Law and Economics Commons^™

A Public Choice Approach To Private Ordering: Rent-Seeking At The World's First Futures Exchange: Comments On Mark West's 'Private Ordering At The World's First Futures Exchange', Omri Yadlin

Michigan Law Review

The literature on private ordering systems has expanded exponentially over the last decade. Yet, very few scholars have actually attempted to define the term "private ordering" - a failure that sometimes leads to confusion. Some scholars identify private ordering with non-state ordering. According to this view, the private legal systems Robert Ellickson, Lisa Bernstein, McMillan & Woodruff, Mark West, and others have investigated are "private" simply because their norms are not manufactured or enforced by the state. The alternative view emphasizes the decentralized feature of private ordering systems. Robert Ellickson, for example, studied "how people manage to interact to mutual …

The Assault That Failed: The Progressive Critique Of Laissez Faire, Richard A. Epstein

Michigan Law Review

Robert Lee Hale has long been an intellectual thorn in the side of the defenders of laissez faire, among whom I am quite happy to count myself. As Barbara Fried notes in her meticulous study of Hale's work, his name is hardly a household word. But both directly and indirectly, his influence continues to be great. His best known work is perhaps Coercion and Distribution in a Supposedly Non-Coercive State, published in 1923 as a review of Thomas Nixon Carver's Principles of National Economy, itself a defense of the classical principles of laissez faire, remembered today only for the drubbing …

Perpetuation Of Segregation: Toward A New Historical And Legal Interpretation Of Redlining Under The Fair Housing Act, 32 J. Marshall L. Rev. 617 (1999), Charles L. Nier Iii

UIC Law Review

No abstract provided.

Private Ordering At The World's First Futures Exchange, Mark D. West

Michigan Law Review

Modern derivative securities - financial instruments whose value is linked to or "derived" from some other asset - are often sophisticated, complex, and subject to a variety of rules and regulations. The same is true of the derivative instruments traded at the world's first organized futures exchange, the Dojima Rice Exchange in Osaka, Japan, where trade flourished for nearly 300 years, from the late seventeenth century until shortly before World War II. This Article analyzes Dojima's organization, efficiency, and amalgam of legal and extralegal rules. In doing so, it contributes to a growing body of literature on commercial self-regulation while …

Continuing Classroom Conversation Beyond The Four Whys, Jeffrey W. Stempel, Bailey Kuklin

Scholarly Works

LAW school classes regularly prove Santayana's aphorism. Although nearly every law teacher desires to keep discussion focused and forward-moving, there are more than a few moments of thundering silence experienced in the classroom. Most of us adjust to this inevitability by positing some pedagogical virtue to still air and contenting ourselves with the knowledge that conversation-stopping “whys?” are usually delivered by us as teachers rather than the students. Perhaps we are underappreciative of the value discomfitting silence has, but we generally prefer that the conversation continue, that we miss the opportunity to feel simultaneously smug and uncomfortable, and that students …

Securities Market And Securities Regulations In China, Fengxia Dai

LLM Theses and Essays

China is a large developing country with a socialist ideology that is currently undergoing a period of reform and transformation. In December 1990, China opened its first national securities market - the Shanghai Securities Exchange. This was soon followed in November 1991 by the first special shares denominated in foreign currencies and sold only to overseas investors. These important steps in the development of China’s securities industry indicate commitment by Chinese authorities to the two key components of the nation’s economic reform program - economic systemic reform, and opening to the outside world. China’s securities market and securities regulations contain …

The Factional Foundations Of Competition Policy In America 1888-1992, James May

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Dumping And Anti-Dumping In International Trade Origins, Legal Nature, And Evolution Developments In Brazil And In The United States, Luiz Claudio Duarte

LLM Theses and Essays

Dumping is when an exporting country sells their goods in the foreign market for less than the price of the goods in their own domestic market. Dumping has a negative connotation because it threatens domestic industries in the importing country. In response to harmful dumping situations, mechanisms of defense have been developed to protect nations from unfair trade practices. The General Agreement on Tariffs and Trade (GATT) recognizes in Article VI anti-dumping tariffs as a legitimate defense to protect domestic industries from foreign predatory pricing practices. This paper focuses on anti-dumping developments in international trade since the beginning of the …

Securing Russia's Future: A Plea For Reform In Russian Secured Transactions Law, Jason J. Kilborn

Michigan Law Review

After many turbulent years of uneasy transition to a market economy, Russia is finally "open for business." Nonetheless, the transitional period remains far from over, and Russian enterprises are still starved for capital that they desperately need for retooling to convert from military to consumer production, for acquiring new equipment to replace old and worn machinery, and for undertaking new and lucrative projects. While Russian financial institutions may provide significant funding, their reserves are limited; they could not hope to finance independently the multitude of existing and potential enterprises within the expansive Russian territory. Therefore, much of the financing for …

"Do Justice!": Variations Of A Thrice-Told Tale, Michael Herz

Articles

Although recent debates would suggest that narrative scholarship is brand new,4 lawyers, judges, and law professors, like all humankind, have always offered stories for illustration or support or to make a point in an indirect, and often more effective, way. Learned Hand's story about telling Justice Holmes to "do justice" is one widely-used example, offered by many writers in addition to Judge Bork and Professor Chayes. Its popularity is easy to understand. The story has a substantive message, pithily expressed, on a basic jurisprudential issue; it involves two members of the pantheon; and it crams a lot of human interest …

Privatizing Public Lands: A Bad Idea, Scott Lehmann

Challenging Federal Ownership and Management: Public Lands and Public Benefits (October 11-13)

8 pages.

