Daniel J. Gifford and Robert T. Kudrle
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9780226176109
- eISBN:
- 9780226176246
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226176246.001.0001
- Subject:
- Law, Company and Commercial Law
This book aims to resolve a puzzle: how can two systems of competition law and policy, whose enforcement and judicial institutions employ similar concepts and legal language, reach very different ...
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This book aims to resolve a puzzle: how can two systems of competition law and policy, whose enforcement and judicial institutions employ similar concepts and legal language, reach very different results on a number of current, significant antitrust issues? The most important provisions of the Sherman Act and the competition sections of the Treaty Founding the European Union are striking similar, but a combination of differences in social values, political institutions, and legal precedent retard close convergence. The work explores the main contested areas of contemporary antitrust: mergers, price discrimination, predatory pricing, exclusive supply, conditional rebating, and intellectual property in the context of dynamic competition. In each area we focus on how the prevalent antitrust analyses differ between the EU and the U.S., the policy ramifications of these differences, and how the analyses used by the enforcement authorities or the courts in each of these areas relate to those in other areas. The book also tracks several substantive themes that appear across the chapters, such as pricing incentives and constraints, welfare effects, and whether competition tends to be viewed as an efficiency generating process or as rivalry. We conclude with forecasts and suggestions about how greater compatibility if not convergence might ultimately be attained.Less
This book aims to resolve a puzzle: how can two systems of competition law and policy, whose enforcement and judicial institutions employ similar concepts and legal language, reach very different results on a number of current, significant antitrust issues? The most important provisions of the Sherman Act and the competition sections of the Treaty Founding the European Union are striking similar, but a combination of differences in social values, political institutions, and legal precedent retard close convergence. The work explores the main contested areas of contemporary antitrust: mergers, price discrimination, predatory pricing, exclusive supply, conditional rebating, and intellectual property in the context of dynamic competition. In each area we focus on how the prevalent antitrust analyses differ between the EU and the U.S., the policy ramifications of these differences, and how the analyses used by the enforcement authorities or the courts in each of these areas relate to those in other areas. The book also tracks several substantive themes that appear across the chapters, such as pricing incentives and constraints, welfare effects, and whether competition tends to be viewed as an efficiency generating process or as rivalry. We conclude with forecasts and suggestions about how greater compatibility if not convergence might ultimately be attained.
William S. Laufer
- Published in print:
- 2006
- Published Online:
- March 2013
- ISBN:
- 9780226470405
- eISBN:
- 9780226470429
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226470429.001.0001
- Subject:
- Law, Company and Commercial Law
We live in an era defined by corporate greed and malfeasance—one in which unprecedented accounting frauds and failures of compliance run rampant. In order to calm investor fears, revive perceptions ...
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We live in an era defined by corporate greed and malfeasance—one in which unprecedented accounting frauds and failures of compliance run rampant. In order to calm investor fears, revive perceptions of legitimacy in markets, and demonstrate the resolve of state and federal regulators, a host of reforms, high-profile investigations, and symbolic prosecutions have been conducted in response. But are they enough? This book argues that even with recent legal reforms, corporate criminal law continues to be ineffective. As evidence, this book considers the failure of courts and legislatures to fashion liability rules that fairly attribute blame for organizations. It analyzes the games that corporations play to deflect criminal responsibility. And it also demonstrates how the exchange of cooperation for prosecutorial leniency and amnesty belies true law enforcement. But none of these factors trump the fact that there is no single constituency or interest group that strongly and consistently advocates the importance and priority of corporate criminal liability. In the absence of a new standard of corporate liability, the power of regulators to keep corporate abuses in check will remain insufficient.Less
We live in an era defined by corporate greed and malfeasance—one in which unprecedented accounting frauds and failures of compliance run rampant. In order to calm investor fears, revive perceptions of legitimacy in markets, and demonstrate the resolve of state and federal regulators, a host of reforms, high-profile investigations, and symbolic prosecutions have been conducted in response. But are they enough? This book argues that even with recent legal reforms, corporate criminal law continues to be ineffective. As evidence, this book considers the failure of courts and legislatures to fashion liability rules that fairly attribute blame for organizations. It analyzes the games that corporations play to deflect criminal responsibility. And it also demonstrates how the exchange of cooperation for prosecutorial leniency and amnesty belies true law enforcement. But none of these factors trump the fact that there is no single constituency or interest group that strongly and consistently advocates the importance and priority of corporate criminal liability. In the absence of a new standard of corporate liability, the power of regulators to keep corporate abuses in check will remain insufficient.
