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Introducing Class Actions in Finland: an Example of Lawmaking without Economic Analysis

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  • Valimaki, Mikko

Abstract

Finnish 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.

Suggested Citation

  • Valimaki, Mikko, 2010. "Introducing Class Actions in Finland: an Example of Lawmaking without Economic Analysis," POLIS Working Papers 152, Institute of Public Policy and Public Choice - POLIS.
    • Handle: RePEc:uca:ucapdv:152
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    References listed on IDEAS

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    1. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
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    Cited by:

    1. Donatella Porrini & Giovanni B. Ramello, 2011. "Class action and financial markets: insights from law and economics," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(2), pages 140-160, May.

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    More about this item

    Keywords

    class actions; Finland; public choice;
    All these keywords.

    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; Revolutions

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