Institutional Competition between Common Law and Civil Law Theory an
This book addresses two countervailing challenges to theory and policy in law and economics. The first is the rise of legal origins theory, which denies the comparative law view of convergence between common law and civil law by the assertion of an econom
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Institutional Competition between Common Law and Civil Law Theory and Policy
Institutional Competition between Common Law and Civil Law
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Miche`le Schmiegelow • Henrik Schmiegelow Editors
Institutional Competition between Common Law and Civil Law Theory and Policy
Editors Miche`le Schmiegelow ISPOLE/CECRI/CRIDES Universite´ Catholique de Louvain Louvain-la-Neuve Belgium
Henrik Schmiegelow International Policy Analysis Gu¨strow Germany
ISBN 978-3-642-54659-4 ISBN 978-3-642-54660-0 (eBook) DOI 10.1007/978-3-642-54660-0 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2014941094 © Springer-Verlag Berlin Heidelberg 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Two countervailing trends have challenged scholars and policy makers in the debate about law and economics in the past two decades. The first was the emergence of legal origins theory in the late 1990s, which asserts the economic superiority of common law over civil law. The second, beginning simultaneously, was a sequence of crises of increasing magnitude in the very financial markets on which that assertion was based. Both trends seemed to unsettle cherished certainties about the rule of law and the proper institutional environmen
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