The Law Market

Hardcover | February 9, 2009

byLarry E. Ribstein, Erin OHara

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When individuals, businesses, or corporations are dissatisfied with an existing law, there are typically two ways it can be fixed: by rewriting the law via political mechanisms or simply physically relocating to a more favorable jurisdiction. Both can be costly and time-consuming. This bookexplores a new way of looking at law, not as something that can be changed only through cumbersome political and legislative processes or avoided by physical movement, but as something that can be shopped for in a market. To a significant extent this perspective on the law is already a reality.Wherever they may be located, corporations are free to choose in which state to incorporate (often Delaware) and online shoppers from one state or country who buy from a company located in another state or country usually agree to provisions that dictate the law governing the transaction from yetanother state or country. Disconnecting the choice of law from the location of activities creates a market for law that allows the involved parties to choose which jurisdiction will apply to their relationship, contract, or dispute. The resulting law markets, Ribstein and O'Hara argue, can work toincrease efficiency, create better laws, and ensure that laws in all jurisdictions serve the interests of those they govern.

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When individuals, businesses, or corporations are dissatisfied with an existing law, there are typically two ways it can be fixed: by rewriting the law via political mechanisms or simply physically relocating to a more favorable jurisdiction. Both can be costly and time-consuming. This bookexplores a new way of looking at law, not as s...

Larry E. Ribstein is Mildred Van Voorhis Jones Chair, and co-Director of the Program on Business Law and Policy, University of Illinois College of Law. Erin A. O'Hara is Professor of Law at Vanderbilt University and Director of the Law and Human Behavior Center, Vanderbilt University Law School.

other books by Larry E. Ribstein

Format:HardcoverDimensions:288 pages, 9.25 × 6.13 × 0.98 inPublished:February 9, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195312899

ISBN - 13:9780195312898

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Table of Contents

1. Introduction2. Policy Arguments3. Choice-of-Law Principles4. The Creation of a Law Market5. Arbitration and The Law Market6. The corporate Law Market7. Consumer Contracts8. Marriage and Other Social Issues9. Property10. A Federal Choice-of-law Statute11. Summary and ImplicationsNotes