Our chapter concerns how legal process can lead to efficient policies for fostering innovation and growth. Future innovation will depend at least as much on how laws are made as on a priori analyses of the optimal content of those laws. Of particular importance is whether U.S. choice of law and...

Investors do not physically hold their investment securities any more. Securities are held and transferred through a complex, sophisticated, and international network of financial intermediaries, including central securities depositories, investment banks, and brokers-dealers. Investors buy and...

The Constitution grants Congress the power to promote the progress of science and the useful arts through the intellectual property clause. Scholars and the courts understand “progress” to mean an increase in the creation and dissemination of copyrighted works and patented inventions It is...

Today’s marketplaces for creative products are anything but homogeneous. Products, actors, structure – virtually any market for products of the human mind (seen in light of potential copy-right protection) is unique and in flux. Yet, legal doctrine still offers a largely uniform level of...

Contemporary land grabbing issues often include large-scale land acquisitions by foreign and/or non-indigenous investors, land alienation from local communities, and the protection of rights, livelihoods, and culture of indigenous and local people in connection with their traditional usage of...

The development of cryptocurrency technology has been driven by a desire to create autonomous systems for carrying out digital transactions. The people who use them may neither seek nor want extraneous legal intervention. Property law is as much a kind of state intervention as all the more...

The rapid growth of the securitization market was a primary factor in the 2008 global financial crisis. This article explores the emergence and explosive growth of asset securitization in the period leading up to the recent crisis. Understanding this basic and pressing issue is vital for future...

The wide use of netting agreements is regarded as highly beneficial, both by financial market participants and by regulatory authorities. One might even say that some of the fundamental mechanisms used to govern modern markets (risk management, establishment of capital requirements) are...