An Introduction to Great Debates in Commercial and Corporate Law (Andrew Johnston and Lorraine Talbot) |
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xxii | |
Author Biographies |
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xxv | |
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1 Contract Law as Regulation: Relational and Formalist Approaches |
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1 | (1) |
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Debate 1 Contract law as regulation: Choice of miles |
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1 | (1) |
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2 | (1) |
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`Mandatory' or `Immutable Rales' |
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2 | (2) |
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`Default Rales': A Wider Project |
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4 | (2) |
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Debate 2 Which institutions should be responsible far regulating contract? |
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6 | (1) |
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6 | (1) |
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7 | (1) |
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8 | (3) |
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Debate 3 Should the law embrace relational contract or the `new formalism'? |
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11 | (1) |
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Traditional Contract Law: Formal and Individualistic |
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11 | (1) |
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`Relational Contract': The Challenge to Orthodoxy |
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12 | (3) |
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The `Neoformalist' Response |
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15 | (1) |
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Evidence from Practice: What Do Sophisticated Parties Choose? |
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16 | (2) |
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Synthesis: Pluralist Contract Law(s) |
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18 | (2) |
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20 | (1) |
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2 The Common Law of Contract: Essential or Expendable? |
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21 | (1) |
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21 | (3) |
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Indications of Contract Law Decline |
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24 | (1) |
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(a) Contract Law or Social Norms? |
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24 | (2) |
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(b) Private Ordering as a Replacement for Public Regulation |
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26 | (2) |
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(c) The Ascendancy of Contractualisation and the Retreat of Common Law |
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28 | (3) |
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Does Formalism Risk Contract Law Redundancy? |
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31 | (1) |
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(a) Freedom of Contract and Judicial Abdication of Responsibility |
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31 | (2) |
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(b) Contract Law as a Product in the Market for Law |
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33 | (2) |
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(c) Contract Law Futures: Blockchains and Smart Contracting |
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35 | (5) |
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40 | (2) |
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42 | (1) |
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3 Labour Law and Practices: Workers Paying the Price for Capitalist Failure? |
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43 | (1) |
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43 | (1) |
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Are Company Law and Corporate Governance Separate and Unrelated to Labour Law? |
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44 | (3) |
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Does Our Corporate Governance Framework Encourage Risks to Be Passed to Labour? |
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47 | (1) |
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Does the Narrow Scope of Corporate Governance Encourage Greater Reliance on Precarious Labour? Is Precarious Labour a New Phenomenon and Is It a Problem? |
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48 | (7) |
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Does Labour Law Adequately Protect Labour from the Consequences of Corporate Governance? |
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55 | (3) |
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What Reforms Should Be Introduced to Protect Labour? Should They Be Labour Law Reforms or Corporate Governance Reforms or Both? Is a Political Shift Necessary? |
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58 | (3) |
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61 | (1) |
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4 A Good Idea Gone Bad. Can We Still Justify Patent Monopolies? |
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62 | (1) |
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62 | (1) |
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62 | (1) |
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Effects Upon the Global South |
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63 | (1) |
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Debate: Inventions Defy Delineation |
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63 | (3) |
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Debate: Individual Incentives Promotes the Innovation Society Needs |
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66 | (3) |
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69 | (1) |
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Incentivising Pharmaceutical Development |
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69 | (1) |
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70 | (1) |
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70 | (1) |
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71 | (2) |
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The `Evergreening* of Patents |
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73 | (2) |
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Debate: Patentees Should Be Free to Fully Exercise Their Mofwpoly Rights |
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75 | (3) |
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The Phenomenon of the Troll -- A Natural Consequence of the Market |
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78 | (1) |
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Debate: The Imposition of a Patent System upon the Global South is new Colonialism |
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79 | (2) |
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81 | (1) |
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The Impact on Public Health |
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81 | (1) |
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Conchisions: Do Patents Have Social Value? |
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82 | (1) |
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83 | (2) |
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5 Is Trade Mark Law Fit for Purpose? |
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85 | (1) |
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85 | (1) |
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Why Do We Protect Trade Marks? |
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86 | (2) |
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The Expansion of Trade Mark Subject Matter |
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88 | (2) |
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The Expansion of Rights and Remedies |
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90 | (4) |
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Two More Fundamental Problems |
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94 | (4) |
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Problems with the Brand Protection Limb |
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98 | (5) |
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103 | (3) |
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106 | (1) |
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106 | (2) |
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6 Copyright and Invisible Authors: A Property Perspective |
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108 | (1) |
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108 | (2) |
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110 | (1) |
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A The Problem of Allocating Ownership: Existential and Evidentiary Issues |
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110 | (2) |
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B The Problem of Unaware Authors |
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112 | (3) |
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115 | (1) |
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A Conceptualising Ownership Problems |
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115 | (1) |
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B Legal and Non-legal Solutions to the Orphaned Works Problem |
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116 | (4) |
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C Is It Time to Re-introduce Copyright Formalities? |
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120 | (1) |
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D Should We Treat the Proprietary Nature of Copyright More Seriously ? |
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121 | (2) |
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123 | (1) |
