The over-the-counter (OTC) derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This book, for the first time, analyses the regulatory response of the United Kingdom and the United States, the two largest centres of OTC derivatives transactions, and highlights their shortcomings. The book uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market. It specifically focuses on prudential supervision and conduct of business rules governing OTC derivatives transactions and the move towards enhancing the use of central clearing. The resulting analysis, from a normative risk based approach, suggests that the UK regime for CCPs does not fulfil what would be expected if a coherent risk based approach was taken. Our comments on the Dodd-Frank Act highlight that the incoherent adoption of risk-based approach to regulation affects the effectiveness of the US regime for CCPs. Such a regime does not follow the pace of events of 'innovation risk'; in particular, the foreseeable changes FinTech will bring to the OTCDM and central clearing services. The second inadequacy of the US regime concerns the dual regulatory structure of the CFTC and the SEC, and the inadequate adoption of different and not well-coordinated regulatory strategies. We also analyse the cross-border implications of the US regime for non-US CCPs that provide clearing services to US market participants. Finally, we study the negative effects of the absence of a clearly defined resolution regime for CCPs.

Customary law and traditional authorities continue to play highly complex and contested roles in contemporary African states. Reversing the common preoccupation with studying the impact of the post/colonial state on customary regimes, this volume analyses how the interactions between state and non-state normative orders have shaped the everyday practices of the state. It argues that, in their daily work, local officials are confronted with a paradox of customary law: operating under politico-legal pluralism and limited state capacity, bureaucrats must often, paradoxically, deal with custom - even though the form and logic of customary rule is not easily compatible and frequently incommensurable with the form and logic of the state - in order to do their work as a state. Given the self-contradictory nature of this endeavour, officials end up processing, rather than solving, this paradox in multiple, inconsistent and piecemeal ways. Assembling inventive case studies on state-driven land reforms in South Africa and Tanzania, the police in Mozambique, witchcraft in southern Sudan, constitutional reform in South Sudan, Guinea's long duree of changing state engagements with custom, and hybrid political orders in Somaliland, this volume offers important insights into the divergent strategies used by African officials in handling this paradox of customary law and, somehow, getting their work done.

What is objectivity? What is the rule of law? Are the operations of legal systems objective? If so, in what ways and to what degrees are they objective? Does anything of importance depend on the objectivity of law? These are some of the principal questions addressed by Matthew H. Kramer in this lucid and wide-ranging study that introduces readers to vital areas of philosophical enquiry. As Kramer shows, objectivity and the rule of law are complicated phenomena, each comprising a number of distinct though overlapping dimensions. Although the connections between objectivity and the rule of law are intimate, they are also densely multi-faceted.

Economic Principles of Law, first published in 2007, applies economics to the doctrines, rules and remedies of the common law. In plain English and using non-technical analysis, it offers an introduction and exposition of the 'economic approach' to law - one of the most exciting and vibrant fields of legal scholarship and applied economics. Beginning with a brief history of the field, it sets out the basic economic concepts useful to lawyers, and applies these to assess the core areas of the common law - property, contract, tort and crime - with particular emphasis on their doctrinal structure and remedies. This is done using leading cases drawn from the birthplace of the common law (England & Wales) and other common law jurisdictions. The book serves as a primer to the wider use of economics which has become increasingly important for law students, lawyers, legislators, regulators and those concerned with our legal system generally.

Is it lawful to shed the blood of someone who insults the Prophet Muhammad? Does the Qu'ran stipulate a worldly punishment for apostates? This book tells the gripping story of R�fiq Taqī, an Azerbaijani journalist and writer, who was condemned to death by an Iranian cleric for a blasphemous news article in 2006. Delving into the Qu'ran and Hadith - the most sacred sources for all Muslims - Mohsen Kadivar explores the subject of blasphemy and apostasy from the perspective of Shi'a jurisprudence to articulate a polarisation between secularism and extremist religious orthodoxy. In a series of online exchanges, he debates the case with Muhammad Jawad Fazel, the son of Grand Ayatollah Fazel Lankar�nī who issued the fatwa pronouncing death penalty on Taqī. While disapproving of the journalist's writings, Kadivar takes a defensive stance against vigilante murders and asks whether death for apostasy reflects the true spirit of Islam.

This major addition to Ideas in Context examines the development of natural law theories in the early stages of the Enlightenment in Germany and France. T. J. Hochstrasser investigates the influence exercised by theories of natural law from Grotius to Kant, with a comparative analysis of the important intellectual innovations in ethics and political philosophy of the time. Hochstrasser includes the writings of Samuel Pufendorf and his followers who evolved a natural law theory based on human sociability and reason, fostering a new methodology in German philosophy. This book assesses the first histories of political thought since ancient times, giving insights into the nature and influence of debate within eighteenth-century natural jurisprudence. Ambitious in range and conceptually sophisticated, Natural Law Theories in the Early Enlightenment will be of great interest to scholars in history, political thought, law and philosophy.

