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Market and Law

In: An Enquiry into the Ideology and Reality of Market and Market System

Author

Listed:
  • John Lepper

    (Lancaster University)

Abstract

The relationship of Market to law has two aspects. On the one hand, the coherence of Market requires widely accepted rules to govern the ownership and transfer of private property. Normally, the scope and wide acceptance of these rules is ascribed to their being part of common law. On the other, jurists argue that Market provides evidence and principles which can guide legal adjudication (Posner, 1986). Hence, legal adjudication based on Market precepts is dependent on the validity of the law of property and contract and Market is, in part, reliant upon legal judgements which are themselves the product of Market precepts.

Suggested Citation

  • John Lepper, 2011. "Market and Law," Palgrave Macmillan Books, in: An Enquiry into the Ideology and Reality of Market and Market System, chapter 3, pages 56-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-34680-2_4
    DOI: 10.1057/9780230346802_4
    as

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