Different Legal Systems: Costs and Benefits

Transcript

00:00 |

Initial credits
00:30 |

Introduction: Alternative solutions to our problems
02:15 |

Definition of law
- Command theory of law
- Definition of Herbert Lionel Adolphus Hart
  - Primary rules of obligation
  - Secondary rules
    - Rules of recognition
    - Rules of adjudication
    - Rules of change
  - Legal system
- The purpose and consequences of making laws
  - Ways to pursue one's well-being
    - Cooperation
    - Taking wealth from other people
  - Encourages cooperation
  - Facilitates involuntary transfers
10:39 |

Different kinds of law
- Authoritarian law
- Customary law
13:13 |

The development of a customary law system
- The historical background of Lex mercatori
  - Economic situation in the 10th Century: The Commercial Revolution
  - Development of the merchant class
  - Development of an alternative to trust
- Medieval merchant law as a legal system
  - Rules of recognition
    - Incentives to recognize these laws
    - Threats in this system
  - Rules of adjudication
    - Establishment of a court
    - Necessity of having their own courts: credit
  - Rules of change
    - Dispute resolution
    - The extent of a contract
  - Standarization of commercial rule in Europe in the 11th century
- Customary law today in the international trade
  - Constrain the role of governments
  - Arbitration
  - Ostracism
31:28 |

Development of an authoritarian law system
- Incentives of the kings to monopolize law
- Limitations of the kings to impose law on commerce
- Measures made in order to impose law
  - Monopoly privileges
  - Limited entry to guilds
- Kind of making laws
  - Law of a competitor: Be fair
  - Law of a monopolist: Maintain control
- Accumulation of large colonial empires
  - Monitoring of merchandise: Control of commerce by the king
  - Consequences of this measure
  - Competition between the Parliament and the King in the 16th century
40:35 |

Alternatives to state law
- Alleged benefits for authoritarian law
  - Standarization argument
  - Law as a public good
- Costs of authoritarian law
  - Rent seeking costs
  - Rent avoidance costs
  - Creation of methods to avoid law
  - Enforcement costs
  - Uncertainty costs
  - Inefficient allocation of resources
48:06 |

Question and answer period
- How do customary and authoritarian law interact and develop in a country?
- With the approbation of the NAFTA, how many informal economy will be left aside and what benefits will they get?
56:43 |

Final credits

Different Legal Systems: Costs and Benefits

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