'If Henriques were a fictional character, he would be a celebrity, the kind of dashing, hawkish QC who turns up in Agatha Christie novels and is recognised by everybody... There is an undeniable, lawyerly authenticity about Henriques's book. He takes us meticulously through his cases... It is fascinating to read.' - Dominic Sandbrook, Sunday Times Sir Richard Henriques has been centre stage in some of the most high-profile and notorious cases of the late 20th and early 21st centuries. After taking silk in 1986, over the course of the next 14 years he appeared in no fewer than 106 murder trials, including prosecuting Harold Shipman, Britain's most prolific serial killer, and the killers of James Bulger. In 2000 he was appointed to the High Court Bench and tried the transatlantic airline plot, the Morecambe Bay cockle pickers, the killing of Jean Charles de Menezes, and many other cases. He sat in the Court of Appeal on the appeals of Barry George, then convicted of murdering Jill Dando, and Jeremy Bamber, the White House Farm killer. In From Crime to Crime he not only recreates some of his most famous cases but also includes his trenchant views on the state of the British judicial system; how it works - or doesn't - and the current threats to the rule of law that affect us all.

The rule of law is the most important political ideal today, yet there is much confusion about what it means and how it works. This 2004 book explores the history, politics, and theory surrounding the rule of law ideal, beginning with classical Greek and Roman ideas, elaborating on medieval contributions to the rule of law, and articulating the role played by the rule of law in liberal theory and liberal political systems. The author outlines the concerns of Western conservatives about the decline of the rule of law and suggests reasons why the radical Left have promoted this decline. Two basic theoretical streams of the rule of law are then presented, with an examination of the strengths and weaknesses of each. The book examines the rule of law on a global level, and concludes by answering the question of whether the rule of law is a universal human good.

This book offers original contributions to the debate over the issue of equality of opportunity. Lesley Jacobs sets out a theory of equality of opportunity that presents equal opportunities as a normative device for the regulation of competition for scarce resources. He then considers the practical ways that courts, legislatures or public policy makers can address racial, class or gender injustices. Jacobs examines standardized tests, affirmative action, workfare, universal health-care, comparable worth, and the economic consequences of divorce in this context.

Little attention has been paid to the development of Australian private law throughout the first half of the twentieth century. Using the law of tort as an example, Mark Lunney argues that Australian contributions to common law development need to be viewed in the context of the British race patriotism that characterised the intellectual and cultural milieu of Australian legal practitioners. Using not only primary legal materials but also newspapers and other secondary sources, he traces Australian developments to what Australian lawyers viewed as British common law. The interaction between formal legal doctrine and the wider Australian contexts in which that doctrine applied provided considerable opportunities for nuanced innovation in both the legal rules themselves and in their application. This book will be of interest to both lawyers and historians keen to see how notions of Australian identity have contributed to the development of an Australian law.

Koskenniemi traces the emergence of a liberal sensibility relating to international matters in the late 19th century, and its subsequent decline after the Second World War. He combines legal analysis, historical and political critique and semi-biographical studies of key figures, including Hersch Lauterpacht, Carl Schmitt and Hans Morgenthau. Finally, his discussion of legal and political realism at American law schools ends in a critique of post-1960 "instrumentalism". This wide-ranging study provides a unique reflection on the future of critical international law.

According to the natural law account of practical rationality, the basic reasons for actions are basic goods that are grounded in the nature of human beings. Practical rationality aims to identify and characterize reasons for action and to explain how choice between actions worth performing can be appropriately governed by rational standards. Natural Law and Practical Rationality is a defense of a contemporary natural law theory of practical rationality, demonstrating its inherent plausibility and engaging systematically with rival egoist, consequentialist, Kantian and virtue accounts.

Advocates of restorative justice question the state's ability to deliver satisfactory justice. This provocative volume looks at the flourishing restorative justice movement and considers the relationship between restorative justice and civil society. Genuinely international, it addresses aspects of civil society including schools, families, churches and private workplaces and considers broader issues such as democracy, human rights, access and equity. It presents the ideals of restorative justice so that victims, offenders, their families and communities might have more representation in the justice process.

