Law and Economics Commons^™

Land Use For Economic Development In Tough Financial Times, John R. Nolon

Elisabeth Haub School of Law Faculty Publications

The recession hit cities hard. Basic municipal staffs and services are being cut, debt is being restructured, capital projects delayed, and other cost cutting measures reported. The Congressional Budget Office reports that by November of last year there were 241,000 fewer municipal employees than there were three years earlier when the recession began. In its most recent report from city finance officers, the National League of Cities states that city spending cutbacks since 2009 are the largest since the survey was first taken, over twenty-five years ago. Despite this serious trend, municipalities have not defaulted in debt payment and there …

Rethinking The U.S. Approach To Material Adverse Change Clauses In Merger Agreements, Adam B. Chertok

University of Miami International and Comparative Law Review

No abstract provided.

Through The Looking Glass: Understanding Social Science Norms For Analyzing International Investment Law, Susan Franck, Calvin Garbin, Jenna Perkins

Scholarly Articles in Law Reviews & Journals

When social science methods are being employed in a new context — such as the assessment of international investment law — there is value in exploring the underlying assumptions and normative baselines of the enterprise. This article and response address critiques about the methodology of an article in the Harvard International Law Journal by: (1) describing the value of social science in international investment law; (2) replicating the research using new methodologies to conduct more than 20 new tests that were still unable to ascertain the existence of a reliable relationship between development status and outcomes on the basis of …

Once More Unto The Breach: Some Thoughts On The Future Of The Eez, Guy Des Rosiers

Indonesian Journal of International Law

By public international law standards, the Exclusive Economic Zone (EEZ) maintains a relative newcomer, the product of State practice following the end of the Second World War and multilateral negotiations culminating with the entry into force, in November 1994, of the 1982 United Nations Convention of the Law of the Sea, In defining the EEZ, the Convention has created a sui generis legal regime over vast areas that were previously part of the high seas. Neither Grotian nor Seldenian in spirit, the EEZ regime forgoes the absolute language of territory and sovereignty in favor of discrete sets of rights and …

Principle Of Responsibilities And Sanctions In Pollutions Of The Marine Environment By Offshore Minning, Dina Sunyowati

Indonesian Journal of International Law

In a period of 5 (five) years of pollution of the marine environment caused by exploration and exploitation on the continental shelf and the area (the seabed) is increasing. Like the marine pollution in the Timor Sea which transnational pollution, because it involves three countries, namely Australia, Timor Leste, and Indonesia. Settlement efforts to revolve the impact caused by too have done well by the Australian Government nor by the Indonesian Government. Pollution of the marine environment also occurs in blasting offshore mining that pollute the Gulf of Mexico. As mentioned in the 1982 UNCLOS, Article 208 that one of …

The Right To A Fair Trial And Combatting Terrorism: The Case Of Indonesia, Amira Paripurna

Indonesian Journal of International Law

After the 9/11 attack, the US government called upon global war on terror (GWOT). Then terrorism has been considered as a threat of global security. It is, therefore, has led both national and international concern under US hegemony. Furthermore, it has affected the proliferation of many national counter-terrorism laws. The terrorist attacks have threatened Indonesia over years. Under the act No.15/2003 jo No.1/Prp/2002 the Indonesian government has successfully conducted prosecutions to the terrorism perpetrators. However, it is identified that there are such violations regarding to international human rights rules and standards. The concern in handling terrorism demands a balance concern …

The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness, Daniel Alpert, Robert C. Hockett, Nouriel Roubini

Cornell Law Faculty Publications

We argue that the U.S. economy is presently mired in a particularly tenacious, Fisher-style debt-deflation rooted in long term secular trends in the domestic and global economies. Global productive capacity has steadily outpaced global absorptive capacity for several decades now, and the latter will not catch up with the former for a good many years to come -- if ever. In order to avert long-term Japanese-style stagnation at home and quite possibly slowdown and slump worldwide, the U.S. will have both (a) to eliminate private sector debt-overhang from 'both sides' of the same, and (b) to act in concert with …

Indonesia: Problem Encountered In Some Unresolved Boundaries And The Outermost Island Issues, Etty R. Agoes.

