles 1 - 20 of 20
Full-Text Articles in Law
The Legal And Economic Principles Of World Trade Law: National Treatment, Gene M. Grossman, Henrik Horn, Petros C. Mavroidis
The Legal And Economic Principles Of World Trade Law: National Treatment, Gene M. Grossman, Henrik Horn, Petros C. Mavroidis
Faculty Scholarship
The primary objective of most trade agreements is to restrain members' use of trade policies for protectionist purposes. But it would be pointless to restrict the application of border instruments without regulating the possible use of domestic policies for protectionist purpose. To this end, most agreements include an obligation for National Treatment (NT) of foreign products. The NT provision in the GATT appears in Art. III, which applies to most government actions that have impact trade. It requires that imported products be treated as favorably by domestic policy as similar, indigenous products. This study offers suggestions based on legal and …
On The Theoretical Foundations For Regulating Financial Markets, Katharina Pistor
On The Theoretical Foundations For Regulating Financial Markets, Katharina Pistor
Faculty Scholarship
How we think about financial markets determines how we regulate them. Since the 1970s modern finance theory has shaped how we think about and regulate financial markets. It is based on the notion that markets are or can be made (more) efficient. Financial markets have been deregulated when they were thought to achieve efficient outcomes on their own; and regulation was designed to lend crutches to them when it appeared that they needed support. While modern finance theory has suffered some setbacks in the aftermath of the global crisis, defenders hold that improving market efficiency should still be the overriding …
Updating Disclosure For The New Era Of Independent Spending, Richard Briffault
Updating Disclosure For The New Era Of Independent Spending, Richard Briffault
Faculty Scholarship
One of the most striking developments in recent elections has been the upsurge in spending by independent committees, particularly Super PACs and 501(c) nonprofit corporations, that are not technically affiliated with specific candidates or parties but that frequently work to promote or oppose specific candidates or parties. In many elections, these committees are de facto surrogates for the candidates they are aiding. Although our disclosure laws are reasonably effective at obtaining the disclosure of the identities of donors to candidates and parties, they fail to provide effective disclosure of the identities of the donors to independent committees. The Citizens United …
Is There A Reason To Keep Promises?, Joseph Raz
Is There A Reason To Keep Promises?, Joseph Raz
Faculty Scholarship
If promises are binding there must be a reason to do as one promised. The paper is motivated by belief that there is a difficulty in explaining what that reason is. It arises because the reasons that promising creates are content-independent. Similar difficulties arise regarding other content-independent reasons, though their solution need not be the same.
Section One introduces an approach to promises, and outlines an account of them that I have presented before. It forms the backdrop for the ensuing discussion. The problems discussed in the paper arise, albeit in slightly modified ways, for various other accounts as well. …
Corporate Control And Credible Commitment, Ronald J. Gilson, Alan Schwartz
Corporate Control And Credible Commitment, Ronald J. Gilson, Alan Schwartz
Faculty Scholarship
The separation of control and ownership – the ability of a small group effectively to control a company though holding a minority of its cash flow rights – is common throughout the world, but also is commonly decried. The control group, it is thought, will use its position to consume excessive amounts of project returns, and this injures minority shareholders in two ways: there is less money and the controllers are not maximizing firm value. To the contrary, we argue here that there is an optimal share of the firm that compensates the control group for monitoring managers and otherwise …
Private Parties, Legislators, And The Government's Mantle: On Intervention And Article Iii Standing, Suzanne B. Goldberg
Private Parties, Legislators, And The Government's Mantle: On Intervention And Article Iii Standing, Suzanne B. Goldberg
Faculty Scholarship
This essay takes up questions regarding whether initiative proponents and legislators can defend a law in federal court when the government declines to defend. Looking first at intervention under the Federal Rules of Civil Procedure, I argue that neither has the cognizable interest needed to enter an ongoing lawsuit as a party. Yet even if they are allowed to intervene, these would-be defenders of state or federal law cannot take on the government’s mantle to satisfy Article III because the government’s standing derives from the risk to its enforcement powers, which is an interest that cannot be delegated to others. …
Export Pioneers In Latin America, Charles F. Sabel, Eduardo Fernández-Arias, Ricardo Hausmann, Andrés Rodriguez-Clare, Ernesto Stein
Export Pioneers In Latin America, Charles F. Sabel, Eduardo Fernández-Arias, Ricardo Hausmann, Andrés Rodriguez-Clare, Ernesto Stein
Faculty Scholarship
Export Pioneers in Latin America analyzes a series of case studies of successful new export activities throughout the region to learn how pioneers jump-start a virtuous process leading to economic transformation. The cases of blueberries in Argentina, avocados in Mexico, and aircraft in Brazil illustrate how an initially successful export activity did not stop with the discovery of a single viable product, but rather continued to evolve. The book explores the conjecture that costly burdens to entrepreneurial self-discovery (due to the deterrent effects of imitation by competitors) have held back potential exporters in post-reform Latin America. It also considers the …
The New Class Action Landscape: Trends And Developments In Class Certification And Related Topics, John C. Coffee Jr., Alexandra D. Lahav
The New Class Action Landscape: Trends And Developments In Class Certification And Related Topics, John C. Coffee Jr., Alexandra D. Lahav
Faculty Scholarship
In this memorandum, Professors Coffee and Lahav describe and assess the highlights of class certification rulings from 2005 to 2012, and track trends in approaches to certification.
