Law and Economics

The "new paternalism" claims that careful policy interventions can help people make better decisions in terms of their own welfare, with only mild or nonexistent infringement of personal autonomy and choice. This claim to moderation is not sustainable. Applying the insights of the modern literature on slippery slopes to new paternalist policies suggests that such policies are particularly vulnerable to expansion. This is true even if policymakers are fully rational. More importantly, the slippery-slope potential is especially great if policymakers are not fully rational, but instead share the behavioral and cognitive biases attributed to the people their policies are supposed to help. Accepting the new paternalist approach creates a risk of accepting, in the long run, greater restrictions on individual autonomy than have been heretofore acknowledged.

Fresh off a California court victory in the Cindy Brown vs. Bank of New York Mellon case, this report showcases the ongoing crisis of inequalities in access to civil justice facing all Americans regardless of income or race and sets the stage for a long-awaited trial court showdown on March 15, 2022.

El análisis económico del Derecho (AED) estudia los fenómenos jurídicos sirviéndose de las teorías y las herramientas metodológicas proporcionadas por la economía. El AED puede cumplir una función normativa (señalar qué decisiones jurídicas deberían adoptarse con el fin de maximizar ciertas preferencias), una función predictiva (determinar las consecuencias sociales que pueden tener las decisiones jurídicas) y una función explicativa (poner de manifiesto los factores que determinan la forma y el contenido las decisiones jurídicas). El AED ha recibido innumerables críticas. En este trabajo consideramos y tratamos de refutar, en la medida en que lo merezcan, aquellas que impugnan su valor explicativo en general y del Derecho de daños en particular, que es el ámbito jurídico donde esta cuestión se ha discutido más profusa e intensamente. En particular, ponemos de relieve que el AED ofrece explicaciones del Derecho de daños realmente practicado más exactas, amplias, simples, fecundas, unificadoras y coherentes que las propuestas por otras teorías alternativas, como la de la «justicia correctiva».
Law and Economics (L&E) applies the tools of economic theory to the analysis of legal rules and institutions. L&E can have a normative function (i.e. show which legal decisions ought to be made in order to maximize certain preferences), a predictive function (i.e. determine the social consequences legal decisions might have), and an explanatory function (i.e. show the causal factors determining both the form and the content of legal decisions). L&E has been heavily criticized. Taking Tort law as an illustrative example, this paper reviews and tries to refute scholarly opinions challenging the explanatory power of L&E. We show that L&E actually explains several Tort law rules and principles in a more accurate, comprehensive, simple, fruitful, unifying and consistent way than other alternative theories, such as that of "corrective justice".

Abstract: In this paper, we outline a number of features of an interdisciplinary and pluralistic approach to economics. As a suitable example of how an interdisciplinary cooperation can unfold, we focus attention on the relations between institutional economics and psychoanalysis. In the first ...

This paper examines the idea that commercial law has the capacity to evolve spontaneously in the absence of a clear state authority because of its unique nature. I argue that the manner of interaction implied by commerce plays a crucial role in this ability as it involves a high degree of overall engagement. This I term “high engagement,” which I divide into two elements: repetition and the creation of clear cycles of interaction. Together they produce identifiable legal norms and subsequent compliance. Game theorists have long recognized the importance of repeated interaction in inducing cooperation; however, how the manner of commercial interaction itself facilitates this process has been left largely unexamined. Part I presents a brief overview of the concept of reciprocity and spontaneous law theory. In Part II, a more detailed explanation of the notion of high engagement is offered. Here I set out exactly how high engagement is instrumental in the emergence of legal norms. Finally, the paper concludes that the element of high engagement indeed plays a decisive role in commercial law’s ability to evolve and function in a decentralized, spontaneous fashion—an important insight in terms of the future international development of the modern law merchant as it emerges in the absence of a single legislative authority.