Indonesian Journal of International Law

Within the framework of national integrity the ocean possesses two key aspects that is, of security and prosperity. The demarcation of the outer limits of national mari- time territory and jurisdiction including delimitation of boundaries with neighboring countries will provide a legal basis for a number of marine activities such as defense, fisheries, navigation, seabed and subsoil exploration and exploitation, marine tourism and others. Boundary issues for Indonesia, whether on land, at sea even in the air, have always been a matter of national priority. At present, Indonesia still have some unresolved boundary delimitation with its neighboring countries. The completion …

From Bali To Copenhagen: Indonesia's Position And Role In International Negotiation To Establish A Post-Kyoto Protocol Agreement On Climate Change, Syamsul Hadi

Indonesian Journal of International Law

In the light of upcoming end of the Kyoto Protocol in 2012, international society is in the urgent need to arrange a new international agreement to cope more with the issue that has been threatening both today and the future generation. In this context, Indonesia has attempted to contribute a positive role to seek international consensus on the climate change negotiations, including by becoming the host of Un Conference on Climate Change in Bali (2007), whoch resulted in the Bali Roadmap and Bali Action Plan, both of which has become important stepping stone for the Post-Kyoto Protocol international regime. However, …

Impact Of The Implementation Of Broder Crossing Area Agreement Between Indonesian And The Philippines At The Border Of Miangas Island Of North Celebes, Wulanmas A.P.G Frederik

Indonesian Journal of International Law

The existence of Border Crossing Area Agreement (BCA) in 1975 regulating the border agreement between Miangas Island of North Celebes and the Philippines created positive and negative impacts on border people in Miangas Island. The legal aspects, BCA is a legal regulation regulating the border crossing and commerce in that area; economic aspects; BCA has not accommodated border people’s interests maximally yet and it has a limiting impression rather than facilitating people’s interests, thus, illegal trades occur at the border of Miangas Island; social aspects, BCA is hard to implement in this area because it has limited the tradition practicing …

Geographical Indications Under International Intellectual Property Law: An Indonesian Perspective, Mariana Molnar Gabor Warokka

Indonesian Journal of International Law

There are currently two systems for the registration of GI and Appellations of Origin. First, the Lisbon Agreement for the Protection of Appellations of Origin and their International Registration of 1958. Second, the Madrid Agreement Concerning the International Registration of Marks and the Madrid Protocol of 1989 for countries that protect GI under the trade mark regime. Indonesia has provided for GI protection under its Trade Mark Law No. 15 of 2001, and the appertaining Government Regulation No. 51 of 2007 concerning Geographical Indication. Several cases have been reported of Indonesian GI potential products, such as Kopi Toraja and Kopi …

The Abuse Of Guaranteed Pending Trial In The Chinese Criminal Process: A Violation Of International Human Rights Law, Li Enshen

Indonesian Journal of International Law

Guaranteed pending trial (Qubao Houshen) is one of the coercive measures used by the Chinese authorities to release suspects on bail in the criminal process. Unlike the western general practices, this instrument is not characterized as a legal right of suspects, but an effective means to circumvent the procedural requirements of investigation and prosecution in the laws. Further, the abuse of guaranteed pending trial is in fragrant violation of minimal international standards of human rights protection in the criminal justice system. The article first examines the procedural and practical deficiencies of this measure in the Chinese context. It then argues …

Hip-Hop And Housing: Revisiting Culture, Urban Space, Power, And Law, Lisa T. Alexander

Faculty Scholarship

U.S. housing law is finally receiving its due attention. Scholars and practitioners are focused primarily on the subprime mortgage and foreclosure crises. Yet the current recession has also resurrected the debate about the efficacy of place-based lawmaking. Place-based laws direct economic resources to low-income neighborhoods to help existing residents remain in place and to improve those areas. Law-and-economists and staunch integrationists attack place-based lawmaking on economic and social grounds. This Article examines the efficacy of place-based lawmaking through the underutilized prism of culture. Using a sociolegal approach, it develops a theory of cultural collective efficacy as a justification for place-based …

Church And State: An Economic Analysis, Keith N. Hylton, Yulia Rodionova, Fei Deng

Faculty Scholarship

What purpose is served by a government's protection of religious liberty? Many have been suggested, the most prominent of which center on the protection of freedom of belief and expression. However, since every regulation potentially interferes with religious freedom, it is useful to consider more concrete purposes that could suggest limits on the degree to which religious liberty should be protected. This paper focuses on the concrete economic consequences of state regulation of religion. We examine the effects of state regulation on corruption, economic growth, and inequality. The results suggest that laws and practices burdening religion enhance corruption. Laws burdening …

The Genius Of Roman Law From A Law And Economics Perspective, Juan Javier Del Granado