In this now classic text, December Green and Laura Luehrmann show how history, economics, and politics converge to create the realities of life in the Global South. The authors offer an innovative blend of theory and empirical material as they introduce the politics of what was once called the “third world.� They consistently link theoretical concepts to a set of eight contemporary case studies: China, Egypt, Indonesia, Iran, Mexico, Nigeria, Peru, and Zimbabwe. Features of the fourth edition, revised and updated from cover to cover, include: • An entirely new case study, Egypt. • Analysis of the status of regime transitions around the world. • A “report card� on the Millennium Development Goals. • Attention to the UN Global Goals for Sustainable Development and the New Development Bank. • More discussion of contentious politics, social mobilization and everyday forms of resistance. • New material on such continuing challenges as migration, human trafficking, weapons proliferation, pandemic diseases, and the impact of climate change. • An assessment of continuity and change in `international relations, with particular attention to policies during the Obama presidency and the significance for the Global South of the new US administration. The result is a text that has been successfully designed to challenge students’ preconceptions, arouse their curiosity, and foster critical thinking.  

The democratic legal system created by the Athenians was completely controlled by ordinary citizens, with no judges, lawyers, or jurists involved. It placed great importance on the litigants’ rhetorical performances. Did this make it nothing more than a rhetorical contest judged by largely uneducated citizens that had nothing to do with law, a criticism that some, including Plato, have made? Michael Gagarin argues to the contrary, contending that the Athenians both controlled litigants’ performances and incorporated many other unusual features into their legal system, including rules for interrogating slaves and swearing an oath. The Athenians, Gagarin shows, adhered to the law as they understood it, which was a set of principles more flexible than our current understanding allows. The Athenians also insisted that their legal system serve the ends of justice and benefit the city and its people. In this way, the law ultimately satisfied most Athenians and probably produced just results as often as modern legal systems do. Comprehensive and wide-ranging, Democratic Law in Classical Athens offers a new perspective for viewing a legal system that was democratic in a way only the Athenians could achieve.

The essays in this collection use interdisciplinary perspectives to investigate issues in international and comparative law, primarily employing theoretical or empirical economics. They demonstrate that the economic analysis of law has much to contribute to the study of international matters, despite the fact that mainstream international legal scholars and economists have had relatively little interaction. The essays take comparative or empirical approaches to explore themes in international trade, trade and the environment, law and development, the political economy of privatization and exchange rate policies, economic theories of international institutional design, immigration policy, comparative bankruptcy, international antitrust, and extraterritorial jurisdiction.

The essays in this collection use interdisciplinary perspectives to investigate issues in international and comparative law, primarily employing theoretical or empirical economics. They demonstrate that the economic analysis of law has much to contribute to the study of international matters, despite the fact that mainstream international legal scholars and economists have had relatively little interaction. Original versions of the essays were presented at a conference sponsored by Duquesne and George Mason Universities in the Spring of 1995, and some essays are followed by comments from conference participants.

This volume of essays celebrates 21 years of research by the Centre for Socio-Legal Studies in Oxford. Socio-legal studies in the United Kingdom was pioneered by the Oxford Centre, with the support of the Economic and Social Research Council and the University of Oxford. Over the course of 21 years, the Centre has produced major and innovative studies in a number of areas including: regulation, family policy, law and psychology, law and economics, and business and the law. While the face of socio-legal studies has changed over 21 years, the Oxford Centre remains at the heart of the field and will continue to provide leadership and inspiration to others working within it.This book brings together the reflections of leading scholars from around the world on the life and work of the Oxford Centre. They record how the pioneering studies carried out by the Centre have become a bench-mark for researchers, and how the discipline of socio-legal research has developed. The scholars writing in this volume pay tribute to the achievements of the Oxford Centre and its role in developing the subject of Socio-Legal Studies. The contributors are Paul Rock, Anthony Ogus, William Twining, Robert Cooter, Maureen Cain, Shari Diamond, Volkmar Gessner, Andras Sajo, Peter Fitzpatrick, Richard Abel, Michael Faure, Geoffrey Stephenson, Robert Kagan, and Stewart Macaulay.

Legal Naturalism advances a clear and convincing case that Marx's theory of law is a form of natural law jurisprudence. It explicates both Marx's writings and the idea of natural law, and makes a forceful contribution to current debates on the foundations of law. Olufemi Taiwo argues that embedded in the corpus of Marxist writing is a plausible, adequate, and coherent legal theory. He describes Marx's general concept of law, which he calls "legal naturalism." For Marxism, natural law isn't a permanent verity; it refers to the basic law of a given epoch or social formation which is an essential aspect of its mode of production. Capitalist law is thus natural law in a capitalist society and is politically and morally progressive relative to the laws of preceding social formations. Taiwo emphasizes that these formations are dialectical or dynamic, not merely static, so that the law which is naturally appropriate to a capitalist economy will embody tensions and contradictions that replicate the underlying conflicts of that economy. In addition, he discusses the enactment and reform of "positive law"-law established by government institutions-in a Marxian framework.