While still fragmented, we are witnessing the emergence of a global commercial legal order independent of any one national legal system. This process is unfolding both on the macro-level of state actors as well as that of private individuals and organizations. On the macro-level, the sources of this legal order are complex international agreements; on the micro-level, private contracts employing commercial customary practices and arbitration are driving this process forward. Yet there is no comparable evolution occurring (in any substantial sense) in non-commercial areas of law such as criminal, tort, or family law. There is an overall asymmetry in the development of transnational legal order. But why is this happening? This paper argues that the emergence of a global commercial legal order may be partially attributed to the unique structural nature of trade. The paper gives a structuralist account, positing that unlike legal order of a non-commercial nature, commercial legal order has built-in mechanisms that make it particularly suited to evolve in a transnational context—i.e. to evolve and sustain itself in the absence of a central legislative or coercive authority. The paper identifies and explores these built-in mechanisms. The paper concludes that because commercial legal order is uniquely predisposed to emerge without the State, we should expect this asymmetry to not only continue, but likely grow even more extreme.

Blockchain technology is a new general-purpose technology that poses significant challenges to the existing state of law, economy, and society. Blockchain has one feature that makes it even more distinctive than other disruptive technologies: it is, by nature and design, global and transnational. Moreover, blockchain operates based on its own rules and principles that have a law-like quality. What may be called the lex cryptographia of blockchain has been designed based on a rational choice vision of human behavior. Blockchain adopts a framing derived from neoclassical economics, and instantiates it in a new machinery that implements rational choice paradigms using blockchain in a semi-automatic way, across all spheres of life, and without regard to borders. Accordingly, a global law and crypto-economics movement is now emerging owing to the spread of blockchain.

This Article suggests that such a rational choice paradigm is an insufficient foundation for the future development of blockchain. It seeks to develop a new understanding of blockchain and its regulation through code according to the emerging “law and political economy” framework. Blockchain is much more than a machine that enables the automation of transactions according to a rational choice framework. Blockchain should instead be understood as a technological infrastructure. Acknowledging the infrastructural dimension of blockchain technology may help identify a new role for the law in its interaction with blockchain, as well as for government in its interaction with the new technology. More precisely, identifying blockchain as an “infrastructural commons” helps us recognize that law and regulation should not be relegated to the role of merely facilitating the operation of the invisible hand of the market by and within blockchain, but should rather acquire more active roles, such as safeguarding access on non-discriminatory terms to users, on a model with net neutrality and other public utility safeguards. The Article closes by proposing a “law and political economy” framework for blockchain that is based on principles of publicness, trust, and interoperability.

Some of Law and Economics’ basic claims have come to be criticized as a result of empirical findings that question their viability. Particularly, the premise that agents consistently act rationally and with their self-interest in mind seems problematic. What the consequences of the criticism mean for Law and Economics’ tenability depends largely on the questions whether (1) some elements are unassailable to the alternative’s objections and (2) the alternative is a systematic whole. It is argued that Law and Economics may be salvaged, if it is minimized and its ambitions are tempered. This means focusing on the stable, a priori, elements inherent to it.

The major aim of this article is to examine how migrations affect private governance, taking as a case study the Prud'homie de pêche, a private order that has governed the fishery of Marseille for the past six centuries. Scholarship generally argues that social norms guarantee the efficiency of private orders and their ability to resist the arrival of newcomers. My data suggests that the Prud'homie has failed to accommodate social changes prompted by migratory flows, not despite but because of its social norms. This paper suggests that social norms are not only powerful tools of governance for private orders, but also forces of inertia that can prevent these orders from accommodating social changes.

Some fifty years ago, Pink Floyd topped the music charts irreverently vocalizing the idea that education is just “Another Brick in the Wall.” Should this popular enchantment of hearts and minds cause alarm to professional teachers and higher education scholars? How much relevance does the progressive rock band’s verse have to the spirit of contemporary academy?

A calmer, more composed reaction of educators would be one of constructive introspection over disciplinary and our own pedagogical practice. It is important to pause for a moment and ask what the enduring value, function and role of university education in the 21st century are. In the modern-day “knowledge society,” where the sources and means of learning abound, formal education is to be regarded as a tool of individual empowerment and “enlightenment” rather than some off-the-shelf commodity to be provided en masse. By this view, academic training is a building block in creating sustainable and inclusive societies and not merely a functional production machine of a future skilled workforce.

