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

VIDEOS RELACIONADOS

Historia latinoamericana

Oportunidades en el campo de las Ciencias Políticas

Freedom at Work

UFM Market Trends: A Global Economics Newsletter

Are Guatemalan Students Typical Millenials?

¿Las teorías de Hayek y Keynes pueden ser compatibles?

Perú: Gobernando los bienes comunes contra el terrorismo

Mercado libre: ¿Se ha dado alguna vez?

Estructura lógica del objetivismo: la ética social

Plenary Session III, «Reflections on the Global Financial Crisis: Has Keynes Toppled Adam Smith?»

The Centenary of Ludwig von Mises’s Book on ‘Socialism’: Lessons Still Not Learned

¿Cómo es ser empresario en el 2020 y 2021? | UFM Talks

Entendiendo el cuidado de la salud en el área maya-cakchiquel

Ley de Extinción de Dominio: implicaciones para el sector empresarial

¿Se puede prevenir una urgencia oncológica en pediatría? | UFM Talks

IDEAS DE LA LIBERTAD

Suscríbete

Recibe cada semana vídeos educativos que alimentan tu mente.

Escríbenos

Escríbenos