Tom Baker and Jonathan Simon (eds)
- Published in print:
- 2002
- Published Online:
- March 2013
- ISBN:
- 9780226035185
- eISBN:
- 9780226035178
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226035178.001.0001
- Subject:
- Law, Company and Commercial Law
For much of the twentieth century, industrialized nations addressed social problems, such as workers' compensation benefits and social welfare programs, in terms of spreading risk. But in recent ...
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For much of the twentieth century, industrialized nations addressed social problems, such as workers' compensation benefits and social welfare programs, in terms of spreading risk. But in recent years a new approach has emerged: using risk both as a way to conceive of and address social problems and as an incentive to reduce individual claims on collective resources. This book explores this new approach from a variety of perspectives. The first part of the book focuses on the interplay between risk and insurance in various historical and social contexts. The second part examines how risk is used to govern fields outside the realm of insurance, from extreme sports to policing, mental health institutions, and international law. Offering an original approach to risk, insurance, and responsibility, this book demonstrates that risk has moved well beyond its origins in the insurance trade to become a central organizing principle of social and cultural life.Less
For much of the twentieth century, industrialized nations addressed social problems, such as workers' compensation benefits and social welfare programs, in terms of spreading risk. But in recent years a new approach has emerged: using risk both as a way to conceive of and address social problems and as an incentive to reduce individual claims on collective resources. This book explores this new approach from a variety of perspectives. The first part of the book focuses on the interplay between risk and insurance in various historical and social contexts. The second part examines how risk is used to govern fields outside the realm of insurance, from extreme sports to policing, mental health institutions, and international law. Offering an original approach to risk, insurance, and responsibility, this book demonstrates that risk has moved well beyond its origins in the insurance trade to become a central organizing principle of social and cultural life.
Tom Baker and Sean J. Griffith
- Published in print:
- 2011
- Published Online:
- March 2013
- ISBN:
- 9780226035154
- eISBN:
- 9780226035079
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226035079.001.0001
- Subject:
- Law, Company and Commercial Law
Shareholder litigation and class action suits play a key role in protecting investors and regulating big businesses. But Directors' and Officers' liability insurance shields corporations and their ...
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Shareholder litigation and class action suits play a key role in protecting investors and regulating big businesses. But Directors' and Officers' liability insurance shields corporations and their managers from the financial consequences of many illegal acts, as evidenced by the recent Enron scandal and many of last year's corporate financial meltdowns. This book demonstrates how corporations use insurance to avoid responsibility for corporate misconduct, dangerously undermining the impact of securities laws, arguing that this need not be the case. Opening up the formerly closed world of corporate insurance, people from every part of the industry were interviewed in order to show the different instances where insurance companies could step in and play a constructive role in strengthening corporate governance—yet currently do not.Less
Shareholder litigation and class action suits play a key role in protecting investors and regulating big businesses. But Directors' and Officers' liability insurance shields corporations and their managers from the financial consequences of many illegal acts, as evidenced by the recent Enron scandal and many of last year's corporate financial meltdowns. This book demonstrates how corporations use insurance to avoid responsibility for corporate misconduct, dangerously undermining the impact of securities laws, arguing that this need not be the case. Opening up the formerly closed world of corporate insurance, people from every part of the industry were interviewed in order to show the different instances where insurance companies could step in and play a constructive role in strengthening corporate governance—yet currently do not.
Kent Greenfield
- Published in print:
- 2007
- Published Online:
- March 2013
- ISBN:
- 9780226306933
- eISBN:
- 9780226306988
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226306988.001.0001
- Subject:
- Law, Company and Commercial Law
When used in conjunction with corporations, the term “public” is misleading. Anyone can purchase shares of stock, but public corporations themselves are uninhibited by a sense of societal obligation ...