San Diego International Law Journal

The Article is organized as follows: The first part of this Article will introduce Roman private law, and sketch out the law and economics methodology to be applied to the Roman classical system. The second part of this Article will discuss the Roman private law of property, obligations, as well as commerce and finance. The third part will discuss the interaction of private law and private morality in the construction of Roman social order. The fourth part of this Article will discuss private procedural aspects of the Roman legal system. The fifth and final part of this Article will discuss …

Post Racialism?, André Douglas Pond Cummings

Law Faculty Scholarship

The 2008 election of President Barack Obama represents a halcyon moment in U.S. history. President Obama’s election begs a critical question: whether his nationwide landslide victory catapulted the United States, with its sordid racial past, into a truly post-racial place as many claim. While Obama’s election was possible due to important changes that have taken place in the United States in the past fifty years, the reality is that profound disparities continue to exist between minority and white Americans that show no sign of dissipating during this Obama presidency. Of these profound disparities, some of the most striking include those …

Wider Role For Our Miners In Africa, Lisa E. Sachs, Joel Negin, Glenn Denning

Columbia Center on Sustainable Investment Staff Publications

The Australian government is rapidly increasing aid to Africa. But the real story about the country's engagement in Africa is the massive investment by Australian companies in extractive industries.

More than 150 Australian resource companies are active in more than 40 African countries with a total investment greater than $20 billion, including in coal in Mozambique, copper and uranium in Zambia, gold in Eritrea and uranium in Malawi.

Socioeconomic Rights And Theories Of Justice, Jeremy Waldron

San Diego Law Review

This Article considers the relation between theories of justice - such as John Rawls's theory - and theories of socioeconomic rights. In different ways, these two kinds of theories address much of the same subject matter. But they are quite strikingly different in format and texture. Theories of socioeconomic rights defend particular line-item requirements: a right to this or that good or opportunity, such as housing, health care, education, and social security. Theories of justice tend to involve a more integrated normative account of a society's basic structure, though they differ considerably among themselves in their structure. So how exactly …

New York Adopts A Vat, Richard Thompson Ainsworth

Faculty Scholarship

On August 13, 2010 the New York State Department of Taxation and Finance, Office of Tax Policy Analysis, Taxpayer Guidance Division released Amendments Affecting the Application of Sales Tax to Rent Received for Hotel Occupancy by Room Remarketers. The legislative revision it considers (Chapter 57 of the Laws of 2010) was effective September 1, 2010. The changes brought in by this Chapter effectively converted New York’s Hotel Room Occupancy Tax from a single-stage retail sales tax to multi-stage European-style VAT. This paper considers the New York VAT in hotel accommodations in three sections. The first defines a European-style credit-invoice VAT …

Transnational Corporations As Steering Subjects In International Economic Law: Two Competing Visions Of The, Karsten Nowrot

Indiana Journal of Global Legal Studies

Transnational corporations (TNCs) not only occupy an important status as economic actors on the international scene, but they are also political actors who are increasingly involved in the progressive development and enforcement of the regulatory structures of the international economic system. Against this background, this article focuses on the current status and potential future development of TNCs as steering subjects in international economic law (IEL). It evaluates the role played by this category of nonstate actors in two of the central public international law fields of IEL, namely the legal order of the World Trade Organization (WTO) and the international …

Brown Shoe Versus The Horizontal Merger Guidelines, Keith N. Hylton

Faculty Scholarship

The new Horizontal Merger Guidelines, if treated by courts as a source of law, would reduce the discretion traditionally exercised by courts in defining relevant markets and market power in merger cases. This is an undesirable shift in the balance of power because courts have used the market power inquiry stage of merger analysis as a general checkpoint or weigh station for evaluating factors relevant to the welfare effects of a merger.

Fraud On The Market: An Action Without A Cause, Amanda Rose

Vanderbilt Law School Faculty Publications

This is a response to William W. Bratton & Michael L. Wachter, The Political Economy of Fraud on the Market, 160 U. PA. L. REV. 69 (2011). Bratton and Wachter argue that fraud-on-the-market class actions (FOTM) should be eliminated and replaced with stepped-up public enforcement efforts targeted at individual wrongdoers (rather than the corporate enterprise, the FOTM target of choice). In this Response, I do not disagree: My own scholarship has similarly emphasized the benefits of shifting away from FOTM to greater reliance on public enforcement mechanisms. Instead, I take the opportunity to elaborate on the deterrence and corporate governance …

The Icsid Effect? Considering Potential Variations In Arbitration Awards, Susan Franck

