Can popular sovereignty and sovereign territory co-exist? Can we imagine a world in which sovereignty territory could, like property, be traded among countries while still respecting people's interest in self-determination? What if countries' right to territorial integrity were predicated on a...

Not enough kidneys are donated each year to satisfy the demand from patients who need them. Strong moral and legal norms interfere with market-based solutions. To improve the supply of kidneys without violating these norms, we propose legal reforms that would strengthen the incentive to donate...

Sovereign debt problems were once thought to be a third world affliction. They still are. But as events of the last two years have shown, undisciplined sovereign borrowing - and the complacent lending that it requires - is not exclusively a third world problem. For the first time in living...

A much-debated question in contract law scholarship is what the optimal measure of damages for breach should be. The casebook answer, drawing from the theory of efficient breach, is expectation damages. This standard answer, which was a major contribution of the law and economics field, has come...

For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...

A sovereign seeking to raise funds in the bond market may choose to issue the debt under either local or foreign parameters. This decision involves a tradeoff between the sovereign retaining discretion in managing the issue on the one hand and relinquishing control of the issue to third parties...

Contracts are inevitably incomplete. And standard-form or boilerplate commercial contracts are especially likely to be incomplete because they are approximations; they are not tailored to the needs of particular deals. Not only do these contracts contain gaps but, in an attempt to reduce...