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When used in conjunction with corporations, the term “public” is misleading. Anyone can purchase shares of stock, but public corporations themselves are uninhibited by a sense of societal obligation or strict public oversight. In fact, managers of most large firms are prohibited by law from taking into account the interests of the public in decision making, if doing so hurts shareholders. But this has not always been the case, as until the beginning of the twentieth century, public corporations were deemed to have important civic responsibilities. This book hopes to return corporate law to a system in which the public has a greater say in how firms are governed. It argues that the laws controlling firms should be much more protective of the public interest and of the corporations' various stakeholders, such as employees. Only when the law of corporations is evaluated as a branch of public law—as with constitutional law or environmental law—will it be clear what types of changes can be made in corporate governance to improve the common good. The book proposes changes in corporate governance that would enable corporations to meet the progressive goal of creating wealth for society as a whole rather than merely for shareholders and executives.Less
When used in conjunction with corporations, the term “public” is misleading. Anyone can purchase shares of stock, but public corporations themselves are uninhibited by a sense of societal obligation or strict public oversight. In fact, managers of most large firms are prohibited by law from taking into account the interests of the public in decision making, if doing so hurts shareholders. But this has not always been the case, as until the beginning of the twentieth century, public corporations were deemed to have important civic responsibilities. This book hopes to return corporate law to a system in which the public has a greater say in how firms are governed. It argues that the laws controlling firms should be much more protective of the public interest and of the corporations' various stakeholders, such as employees. Only when the law of corporations is evaluated as a branch of public law—as with constitutional law or environmental law—will it be clear what types of changes can be made in corporate governance to improve the common good. The book proposes changes in corporate governance that would enable corporations to meet the progressive goal of creating wealth for society as a whole rather than merely for shareholders and executives.
Curtis J. Milhaupt and Katharina Pistor
- Published in print:
- 2008
- Published Online:
- March 2013
- ISBN:
- 9780226525273
- eISBN:
- 9780226525297
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226525297.001.0001
- Subject:
- Law, Company and Commercial Law
Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in ...
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Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, this book examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. It debunks the simplistic view of law's instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, the book argues that a disparate blend of legal and non-legal mechanisms have supported economic growth around the world. It shows that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics.Less
Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, this book examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. It debunks the simplistic view of law's instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, the book argues that a disparate blend of legal and non-legal mechanisms have supported economic growth around the world. It shows that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics.
James J. Heckman and Carmen Pages (eds)
- Published in print:
- 2004
- Published Online:
- March 2013
- ISBN:
- 9780226322827
- eISBN:
- 9780226322858
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226322858.001.0001
- Subject:
- Law, Company and Commercial Law
This book analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that ...
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This book analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that have been introduced or reformed in Latin America in the past thirty years have had important economic consequences. The book documents the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this book shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, this book provides comparative analysis of Latin American economies against a range of European countries and the United States.Less
This book analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that have been introduced or reformed in Latin America in the past thirty years have had important economic consequences. The book documents the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this book shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, this book provides comparative analysis of Latin American economies against a range of European countries and the United States.
Richard A. Nagareda
- Published in print:
- 2007
- Published Online:
- March 2013
- ISBN:
- 9780226567600
- eISBN:
- 9780226567624
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226567624.001.0001
- Subject:
- Law, Company and Commercial Law
The traditional definition of torts involves bizarre, idiosyncratic events where a single plaintiff with a physical impairment sues the specific defendant he believes to have wrongfully caused that ...