From the sprawling remnants of the Soviet empire to the southern tip of Africa, attempts are underway to replace arbitrary political regimes with governments constrained by the rule of law. This ideal which subordinates the wills of individuals, social movements--and even, sometimes, democratically elected majorities--to the requirements of law, is here explored by leading legal and political thinkers.

Part I of "The Rule of Law" examines the interplay of democracy and the rule of law, while Part II focusses on the centuries-old debate about the meaning of the rule of law itself. Part III takes up the constraints that rationality exercises on the rule of law. If the rule of law is desirable partly because it is rational, then departures from that rule might also be desirable in the event that they can be shown to be rational. Part IV concentrates on the limits of the rule of law, considering the tensions between liberalism and the rule of law which exist despite the fact that reasoned commitment to the rule of the law is preeminently a liberal commitment.
Contributing to the volume are: Robert A. Burt (Yale University), Steven J. Burton (University of Iowa), William N. Eskridge, Jr. (Georgetown University), John Ferejohn (Stanford University), Richard Flathman (Johns Hopkins University), Gerald F. Gaus (University of Minnesota, Duluth), Jean Hampton (University of Arizona), Russell Hardin (University of Chicago), James Johnson (University of Rochester), Jack Knight (Washington University), Stephen Macedo (Harvard University), David Schmidtz (Yale University), Lawrence B. Solum (Loyola Marymount University), Michael Walzer (Princeton University), Catherine Valcke (University ofToronto), and Michael P. Zuckert (Carleton College).

What happens when authorities you venerate condone something you know is wrong? Every major religion and philosophy once condoned or approved of slavery, but in modern times nothing is seen as more evil. Americans confront this crisis of authority when they erect statues of Founding Fathers who slept with their slaves. And Muslims faced it when ISIS revived sex slavery, justifying it with verses from the Quran and the practice of Muhammad. Exploring the moral and ultimately theological problem of slavery, Jonathan A.C. Brown traces how the Christian, Jewish and Islamic traditions have tried to reconcile modern moral certainties with the infallibility of God’s message. He lays out how Islam viewed slavery in theory, and the reality of how it was practiced across Islamic civilization. Finally, Brown carefully examines arguments put forward by Muslims for the abolition of slavery.

Countries emerging from violent conflict face difficult challenges about what the role of media should be in political transitions, particularly when attempting to build a new state and balance a difficult legacy. Media, Conflict, and the State in Africa discusses how ideas, institutions and interests have shaped media systems in some of Africa's most complex state and nation-building projects. This timely book comes at a turbulent moment in global politics as waves of populist protests gain traction, and concerns continue to grow about fake news, social media echo chambers, and the increasing role of both traditional and new media in waging wars or influencing elections. Focusing on comparative cases from a historical perspective and the choices and ideas that informed the approaches of some of Africa's leaders, including guerrilla commanders Yoweri Museveni of Uganda and Meles Zenawi of Ethiopia, Nicole Stremlau offers a unique political insight into the development of contemporary media systems in Africa.

This text is volume III of a five-volume reference work that surveys the entire literature on law and economics. The entries consist of two elements: a review of the literature by an authority in the field and a bibliography which covers most of the published material in the particular area.

Uncovers the relationship between early modern natural law ideas and conceptions of the origins of politicsReforming the Law of Nature is a stimulating study of the development of natural law ideas in the early modern period. The book brings sixteenth and seventeenth century jurisprudence, theology and political philosophy into conversation with one another to explore the ways in which developments in political thought in the Reformed Protestant tradition affected the emergence of a secular understanding of political life.

What makes Israeli law Israeli? Why is the word 'Jewish' almost entirely absent from Israeli legislation? How did Israel succeed in eluding a futile and dangerous debate over identity, and construct a progressive, independent, original and sophisticated legal system? Law and Identity in Israel attempts to answer these questions by looking at the complex bond between Zionism and the Jewish culture. Forging an original and 'authentic' Israeli law that would be an expression and encapsulation of Israeli-Jewish identity has been the goal of many Jewish and Zionist jurists as well as public leaders for the past century. This book chronicles and analyzes these efforts, and in the process tackles the complex meaning of Judaism in modern times as a religion, a culture, and a nationality. Nir Kedar examines the challenges and difficulties of expressing Judaism, or transplanting it into, the laws of the state of Israel.