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Contractual nullification of economically-detrimental state-made laws

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  • Bruce Benson

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Abstract

An economy may remain robust in the face of efficiency-inhibiting state-made rules if individuals are able to establish effective sources of credibility that do not rely on the state. After explaining how non-state sources of trust and private recourse evolve to enhance credibility, examples of contracting around undesirable rules in United States are discussed. The potential for contractual nullification varies considerably, however, in part because of state action that limits civil-society and/or market activities. In many less robust economies, there are even more significant barriers to building private sources of trust and recourse, undermining the potential for contractual nullification. Copyright Springer Science + Business Media, Inc. 2006

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File URL: http://hdl.handle.net/10.1007/s11138-006-7346-3
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Bibliographic Info

Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 19 (2006)
Issue (Month): 2 (June)
Pages: 149-187

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Handle: RePEc:kap:revaec:v:19:y:2006:i:2:p:149-187

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Web page: http://www.springerlink.com/link.asp?id=100335

Related research

Keywords: ADR; Contractual nullification; Credibility; Customary law; Private recourse; Reputation; Trust;

References

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  1. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-40, September.
  2. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," The Journal of Legal Studies, University of Chicago Press, vol. 21(1), pages 115-57, January.
  3. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
  4. Cabral, Luís M B & Hortaçsu, Ali, 2004. "The Dynamics of Seller Reputation: Theory and Evidence from eBay," CEPR Discussion Papers 4345, C.E.P.R. Discussion Papers.
  5. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug..
  6. Benson, B., 1997. "To Arbitrate or to Litigate: That is the Question," Working Papers 1997_04_02, Department of Economics, Florida State University.
  7. Carl Shapiro, 1982. "Consumer Information, Product Quality, and Seller Reputation," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 20-35, Spring.
  8. Diamond, Douglas W, 1989. "Reputation Acquisition in Debt Markets," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 828-62, August.
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