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124 | (2) |
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7 Shareholders and Directors: Entitlements, Duties and the Expansion of Shareholder Wealth |
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126 | (1) |
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126 | (1) |
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Debate 1 History shows us that the legal structuring of companies freed shareholders from the charge of exploitation previously levelled at industrial owners |
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127 | (7) |
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Debate 2 Directors' duties arise from shareholder entitlement |
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134 | (3) |
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Debate 3 The claim that shareholders are entitled to company wealth depends on political context -- Ideas are important |
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137 | (5) |
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Debate 4 Addressing the `agency problem' relies on shareholder value and shareholder governance -- both are regressive |
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142 | (3) |
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145 | (1) |
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146 | (1) |
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8 Debating Theories of the Company and Separate Corporate Personality |
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147 | (1) |
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147 | (1) |
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Debate 1 Is the company a public or private entity? |
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148 | (1) |
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a The `Public' Conception of the Company |
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149 | (2) |
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b The `Private' Conception of the Company |
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151 | (2) |
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Debate 2 Are companies capable of social or ethical responsibilities? |
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153 | (1) |
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a Companies Are Not Capable of Social or Ethical Responsibilities |
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154 | (2) |
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b Companies Are Capable of Social or Ethical Responsibilities |
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156 | (2) |
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Debate 3 Can a single theory explain or predict patterns of company law? |
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158 | (1) |
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a The Fiction Theory in Law |
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159 | (1) |
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b Real Entity Theory in Law |
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159 | (3) |
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c Contractarian Theory in Law |
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162 | (1) |
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163 | (1) |
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164 | (1) |
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9 Hostile Takeovers: Corporate Governance Solution or Social Cost? |
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165 | (1) |
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165 | (1) |
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Takeovers Are Simply Transfers of Shares |
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165 | (2) |
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Takeovers Involve More Than Simply Share Transfers |
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167 | (1) |
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A Transfers of Corporate Became Possible Because of Historic Regulatory and Policy Choices |
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167 | (3) |
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B Takeover, Solve a Corporate Governance Issue: The `Agency' Problem |
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170 | (5) |
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Takeovers Create Social Costs, Encourage Short-Termism and Allow the Breach of Implicit Contracts |
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175 | (3) |
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Employees Receive some Protection from the Takeover Code |
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178 | (2) |
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What Would Reform Look Like and Is It Likely? |
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180 | (3) |
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183 | (1) |
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184 | (1) |
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10 The Taxonomy of Taxation |
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185 | (1) |
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185 | (1) |
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Debate 1 Why do governments tax? |
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186 | (3) |
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Debate 2 How do we justify a particular tax system? |
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189 | (1) |
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190 | (3) |
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193 | (1) |
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Raivls's Theory of Justice |
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194 | (2) |
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Debate 3 How do we design the elements of a tax system? |
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196 | (1) |
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Components of a Tax System |
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197 | (1) |
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198 | (1) |
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199 | (2) |
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Debate 4 What could a modern corporate tax system look like? |
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201 | (1) |
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201 | (2) |
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203 | (2) |
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205 | (1) |
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206 | (1) |
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11 The Law and Regulation of Banks and Money |
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207 | (1) |
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207 | (1) |
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207 | (1) |
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The Conventional Approach in Law |
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207 | (1) |
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Getting Deeper into Banking Regulation |
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208 | (1) |
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A Different View of Money |
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209 | (3) |
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What Is the Function of Bank Reserves? |
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212 | (1) |
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So How Does the Central Bank Control the Supply of Money to the Economy? |
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213 | (1) |
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Why Is the Financial System Unstable? |
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213 | (1) |
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Why Are Banks So Unstable? |
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214 | (1) |
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Can Banking Regulation Help Protect the Public Against the Financial Instability Caused by Banks? |
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215 | (2) |
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The Problem of Asset Price Bubbles |
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217 | (3) |
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How Should the State Respond to Economic Downturns? |
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220 | (1) |
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From Kevnesianism to Austerity |
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220 | (2) |
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Is Fiscal A usterity Really Necessary ? |
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222 | (2) |
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If Fiscal Policy Is Ruled Out, What Can Still Be Done by the State When There Is an Economic Downturn? |
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224 | (1) |
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225 | (1) |
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226 | (1) |
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12 Financial Regulation and Market (In)Efficiency |
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227 | (1) |
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227 | (2) |
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The Relationship Between Law and Financial Regulation: The Mainstream Approach |
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229 | (3) |
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How Efficient Market Theory Informs Financial Regulation |
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232 | (2) |
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The EMH and the RIM Are Flawed |
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234 | (4) |
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Minsky's Financial Instability Hypothesis |
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238 | (3) |
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Implications of Minskyan Financial Dynamics |
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241 | (4) |
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245 | (1) |
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246 | (1) |
Index |
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247 | |