With this mission clear, could it be said that legal education today is up to task? Could the discipline of law expand, learn and be enriched by other disciplines? In an equally irreverent manner, this article claims that connecting Law with Economics may recast the image of scholarly education as a cross-disciplinary bridge, instead of a brick wall, in the quest for finer quality and resilience in the curriculum and beyond.

Omnibus Law introduces "Risk-Based Business Licensing" or "Perizinan Usaha Berbasis Risiko" as the new business licensing regime to foster and boost investment climate in Indonesia. 2 In early February 2021, the Government of the Republic of Indonesia promulgates Government Regulation No. 5 of 2021 on the Organization of Risk-Based Business Licensing  to elaborate further on the said business licensing.

12th Annual Green Economics Institute Conference  10-12th June 2017
3 Days St Hugh's College, University of Oxford, Keeping Social and Environmental Justice Alive in an age of Tyranny..
Reforming Economics.
Green Finance, Green Investment & Green Economics
Reclaiming The Economy from Privatisers, Fossil Fuellers, Xenophobes and Divide and Rulers.
Keeping social and environmental justice alive in this new age of Barbarism- Post Truth and Post Science

This study analyzes the age profile of scientific employees and its relation to personnel costs and scientific productivity within eight faculties at the University of Vienna. The age demography can overall be divided into two main categories: Category one faculties represent an increased number of younger aged researchers (Catholic-, Protestant Theology, Law, Economics, Information Sciences, and Medicine), category two faculties show an increased number of older aged researchers (Social Sciences, Humanities, and Science). In addition, it can be demonstrated that the personnel costs for full professors are higher within four faculties (Catholic-, Protestant Theology, Law, and Economics and Information Sciences). Inevitably, this leads to savings for habilitated and non- habilitated researchers at these faculties. The faculty of Medicine represents a well-balanced use of personnel costs. Three faculties (Social Sciences, Humanities, and Sciences) have to pay dramatically more for their older aged habilitated and non-habilitated personnel. For the entire university and two faculties, Medicine and Humanities, a positive and significant relationship between age and the average weekly teaching performance is shown. This study suggests that institutions with a high percentage of older researchers, mainly in the categories of habilitated and non- habilitated personnel, must change their policy to become more flexible and attractive for new talented young people. Due to the fact, that this cannot only be realized through the introduction of new laws, each faculty must establish a scientific plan combined with reorganizations of the personnel structure and personnel costs.

Punitive damages are one of the most controversial aspects of tort litigation and have been the subject of various theoretical, empirical, and experimental studies. One criticism of punitive damages refers to the effect that they have on civil litigation processes. In particular, Polinsky (1997) argues that the uncertainty and unpredictability that punitive damage claims inject into a case may increase both the rate and amount of settlements, thus implying that punitive damages carry systemic consequences for the general processing of tort claims. This paper represents the first, empirical examination of this implication. With one of the largest and most comprehensive data sets of tort litigation (over 25,000 cases filed from 1994 through 1997 in several counties in Georgia), we analyze both cases that are likely to have caps on punitive damage awards and cases that are likely to be uncapped. We examine the effect of the decision to seek punitive damages on several major decision po...

Th e work presents an approach of Th e Brazilian Criminal Enforcement under the paradigms of Economic Analysis of Law. It starts from a succinct conceptualization of enforcement systems and the sentence’s roles. It deals with the historical evolution of the theory of Legal Realism, to lay the groundwork for the study of legal sciences under the economical perspective. It supports the importance of economic analysis applied also to the law of countries of Latin tradition, with emphasis on Brazilian Law. It discourses on the economic theories of crime and punishment. It shows the challenges of the reality of the Brazilian penitentiary system and the possible solutions through the economic analysis of Criminal Enforcement. It affi rms the infeasibility of the system according to the practices of legal authorities and the current public administrators. It defi nes, objectively, the economic premises applicable to the subject, which are: system of rewards and penalties; FILLIPE AZEVEDO R...

