Introducing Class Actions in Finland: an Example of Lawmaking without Economic Analysis
AbstractFinnish Parliament accepted in February 2007 a new law on class actions (literally group actions), which entered into force 1 October, 2008. The legislative process was particularly slow. Finland has been preparing a law on class actions since the early 1990s and this was - depending on the criteria of counting - the fourth try. Some fifteen years ago the idea of class actions was something new in Europe. Time passes quickly however, and the new Finnish law cannot be described as radical by any meaning of the word. Many European countries have changed their existing procedural codes and enacted new laws to make class action litigation possible. This article analyses the Finnish lawmaking process from comparative and economic policy viewpoints.
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Bibliographic InfoPaper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 152.
Length: 16 pages
Date of creation: Dec 2010
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Web page: http://polis.unipmn.it
class actions; Finland; public choice;
Find related papers by JEL classification:
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
- K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
- D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
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- Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
- Donatella Porrini & Giovanni B. Ramello, 2011.
"Class action and financial markets: insights from law and economics,"
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Emerald Group Publishing, vol. 3(2), pages 140-160, July.
- Ramello, Giovanni B. & Porrini, Donatella, 2010. "Class action and financial markets: Insights from law and economics," POLIS Working Papers 143, Institute of Public Policy and Public Choice - POLIS.
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