Market and Law

John Lepper
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John Lepper: Lancaster University

Chapter 3 in An Enquiry into the Ideology and Reality of Market and Market System, 2011, pp 56-65 from Palgrave Macmillan

Abstract: Abstract The relationship of Market to law has two aspects. On the one hand, the coherence of Market requires widely accepted rules to govern the ownership and transfer of private property. Normally, the scope and wide acceptance of these rules is ascribed to their being part of common law. On the other, jurists argue that Market provides evidence and principles which can guide legal adjudication (Posner, 1986). Hence, legal adjudication based on Market precepts is dependent on the validity of the law of property and contract and Market is, in part, reliant upon legal judgements which are themselves the product of Market precepts.

Keywords: Private Property; Labour Effort; Market System; Commercial Culture; Punitive Damage (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34680-2_4

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DOI: 10.1057/9780230346802_4

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