Date: Thu, 18 Feb 2016 13:02:19 -0600 From: [email protected] This disagreement is not an unimportant one: it has implications for your rhetoric and your politics. But we can disagree on this without mis-stating the argument. -raghu. ============ Indeed. Perhaps the link below, with abstract would be helpful for the intuition pumps: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2262936 A Legal Theory of Finance Katharina Pistor Columbia University School of Law May 9, 2013
Journal of Comparative Economics, Vol. 41, No. 2, 2013 Columbia Public Law Research Paper No. 13-348 Abstract: This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put them in direct tension with commitments enshrined in law or contracts. This is the case especially in times of financial crisis when the full enforcement of legal commitments would result in the self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law where the survival of the system is at stake; that is, at its apex. It is here that power becomes salient.
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