Law and Markets in United States History: Different Modes of Bargaining Among Interests

Front Cover
The Lawbook Exchange, Ltd., 2001 - Business & Economics - 207 pages
The eminent legal scholar James Willard Hurst's sociological analysis of the relation between law and private business in relation to society at large Hurst argues that law and business support the same goals of efficiency and humanity, and examines their interrelationship toward that end in terms of ethical issues related to public policy, money supply, the impact of incremental change, inflation and deflation, monopoly and competition, and other economic factors. Based on Hurst's lectures at The University of Wisconsin in April, 1981. James Willard Hurst [1910-1997] is widely recognized as the father of modern American legal history. He taught at University of Wisconsin Law School. A prolific scholar and writer, Hurst's major works include The Growth of American Law: The Law Makers (1950), Law and The Conditions of Freedom in The Nineteenth-century United States (1956), Law and Economic Growth: The Legal History of the Wisconsin Lumber Industry 1835-1916 (1964), Law and Social Process in U.S. History (1960) and Law and Social Order in the United States (1977). CONTENTS Introduction: The Market, the Law, and Challenges of Scarcity Chapter 1 Law and the Constitution of the Market Chapter 2 The Market in Social Context Chapter 3 Bargaining through Law and through Markets Notes Sources Cited Index
 

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Contents

The Market the Law and Challenges of Scarcity
3
Law and the Constitution of the Market
9
Public Policy Reflections of the Primacy of the Market
10
The Qualified Legal Autonomy of the Market
22
Laws Contributions to Extension of the Market
34
The Law of Property and Contract in Support of Transactions
35
The Money Supply
40
Federalism
43
Business Concentration
72
Deflation and Inflation
77
Accounting for Gains and Costs Other Than by a Market Calculus
82
Bargaining through Law and through Markets
91
Command and Agreement Monopoly and Competition and the Constitutional Ideal
93
Legitimacy Conferred by Efficiency Merger of Characteristics of Law and the Market
98
Legitimacy Conferred by Service to Humane Life in Society
108
The Central Position of the Legislature
119

Corporations
47
The Market in Social Context
51
Market Characteristics at Odds with Commonwealth and Individual Values
54
Focus of Interests
55
A Monetized Calculus
57
The Weight of Incremental Change
60
The Market as an Instrument of Inequality in Power
63
Public Policy to Club SelfDestructive Tendencies in the Market
66
Mutuality
68
The Quality of Bargained Public Policy
131
The Focus of Interests
132
A Monetized Calculus
135
Incremental Change
136
Inequality of Power
138
Notes
145
Sources Cited
173
Index
193
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