Il presente articolo analizza il recente documento (Statement on the Purpose of a Corporation) sottoscritto dalla Business Roundtable, una organizzazione che riunisce gli Amministratori Delegati delle più grandi imprese americane. Il documento è una dichiarazione di principî, ma il suo contenuto è nuovo e stimolante. In esso viene infatti superata la tesi della supremazia del profitto (sostenuta, tra gli altri, da Milton Friedman) e fortemente radicata nel tessuto sociale americano. Nel documento, gli Amministratori Delegati assumono precisi impegni verso tutti gli stakeholders dell'impresa: consumatori, lavoratori, fornitori, comunità, azionisti. Con riferimento al nostro ordinamento, il documento potrebbe costituire una base di partenza per rileggere, in chiave critica, l'art. 2247 cod. civ., anche in considerazione della recente introduzione delle società benefit e dell'impresa sociale.

La responsabilidad social es un concepto que surge como respuesta a los actos de la empresa o de sus representantes. Es decir, el criterio “res- ponsable” y “social” emergió como un mecanismo de “incentivos” para que las empresas asumieran los costos externos que el desarrollo de su actividad económica puede generar en la sociedad. Aunque se considera que dicho fin no siempre coincide con el objeto principal de las empre- sas, porque desvirtúa su naturaleza crematística (en el caso específico de las denominadas profit organizations). Se argumenta que la responsa- bilidad social representa un distorsionador de la naturaleza económi- ca que posee toda organización empresarial. Dicha naturaleza se pue- de caracterizar por la búsqueda del ejercicio de una actividad mercantil eminentemente lucrativa. En contraposición a lo expuesto, también se argumenta que la responsabilidad social representa una oportunidad y, por lo tanto, las empresas requerirían incluir y regular sus criterios. Esto se asume a partir de la proyección tuitiva de los beneficios que genera- ría la responsabilidad social para la supervivencia en el mercado de las empresas, los cuales excederían extensamente a las limitaciones origina- das por los costos de afectar la libertad de empresa y otros, por parte de los gobiernos.

The most of economic analysis of law uses economic efficiency as a normative criterion or for the purpose of positive analysis. The term Economic Efficiency refers to the relationship between aggregate benefits and costs to the individuals concerned. Among the widely used efficiency criteria are the Pareto Optimality, the Kaldor-Hicks, the Cost-Benefit and the Wealth Maximization criterion. In this essay, we discuss economic efficiency as a tool for the social choice among the alternative legal rules. Discussion is carried out by using illustrative examples. We show that in several contexts the efficiency can serve as a useful tool for comparing the legal rules. However, it has serious limitations as well. In several situations, the efficiency criteria can fail to compare legal rules or can lead to contradictory rankings. Moreover, the assumptions underlying some of the efficiency criteria do not hold always. We discuss merits and demerits of various efficiency criteria. It shown that in the real world, economic efficiency has limitations as a guide for making social choice from among the legal institutions.

Resumen: La expansión de las plataformas digitales que permiten la interacción entre proveedores y consumidores está dando lugar a que se produzca una sustitución generalizada de las personas físicas por programas informáticos capaces de adaptar el precio de bienes y servicios a las condiciones cambiantes del mercado, en breves intervalos y de forma automatizada. Este proceso podría facilitar nuevas formas de colusión entre dichos proveedores. El objeto de este trabajo es analizar la adecuación de las actuales tipificación e interpretación de las conductas prohibidas para abordarlas, prestando atención, además, a los problemas relacionados con las personas responsables de una eventual infracción y con su detección.

Abstract: The expansion of online platforms enabling the interaction between providers and consumers is leading to a widespread replacement of natural persons by software programs that, automatically and with high frequency, can adapt the price of goods and services to the changing conditions of the market. This process could facilitate new forms of collusion. The aim of this paper is to analyze the adequacy of the current competition law provisions to deal with them, taking into account some additional problems related with the responsibility and the detection of a possible infringement. Palabras clave: competencia, colusión, práctica concertada, inteligencia artificial, algoritmo de precios, plataforma digital.

