In 2014, a Harvard law student wrote in an essay that the ‘most repeated word in my first year curriculum was not justice, or liberty, or order. It was efficiency’. This rather troubling observation reflects the way in which much modern legal scholarship approaches questions of law and financial regulation. Over the past few decades, lawyers have ceded much of the intellectual ground for legal and regulatory analysis to economists, and the line between law and financial regulation is becoming increasingly blurred. Because the principles of such laws are derived from ‘mainstream’ economic analysis, legal systems, particularly in the Anglo-American spheres, increasingly reflect what is taught in mainstream economics classrooms about the behaviour of financial markets.
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- Financial Regulation and Market (In)Efficiency
- Macmillan Education UK
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- Chapter 12