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Realizing the centrality and power of law for coding capital has important implications for understanding the political economy of capitalism.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
who has access to and control over the legal code and its masters:
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
The most important ones are contract law, property rights, collateral law, trust, corporate, and bankruptcy law. These are the modules from which capital is coded. They bestow important attributes on assets and thereby privilege its holder: Priority, which ranks competing claims to the same assets; durability, which extends priority claims in time;
... See moreKatharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
at the frontiers where new capital rights are minted day by day in the offices of law firms, states take a back seat. But states provide the legal tools that lawyers use; and they offer their law enforcement apparatus to enforce the capital that lawyers have crafted.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
L’ingéniosité de Cortney consiste à considérer ce qui n’était pas envisagé comme un droit économique comme un aspect de la constitution économique du monde : l’argent devient un élément de propriété relevant de la sphère économique, qui transcende la juridiction politique. Dans son interprétation, le capital exige une protection, au titre des droit
... See moreQuinn Slobodian • Les Globalistes: Une histoire intellectuelle du néolibéralisme (French Edition)
Two legal systems dominate the world of global capital: English common law and the laws of New York State.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
For centuries, private attorneys have molded and adapted these legal modules to a changing roster of assets and have thereby enhanced their clients’ wealth. And states have supported the coding of capital by offering their coercive law powers to enforce the legal rights that have been bestowed on capital.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
They can code capital as they choose in domestic or foreign law by opting into another country’s contract law, or by incorporating their business in a jurisdiction that offers them the greatest benefits in the form of tax rates, regulatory relief, or shareholder benefits. Opting out of one and into a different legal regime leaves only a paper or di
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