This Article, a sequel to earlier articles by the author on financial regulation and global finance, retrieves and updates J. M. Keynes’s original International Clearing Union plan for what ultimately became the International Monetary Fund (“IMF,” “Fund”). Its motives are not antiquarian. The Article argues that our current domestic and global financial troubles alike are best viewed as products of our not having gone something more like that original Keynesian route with the Fund. Part I tells the tale of Keynes’s original Clearing Union plan for what was to become the IMF. It emphasizes the plan’s basic structure and motivations, as decisively rooted in Keynes’s financially oriented re-conception of what subsequently came to be known as “macroeconomic” theory. It highlights in particular the Clearing Union’s projected role as an institutional lever through which trading nations could jointly prevent financial-stability-imperiling global imbalances in the form of persistent trade s...

Leegin decision of the Supreme Court in 2007 affirmed that minimum RPM was to be evaluated under the rule of reason henceforth. Conversely, minimum RPM retains its position as a hard-core restraint in EU's BER 2010 and the De Minimis Notice. The limited amount of case law reveal that in the absence of certain factors, such as significant market power of the parties, minimum RPM is unlikely to result in the detriment of consumers. Consequently, despite the retention of the maintenance of the single market as a significant aim in EU competition policy, minimum RPM practices are entitled to a more lenient approach, if the ultimate aim is to attain consumer welfare as stated by the Commission and through most judgments of the Court of Justice of the European Union.

This is chapter 20 of M Crouch and T Lindsey (ed), Law, Society and Transition in Myanmar (Oxford, Hart Publishing, 2014). In this chapter I report on the views of participants at a remarkable workshop at NUS in 2013. On the basis of this report I argue for a changed approach to law and development. after 50 years and faced with a new situation in Myanmar we can adopt a more contextual and more informed approach to law and development.

Adanya perjanjian jual beli emas antara Budi Said selaku pembeli dan Eksi Anggraeni selaku penjual. Eksi Anggraeni menjual emas dengan berat 7 ton di bawah harga resmi dari sebuah perusahaan yang bernama PT ANTAM. Namun, Eksi Anggraeni bukan merupakan karyawan dari PT ANTAM. Ketika terjadi pengiriman emas dari Eksi Anggraeni kepada Budi Said, ternyata berat emas yang dikirimkan Eksi Anggraeni tidak sesuai dengan apa yang telah diperjanjikan di awal. Kemudian, Budi Said menggugat PT ANTAM dengan gugatan Perbuatan Melanggar Hukum. Seharusnya PT ANTAM tidak bertanggung gugat atas tidak dipenuhinya prestasi oleh Eksi Anggraeni kepada Budi Said.

This paper analyzes the laws and policies employed by the Puerto Rican government to address the economic and financial crisis that has been affecting Puerto Rico since 2005. This analysis is built upon the concept of the internal state of exception; a concept that aims to provide a better understanding of the correlation between neoliberalism, colonialism, economy, and law. This paper proposes: 1) a depiction of the state of exception and its uses as an economic and financial crisis management dispositive; 2) an exposition of the Puerto Rican government's uses of the internal state of exception as a dispositive to tackle the eco nomic and financial crisis between 2005 and 2016; and 3) an analysis of the uses of the inter nal state of exception by the Puerto Rican government in 2017. Thus, this paper reinterprets the uses of the state of exception as a strategy to manage economic and fiscal crises from a colonial and global south experience and proposes a new understanding of this legal and political paradigm.