Contains references.

Agenda: Challenging Federal Ownership And Management: Public Lands And Public Benefits, University Of Colorado Boulder. Natural Resources Law Center

Challenging Federal Ownership and Management: Public Lands and Public Benefits (October 11-13)

Conference organizers, speakers and/or moderators included University of Colorado School of Law professors David H. Getches, Michael A. Gheleta, Teresa Rice, Elizabeth Ann (Betsy) Rieke and Charles F. Wilkinson.

In the face of numerous proposals for privatizing, marketing, and changing the management of public lands, the Natural Resources Law Center will hold its third annual fall public lands conference October 11-13, at the CU School of Law in Boulder.

A panel of public land users and neighbors, including timber, grazing, mining, recreation, and environmental interests, will address current discontent with public land policy and management. There will also be discussion …

Law And Economics: Nexus Of Science And Belief, Robert C. Downs

Faculty Works

No abstract provided.

Property Rules And Liability Rules: The Cathedral In Another Light, James E. Krier, Stewart J. Schwab

Cornell Law Faculty Publications

Ronald Coase's essay on "The Problem of Social Cost" introduced the world to transaction costs, and the introduction laid the foundation for an ongoing cottage industry in law and economics. And of all the law-and-economics scholarship built on Coase's insights, perhaps the most widely known and influential contribution has been Calabresi and Melamed's discussion of what they called "property rules" and "liability rules." Those rules and the methodology behind them are our subjects here.

We have a number of objectives, the most basic of which is to provide a much needed primer for those students, scholars, and lawyers who are …

Foreign Investment In Sub-Saharan Africa: How Changing Attitudes Have Affected The Legal Environment In The Post Cold War Era, Joel Waswa Kisubika

LLM Theses and Essays

In Sub-Saharan Africa, like many other third world and former Soviet bloc countries, economic development policies revolve around raising the standard of living for their people. Therefore, they are seeking different ways to attract investment, trade, technology, and jobs. The movement towards attracting foreign investment has been paralleled by democratic political reforms and economic liberalization of previously autocratic and restrictive systems. These reforms have been enacted, mostly at the insistence of the World Bank and the International Monetary Fund, in order to deal with the severe foreign debt situation and improve Sub-Saharan Africa’s opportunities for attracting foreign investment. This paper …

Repossession: Of History, Poverty, And Dissent, Martha Minow

Michigan Law Review

A Review of The Dispossessed: America's Underclasses from the Civil War to the Present by Jacqueline Jones

Antitrust's Protected Classes, Herbert Hovenkamp

Michigan Law Review

For purposes of argument, this essay assumes that efficiency ought to be the exclusive goal of antitrust enforcement. That premise is controversial. Nonetheless, several economic and legal theorists, primarily among the Chicago School of economics and antitrust scholarship, have developed an Optimal Deterrence Model based on this assumption. The Model is designed to achieve the optimum, or ideal, amount of antitrust enforcement. The Model's originators generally believe that there is too much antitrust enforcement, particularly enforcement initiated by private plaintiffs. I intend to show that, even if efficiency is the only antitrust policy goal, a broader array of lawsuits should …

Aldo Leopold And Western Water Law: Thinking Perpendicular To The Prior Appropriation Doctrine, Charles F. Wilkinson

Publications

No abstract provided.

Economic Union As A Constitutional Value, Richard B. Collins

Publications

Professor Collins presents an in-depth defense of the dormant commerce power doctrine. He maintains that the text of the commerce clause, the original intent behind it, and a century of congressional acquiescence to broad judicial enforcement of the dormant commerce power lend sufficient legitimacy to the doctrine to support its continued existence. After examining the textual and historical bases for the doctrine, Professor Collins concludes that the primary purpose behind the commerce clause is the promotion of economic integration and interstate harmony. Based upon his discussion of the doctrine's origins and development, he contends that critics of the doctrine who …

Out-Of-State Attorney Fee Forfeiture, Lawrence A. Cunningham

Cardozo Law Review

No abstract provided.

After The Concrete Sets: The Future Role Of The Bureau Of Reclamation In Western Water Management, John D. Leshy

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

23 pages.

Contains references.

Water Conservation Through Integrated Basinwide Implementation, Steven J. Shupe

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

12 pages.

Keep The Farmer Farming—How To Eat Your Water Cake And Have It Too, Raphael J. Moses

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

14 pages.

Contains references.

Special Water Districts: Their Role In Western Water Use, Timothy De Young

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

11 pages.

Contains references.

Proposals For Promoting Water Reallocation And Efficiency, Gary D. Weatherford

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

4 pages.

Policies To Enhance Western Water Use Efficiency: Best Of The West, Bruce C. Driver

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

18 pages.

The Arizona Solution To Allocation And Use Of Groundwater, Betsy Rieke

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

48 pages.

Innovative Approaches To Water Allocation: The Potential For Water Markets, Charles W. Howe

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

20 pages.

Changing The Use Of Water Rights In Colorado: Recent Experience, John Wittemyer

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

38 pages.

Water Use And The Prior Appropriation Doctrine, George A. Gould

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

24 pages.