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The traditional definition of torts involves bizarre, idiosyncratic events where a single plaintiff with a physical impairment sues the specific defendant he believes to have wrongfully caused that malady. Yet public attention has focused increasingly on mass personal-injury lawsuits over asbestos, cigarettes, guns, the diet drug fen-phen, breast implants, and, most recently, Vioxx. This book attempts to analyze the lawyer's role in this world of high-stakes, multibillion-dollar litigation. These mass settlements, the book argues, have transformed the legal system so acutely that rival teams of lawyers operate as sophisticated governing powers rather than as litigators. This book's solution is the replacement of the existing tort system with a private administrative framework to address both current and future claims.Less
The traditional definition of torts involves bizarre, idiosyncratic events where a single plaintiff with a physical impairment sues the specific defendant he believes to have wrongfully caused that malady. Yet public attention has focused increasingly on mass personal-injury lawsuits over asbestos, cigarettes, guns, the diet drug fen-phen, breast implants, and, most recently, Vioxx. This book attempts to analyze the lawyer's role in this world of high-stakes, multibillion-dollar litigation. These mass settlements, the book argues, have transformed the legal system so acutely that rival teams of lawyers operate as sophisticated governing powers rather than as litigators. This book's solution is the replacement of the existing tort system with a private administrative framework to address both current and future claims.
William H. Page and John E. Lopatka
- Published in print:
- 2007
- Published Online:
- March 2013
- ISBN:
- 9780226644639
- eISBN:
- 9780226644653
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226644653.001.0001
- Subject:
- Law, Company and Commercial Law
In 1998, the United States Department of Justice and state antitrust agencies charged that Microsoft was monopolizing the market for personal computer operating systems. More than ten years later, ...
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In 1998, the United States Department of Justice and state antitrust agencies charged that Microsoft was monopolizing the market for personal computer operating systems. More than ten years later, the case is still the defining antitrust litigation of our era. This book contributes to the debate over the future of antitrust policy by examining the implications of the litigation from the perspective of consumer welfare. The authors trace the development of the case from its conceptual origins through the trial and the key decisions on both liability and remedies. They argue that, at critical points, the legal system failed consumers by overrating government's ability to influence outcomes in a dynamic market.Less
In 1998, the United States Department of Justice and state antitrust agencies charged that Microsoft was monopolizing the market for personal computer operating systems. More than ten years later, the case is still the defining antitrust litigation of our era. This book contributes to the debate over the future of antitrust policy by examining the implications of the litigation from the perspective of consumer welfare. The authors trace the development of the case from its conceptual origins through the trial and the key decisions on both liability and remedies. They argue that, at critical points, the legal system failed consumers by overrating government's ability to influence outcomes in a dynamic market.
Morgan Ricks
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780226330327
- eISBN:
- 9780226330464
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226330464.001.0001
- Subject:
- Law, Company and Commercial Law
This book brings a missing and critical dimension to the ongoing debates over financial stability policy. Its core argument is that the problem of financial instability is mostly a problem of ...
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This book brings a missing and critical dimension to the ongoing debates over financial stability policy. Its core argument is that the problem of financial instability is mostly a problem of monetary system design. This argument departs sharply from today’s prevailing view, in which financial instability is generally seen to be an inherent feature of financial capitalism. The book offers a concrete and workable blueprint for a modernized system of money and banking. The proposal is not radical; on the contrary, it is fairly conservative. It could be accomplished through a series of incremental changes to the current system. The book argues that recent financial regulatory reforms—in the United States and, by extension, abroad—have been mostly on the wrong track. Those reforms are an unreliable safeguard against future “shadow banking” panics and other types of financial crises. The book suggests that a revamp of the monetary framework could pave the way for a dramatic reduction in the scope and complexity of modern financial stability regulation.Less
This book brings a missing and critical dimension to the ongoing debates over financial stability policy. Its core argument is that the problem of financial instability is mostly a problem of monetary system design. This argument departs sharply from today’s prevailing view, in which financial instability is generally seen to be an inherent feature of financial capitalism. The book offers a concrete and workable blueprint for a modernized system of money and banking. The proposal is not radical; on the contrary, it is fairly conservative. It could be accomplished through a series of incremental changes to the current system. The book argues that recent financial regulatory reforms—in the United States and, by extension, abroad—have been mostly on the wrong track. Those reforms are an unreliable safeguard against future “shadow banking” panics and other types of financial crises. The book suggests that a revamp of the monetary framework could pave the way for a dramatic reduction in the scope and complexity of modern financial stability regulation.
1971
Abigail and John Adams
About Method
Abraham Lincoln in the Post-Heroic Era
Abysmal
Accelerating Energy Innovation
Accident Prone
The Accidental Diarist
The Accommodated Animal