Considering the law as a social phenomenon intrinsic to political economy is key to engaging the work in this new volume of scholarly articles edited by Professor Poul Kjaer – The Law of Political Economy: Transformation in the Function of Law (Cambridge University Press, 2020).  The book is relevant on many levels to the events unfolding around us including unresolved issues between the private and the public realms (e.g., think banking and government in relation to the Global Financial Crisis of 2008).  Current manifestations (post-book publication) include the ruling of the German Constitutional Court in May, which at core, appears to challenge the legitimacy of EU law for German financial interests.  However distant such regulatory and legal matters may, at first appear, the idea that theories ‘are reflected in our social relationships’ anchors a more general observation made in this book’s introductory chapter concerning theoretical architectures as differentiating ‘between a holistic or a differentiation-based worldview, that is, between an understanding of society as a whole, which is larger than the sum of its parts, or an understanding of society as a mere collection of differentiated parts.’
In this NBn episode, Professor Poul Kjaer distinguishes such concepts among others, and sets the context for those with an interest in learning about ‘the law and political economy’ as a field of study including an explanation of the differences between the European and American approaches to this field.  Some other points of elaboration include more detailed thoughts on his introductory chapter, his previous books dealing with governance and governing, corporatism’s many guises, intermediary institutions as key locations for social integration and dis-integration, the concept of crisis and how law regulates the economy and politics, with Georg Simmel, in a sense, underlying it all with the question: ‘how is society possible?’
Professor Kjaer explains key concepts and thinkers in this field as he provides a lay of the land as surveyed from the ‘Copenhagen School’.  He also shares his impressions with the book editing process, and some of the more foundational concepts and sources. The book brings ‘together an exceptional group of scholars’ providing a ‘novel conceptual framework for studying the role of law and legal instruments in political economy contexts, with a focus on historical transformations and central challenges in both European and global contexts’.  This volume’s many contributions cover legal subfields ‘ranging from competition and consumer protection law to labour and environmental law, giving a comprehensive overview of the central challenges of the law of political economy.’ It should be added that the 15 chapters are compellingly written, and the book is available in hardcover and Kindle.

Poul F. Kjaer is a professor at the Copenhagen Business School (CBS) in Denmark with a research focus on European and global governance, the law and political economy.

Il lavoro si propone di indagare, con l’intento di innovarne la prospettiva e gli strumenti di analisi, la disciplina della finanza pubblica collocandola nel più ampio dibattito sui presupposti, sulle forme e sui limiti dell’intervento pubblico nel contesto giuridico-istituzionale eurounitario.

Obiettivo del lavoro non è perciò quello di tracciare un quadro aggiornato delle disposizioni interne ed europee in materia di finanza pubblica quanto piuttosto a rimarcarne l’assoluta centralità ai fini della comprensione delle complesse dinamiche istituzionali e dei processi di trasformazione attualmente in atto e, con riferimento al potere condizionante che tali norme spiegano rispetto alle decisioni concernenti le scelte di intervento pubblico, a porne in luce la funzionalità rispetto al pieno spiegarsi del principio di sovranità popolare e al perseguimento stesso dei diritti fondamentali secondo il paradigma costituzionale garantista.

L’autore, ricorrendo ad un approccio metodologico giuseconomico che rinvia alla public choice e ai filoni dell’ordoliberalismo e della constitutional economics, suggerisce perciò una rilettura della disciplina della finanza pubblica e degli istituti posti a tutela degli interessi finanziari della collettività in termini strumentali rispetto alla costante ricerca di un equilibrio (sempre mutevole) tra sfera pubblica e sfera privata, in funzione della piena attuazione dell’ordinamento giuridico della società secondo i principi di libertà, responsabilità e sussidiarietà.

Da tale rilettura deriva la tesi secondo cui il richiamo contenuto nella costituzione europea alla razionalità economica – esemplificata nei principi della concorrenza (contenuto microeconomico), delle finanze pubbliche sane e della stabilità monetaria (contenuto macroeconomico) – implicherebbe un rafforzamento della sovranità popolare nei confronti dell’esercizio del potere politico-amministrativo, risultando l’efficienza dei processi decisionali pubblici, conseguibile attraverso regole in grado di prevenire e correggere le “disfunzioni” tipiche dello Stato pluriclasse e gli effetti distorsivi della ricerca del consenso, la condizione essenziale e sostanziale della tutela in concreto dei diritti fondamentali della persona. Questa prospettiva – che rinvia ad una visione rovesciata della sovranità e alla ricerca in concreto dell’efficienza dell’intervento pubblico dal punto di vista dell’appropriatezza dei mezzi rispetto ai fini perseguiti, a partire cioè dalle preferenze degli individui e sulla base di trasparenti operazioni di bilanciamento tra diritti e doveri costituzionali – rappresenta secondo l’autore la necessaria premessa per un ripensamento del diritto pubblico come trama discorsivo-razionale e dell’amministrazione stessa come argomentazione della sovranità popolare, a garanzia di quei diritti fondamentali della persona che l’ordinamento è chiamato a rendere effettivi in un quadro di costante interdipendenza tra ordine morale e sociale, ordine giuridico-economico e ordine giuridico-politico.