Scholarly Articles in Law Reviews & Journals

The legitimacy of the World Bank's dispute resolution body - The International Centre for the Settlement of Investment Disputes (ICSID) - is a matter of heated debate. Some states have alleged that ICSID is biased, withdrawn from the ICSID Convention, and advocated creating alternative arbitration systems. Using pre-2007 archival data of the population of then- known arbitration awards, this Article quantitatively assesses whether ICSID arbitration awards were substantially different from arbitration awards rendered in other forums. The Article examines variation in the amounts claimed and outcomes reached to evaluate indicators of bias. The results indicated that there was no reliable …

Stabilisation Clauses And The Zambian Windfall Tax, Sangwani Ng'ambi

Zambia Social Science Journal

Over the past decade, Zambia has seen an increase in the flow of foreign direct investment; a large quantity of which went into the copper mining industry. The price of copper increased radically, which prompted the Zambian government to reconsider the preferential tax regime that foreign mining companies enjoyed to ensure that Zambia benefited from this change in circumstances.

The tax regime was originally implemented to encourage the inflow of foreign capital, and to revive an industry that had been crippled by previously low copper prices. The concession agreements between the Government of Zambia and the mining companies contained Stabilisation …

Issue 4: Table Of Contents

University of Richmond Law Review

No abstract provided.

Economic Policy After A Lost Decade--From Over-Spending To Innovation, Timothy M. Kaine

University of Richmond Law Review

In this article, I want to focus on one aspect of our economic recovery-namely, how do we grow an economy without relying upon debt-fueled overconsumption? I argue that the magnitude of the 2007-2009 collapse was based significantly on unsustainable spending that had propped up the previous expansion. National policy during the first years of the last decade turned a sizable national surplus into a huge deficit through war spending, tax cuts, and expansion of public programs that were not paid for.The spending patterns of American families followed a similar pattern in which traditional savings rates shrunk precipitously while family debt …

Food Entrepreneurs And Food Safety Regulation, Nina W. Tarr

Journal of Food Law & Policy

It is a bucolic scene: local food growers and producers chatting with consumers who come back each week to participate in a direct and continuing conversation about food with someone they know, and to engage in commerce. This illusion of simplicity masks the ever-growing morass of conflicting, complicated, and expensive regulatory oversight that undermines the local food movement by creating barriers between producers and consumers. Those creating and implementing food policy in the United States are facing a fundamental dilemma of how to reconcile the local food movement with regulations designed to address concerns about food safety.

This article will …

United States Food Law Update: The Fda Food Safety Modernization Act, Obesity And Deceptive Labeling Enforcement, A. Bryan Endres, Nicholas R. Johnson

Journal of Food Law & Policy

The long-awaited enactment of the FDA Food Safety Modernization Act (FSMA), the most significant amendment to the Federal Food, Drug, and Cosmetic Act in several decades, provides the Food and Drug Administration (FDA) with significantly enhanced jurisdiction to close some of the gaps in the domestic food safety system. The enhanced FDA authority, however, will have little impact on the shared governance system at the federal level that involves multiple agencies, as the Act does not address the U.S. General Accounting Office's (GAO) repeated calls for consolidation of the fragmented federal food safety system. Rather, the Act perpetuates the division …

The History And Future Of Genetically Modified Crops: Frankenfoods, Superweeds, And The Developing World, Brooke Glass-O'Shea

Journal of Food Law & Policy

In a 1992 letter to the New York Times, a man named Paul Lewis referred to genetically modified (GM) crops as "Frankenfood," and wryly suggested it might be "time to gather the villagers, light some torches and head to the castle." Little did Lewis know that his neologism would become the rallying cry for activists around the world protesting the dangers of genetic engineering. The environmental activist group Greenpeace made great use of the "Frankenfood" epithet in their anti-GM campaigns of the 1990s, though they have since backed away from the word and the hardline stance it represents. But genetically …

The Silver Lining In The Red Giant: China's Residential Mortgage Laws Promote Temperance Among The Surging Middle Class, Clayton D. Laforge

University of Richmond Law Review

This comment examines the rise of China's middle class and proactive governance to protect its economy from a housing bubble during the global downturn. An analysis of recently enacted Chinese labor and corporate laws demonstrates how the government facilitated the rise of the middle class. The comment discusses the ramifications of strict domestic residential mortgage regulations and how China's tempered investment structure secured its domestic housing market. Part II of this comment examines China's investment and consumption patterns compared to domestic growth. Part III discusses how the surging middle class grew to seek investment opportunities in the real estate market …