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Erin A. O'hara & Larry E. Ribstein, The Law Market

Erin A. O'hara & Larry E. Ribstein, The Law Market Boo k Review ERI N A. O'HARA & LARRY E. RIBSTEIN, TH E LAW MARKET (Oxford Uni­ versity Press 2009)t Reviewed by Giesela Riihl* I. INTRODUCTION TO THE LAW MARKET What is a market? Definitions abound and differ in detail. How­ ever, they all agree that only goods and services are traded on market s and that only goods and services are subject to market forces. Law, in contrast, is perceived as th e framework that facilitates marke t transactions. Moreover, it is perceived to be th e result of dem­ ocratic processes and not of market forces. The theory of jurisdictional competition, however, tells us tha t this view of law and the creation of law might not be correct. According to this theory law comes into existence by way of marke t mechanisms, i.e., supply and demand. On the demand side, private actors look for legal surround­ ings that meet their needs. On the supply side, states try to offer wha t these actors want. The problem with the theory of jurisdictiona l competition is tha t it is for the most part jus t that—a theory. A theory, one must add, tha t has been vigorously http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Erin A. O'hara & Larry E. Ribstein, The Law Market

Rühl, Giesela
American Journal of Comparative Law , Volume 59 (3) – Jul 1, 2011
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Publisher
Oxford University Press
Copyright
© 2011 by The American Society of Comparative Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.5131/AJCL.2011.0005
Publisher site
See Article on Publisher Site

Abstract

Boo k Review ERI N A. O'HARA & LARRY E. RIBSTEIN, TH E LAW MARKET (Oxford Uni­ versity Press 2009)t Reviewed by Giesela Riihl* I. INTRODUCTION TO THE LAW MARKET What is a market? Definitions abound and differ in detail. How­ ever, they all agree that only goods and services are traded on market s and that only goods and services are subject to market forces. Law, in contrast, is perceived as th e framework that facilitates marke t transactions. Moreover, it is perceived to be th e result of dem­ ocratic processes and not of market forces. The theory of jurisdictional competition, however, tells us tha t this view of law and the creation of law might not be correct. According to this theory law comes into existence by way of marke t mechanisms, i.e., supply and demand. On the demand side, private actors look for legal surround­ ings that meet their needs. On the supply side, states try to offer wha t these actors want. The problem with the theory of jurisdictiona l competition is tha t it is for the most part jus t that—a theory. A theory, one must add, tha t has been vigorously

Journal

American Journal of Comparative Law – Oxford University Press

Published: Jul 1, 2011

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