Corporate law, financial markets law and related policies as well as financial markets regulators play an important role in combating financial systemic risks and promoting viable financial markets globally. In this regard, Zimbabwe is not an exception. Over the years, Zimbabwe has been implementing a number of corporate and/or financial markets laws as well as related economic policies aimed at promoting economic growth and stable financial markets. However, it seems that corporate laws and financial markets-related laws and policies that have been flawed and inconsistently enforced by the relevant authorities in Zimbabwe to date. Owing to this, Zimbabwe has been confronted with a high rate of failed real output, high rates of unemployment, diminution of real wages, plummeting poverty levels, non-profitability of businesses, rampant bankruptcies and an ailing economy. To this end, financial laws and related policies implemented by the relevant authorities for the regulation of financial markets including the Ministry of Finance, Reserve Bank of Zimbabwe (RBZ) and Securities and Exchange Commission of Zimbabwe (SECZ) will be discussed. Against this background, this article recommends, inter alia, the adoption of a two-tier regulatory model of financial markets in Zimbabwe under the RBZ and other robust measures. Furthermore, it is hoped that the adoption of robust corporate and financial markets laws, good corporate governance standards and other good international best practices for the regulation of financial markets will enhance public investor confidence in the Zimbabwean financial markets and promote economic growth. 
Keywords: Public investor confidence, financial markets, economic growth, financial markets laws.

‘The idea of regulating the activities of MNEs through international law sounds attractive. Yet this idea is fraught with problems, since many people question the effectiveness of the international legal system in regulating powerful MNEs, many of which are more powerful economic entities than some smaller and weaker sovereign states.

After the self-criticism of Richard Posner (A failure of capitalism. The crisis of '08 and the descend to depression. Harvard University Press, Cambridge, 2009a and some later papers), a position shared in part by Gary Becker, it is right to ask what exactly remains of the Chicago School, which came into being in the early 1930s with Knight and made a name for itself in the 1980s as the new orthodoxy with Lucas (Reh) and Fama (Emh). The financial crisis has, in this sense, cast the debate between the Saltwater school (the American universities on the coast) and the Freshwater school (the universities near the Great Lakes, including Chicago) in a new light. This article traces the development of the Chicago School, the consolidation of conservative think-tanks (especially the Mont Pelerin Society whose members have included, among others, von Hayek and Friedman) and the more recent positions of the School, including some that are less organic (Diamond, Kashyap, Rajan, Zingales). At the centre of the debate is the question of the failures of the State vs the failures of the market and the role of institutions. On a methodological level the relationship between law and economics (L&E) is also in discussion, which leads to an interesting comparison between Chicago (again Posner, past and present) and Yale (Calabresi). After having described the echoes of the debate across the Atlantic (with particular reference to Italy), it will be asked if the anomalies that can be found in the consolidated paradigm (Reh, Emh, but also L&E) will lead to the abandonment of pre-constituted models in favour of a less rigid theoretical framework (Ike together with Keynes and the Chicagoan Knight, but also to a certain extent, von Hayek) or simply a pause for reflection.

Tesis de licenciatura presentada por Lutz Alexander Keferstein Caballero al sínodo respectivo de la Facultad de Derecho de la Universidad Nacional Autónoma de México, campus Aragón.
Primera tesis en la Historia de la Facultad de Derecho de la UNAM con un tema tan actual en aquel entonces, a sólo dos años de la entrada en vigor del TLC de América del Norte.
Dumping, prácticas desleales de comercio internacional y los páneles internacionales para dirimir diferencias.

This paper presents a classroom game in which students choose whether or not to comply with pollution regulations. By changing the level of monitoring and fines for noncompliance across periods, the game shows students how the probability and severity of enforcement affects incentives for compliance. The game can be adapted for settings other than environmental regulation and can be used in a variety of classes including regulation, law and economics, environmental economics, public economics, or the economics of crime. It can easily be conducted in a fifty-minute class period.