Crime And Enforcement In Immigrant Neighborhoods: Evidence From New York City, Garth Davies, Jeffrey Fagan
Crime And Enforcement In Immigrant Neighborhoods: Evidence From New York City, Garth Davies, Jeffrey Fagan
Faculty Scholarship
Immigration and crime have received much popular and political attention in the past decade, and have been a focus of episodic social attention for much of the history of the U.S. Recent policy and legal discourse suggests that the stigmatic link between immigrants and crime has endured, even in the face of evidence to the contrary. This study addresses the relationship between immigration and crime in urban settings, focusing on areal units where immigrants tend to cluster spatially as well as socially. We ask whether immigration creates risks or benefits for neighborhoods in terms of lower crime rates. The question …
Law, Economics, And The Burden(S) Of Proof, Eric L. Talley
Law, Economics, And The Burden(S) Of Proof, Eric L. Talley
Faculty Scholarship
This chapter presents an overview of the theoretical law and economics literature on the burden of proof within tort law. I begin by clarifying core legal definitions within this topic, demonstrating that the burden of proof actually refers to at least five doctrinal concepts that substantially overlap but are not completely interchangeable. I then provide a conceptual roadmap for analyzing the major extant contributions to this topic within theoretical law and economics, emphasizing three key dimensions that organize them: (a) where they fall in the positive-normative spectrum; (b) what type of underlying modeling framework they employ (ranging from decision theoretic …
One (Firm) Is Not Enough: A Legal-Economic Analysis Of Ec-Fasteners, Chad P. Brown, Petros C. Mavroidis
One (Firm) Is Not Enough: A Legal-Economic Analysis Of Ec-Fasteners, Chad P. Brown, Petros C. Mavroidis
Faculty Scholarship
The WTO’s Appellate Body (AB) dealt with a number of issues for the first time in the Report of EC-Fasteners. Importantly, the AB discussed the consistency of the European Union (EU) regulation with the multilateral rules on the conditions for deviating from the obligation to calculate individual dumping margins. Although China formally won the argument, the AB may have opened the door to treat China as a non-market economy (NME) even beyond 2016 when China’s NME-status was thought to expire under the terms of China’s 2001 WTO Accession Protocol. The AB further dealt with numerous other issues ranging from statistical …
Law By Non Sequitur: Norcon V. Niagara Mohawk, Victor P. Goldberg
Law By Non Sequitur: Norcon V. Niagara Mohawk, Victor P. Goldberg
Faculty Scholarship
Under the common law, a contracting party could only demand assurance of performance if the other party was insolvent. If a party had reasonable grounds for insecurity, the UCC §2-609 allowed it demand adequate assurance even if the counterparty were solvent. The Restatement (Second) adopted the same rule for non-goods. In NorCon v. Niagara Mohawk the New York court extended the adequate assurance doctrine for some non-goods contracts. Although the decision seems to imply that there is some relation between the NorCon facts and its conclusion as to the law, there is none. Relying primarily on material available to the …
On The American Paradox Of Laissez Faire And Mass Incarceration, Bernard E. Harcourt
On The American Paradox Of Laissez Faire And Mass Incarceration, Bernard E. Harcourt
Faculty Scholarship
In The Illusion of Free Markets (Harvard 2011), Professor Bernard Harcourt analyzes the evolution of a distinctly American paradox: in the country that has done the most to promote the idea of a hands-off government, we run the single largest prison complex in the entire world. Harcourt traces this paradox back to the eighteenth century and demonstrates how the presumption of government incompetence in economic affairs has been coupled with that of government legitimacy in the realm of policing and punishing. Harcourt shows how these linked presumptions have fueled the expansion of the carceral sphere in the nineteenth and twentieth …
Law And Ethics For Robot Soldiers, Kenneth Anderson, Matthew C. Waxman
Law And Ethics For Robot Soldiers, Kenneth Anderson, Matthew C. Waxman
Faculty Scholarship
Lethal autonomous machines will inevitably enter the future battlefield – but they will do so incrementally, one small step at a time. The combination of inevitable and incremental development raises not only complex strategic and operational questions but also profound legal and ethical ones. The inevitability of these technologies comes from both supply-side and demand-side factors. Advances in sensor and computational technologies will supply “smarter” machines that can be programmed to kill or destroy, while the increasing tempo of military operations and political pressures to protect one’s own personnel and civilian persons and property will demand continuing research, development, and …
