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The Dignity of CommerceMarkets and the Moral Foundations of Contract Law$
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Nathan B. Oman

Print publication date: 2017

Print ISBN-13: 9780226415529

Published to Chicago Scholarship Online: September 2017

DOI: 10.7208/chicago/9780226415666.001.0001

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Well-Functioning Markets and Contract Law

Well-Functioning Markets and Contract Law

Chapter:
(p.23) Chapter Two Well-Functioning Markets and Contract Law
Source:
The Dignity of Commerce
Author(s):

Nathan B. Oman

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226415666.003.0002

This chapter provides an account of well functioning markets that deviates from the economic model of perfect competition. Rather, it defines well-functioning markets in terms of their ability to deliver certain moral goods. This requires that markets be relatively widespread, allow free entry and exit, and allow those with differing tribal identities to trade across the boundaries of identity. Contract law supports such markets by providing security of contract, freedom of contract, and sanctity of contract.

Keywords:   doux commerce, markets, perfect competition

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