Death In Our Life, Joseph Raz
Death In Our Life, Joseph Raz
Faculty Scholarship
This is the text of the Annual Lecture of the Society for Applied Philosophy, delivered in Oxford on 22-5-12. I kept the talk style of the paper. It examines a central aspect of the relations between duration and quality of life by considering the moral right to voluntary euthanasia, and some aspects of the moral case for a legal right to euthanasia. Would widespread acceptance of a right to voluntary euthanasia lead to widespread changes in attitude to life and death? Many of its advocates deny that seeing it as a narrow right enabling people to avoid ending their life …
Defining Federal Crimes – Chapters 2-4, Daniel C. Richman, Kate Stith, William J. Stuntz
Defining Federal Crimes – Chapters 2-4, Daniel C. Richman, Kate Stith, William J. Stuntz
Faculty Scholarship
These are three chapters from a forthcoming Federal Criminal Law casebook that will focus on institutional interactions – between Congress and the courts; the courts and prosecutors, and among elements within the federal enforcement bureaucracy. Chapter 2 focuses on criminal jurisdiction under the Commerce Clause. Chapter 3 generally considers how separation of powers issues play out in the interpretation of federal criminal statutes. Chapter 4 explores mail and wire fraud.
"Becker On Ewald On Foucault On Becker": American Neoliberalism And Michel Foucault's 1979 Birth Of Biopolitics Lectures, Gary S. Becker, Francois Ewald, Bernard E. Harcourt
"Becker On Ewald On Foucault On Becker": American Neoliberalism And Michel Foucault's 1979 Birth Of Biopolitics Lectures, Gary S. Becker, Francois Ewald, Bernard E. Harcourt
Faculty Scholarship
In a series of lectures delivered in 1979 at the Collège de France under the title The Birth of Biopolitics, Michel Foucault conducted a close reading of Gary Becker’s writings on human capital and on crime and punishment, within the context of an elaboration and critique of American neoliberalism. Foucault was assisted at the time, at the Collège de France, by François Ewald. Since then, there has been ongoing debate over Foucault’s views about neoliberalism. In this historic meeting at the University of Chicago between Professors Becker and Ewald, Professor Ewald presents a framework to understand Foucault’s writings on Becker; …
Corporate Form And Social Entrepreneurship: A Status Report From California (And Beyond), Eric L. Talley
Corporate Form And Social Entrepreneurship: A Status Report From California (And Beyond), Eric L. Talley
Faculty Scholarship
In January 2012, amendments to California’s corporate code permitted a new type of corporate form designed around for-profit entities also wishing to commit to serving a broader “social purpose” (or purposes). Although not the first state to embrace such reforms, California’s experiment is unique, in that it allowed companies to opt for one of two different social benefit entity forms: the “Benefit Corporation” (BC) and the “Flexible Purpose Corporation” (FPC). This essay summarizes the reforms and presents basic descriptive data about the rate at which business organizations have embraced them. Thus far, both forms have had relatively modest take-up rates; …
Critical Theory And Institutional Design: David Trubek's Path To New Governance, William H. Simon
Critical Theory And Institutional Design: David Trubek's Path To New Governance, William H. Simon
Faculty Scholarship
This brief essay suggests that the discursive practices associated with Critical Legal Studies and related movements have prescriptive implications for institutional design. The essay, a contribution to a festschrift for David M. Trubek, considers the trajectory of Trubek’s work from his engagement with various critical projects to his recent sympathetic interpretation of “new governance” in the European Union. The tacit prescriptive implications of the critical work resonate with some of the distinctive institutional features found in new governance.
The Future Of European Company Law, Peter Böckli, Paul L. Davies, Eilis Ferran, Guido Ferrarini, José M. Garrido Garcia, Klaus J. Hopt, Alain Pietrancosta, Katharina Pistor, Rolf Skog, Stanislaw Soltysinski, Jaap W. Winter, Eddy Wymeersch
The Future Of European Company Law, Peter Böckli, Paul L. Davies, Eilis Ferran, Guido Ferrarini, José M. Garrido Garcia, Klaus J. Hopt, Alain Pietrancosta, Katharina Pistor, Rolf Skog, Stanislaw Soltysinski, Jaap W. Winter, Eddy Wymeersch
Faculty Scholarship
This paper contains the views of the European Company Law Experts (ECLE) on the future of European company law. The paper accompanies the responses of the European Company Law Experts to the European Commission’s Consultation on the future of European Company Law of spring 2012. In the first part of the paper we set out our views on the objectives of European company law and in the following parts we discuss how the European Commission should proceed with rule making in the field of company law.