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.

The Sociology of Law offers a distinctive view of contemporary law in Western societies and provides a clear analytical framework for the study of the diverse literature relating to its field. This new edition has been enlarged and re-written to take account of recent theoretical literature, changes of emphasis in interpretation and new research on legal practice, dispute processing and law enforcement since the last edition appeared in 1984.

What is the founding relationship between Kant s general principle of rational law and his categorical imperative? On the one hand, Mosayebi answers this question by showing how Kant consistently developed the general principle of law from his moral philosophy. On the other hand, he demonstrates those transcendental critical moments that characterize this principle in contrast to the categorical imperative."

The core of this book is a novel theory of distributive justice premised on the fundamental moral equality of persons. In the light of this theory, Eric Rakowski considers three types of problem which urgently require solutions - the distribution of resources, property rights, and the saving of life - and provides challenging and unconventional answers. Further, he criticizes the economic analysis of law as a normative theory, and develops an alternative account of tort and property law. Among the topics discussed are the principles by which earnings, wealth, and gifts should be taxed; whether the compulsory removal of organs for transplantation can be justified; how doctors and public officials should make life-or-death decisions when all those endangered cannot be helped in equal measure; and the morality of killing human beings and non-human animals.

In this set of three essays, originally presented as the 2006 Hamlyn Lectures, Sir Francis Jacobs tries to address some basic questions. What is the function of law today? How has it developed so that it now seems sometimes the final arbiter on social, ethical and political questions? How does law relate to various values - how, for example, does it reflect social values, and how does it influence those values? With three main themes, each chapter looks at law in relation to a different set of values. The first might be termed constitutional values; the second, social or societal values; the third, law and economy, looking at different economic systems. In addressing these themes, the book will look 'horizontally' at different legal systems starting from law and the State, but will point to the need for, and the advantages and disadvantages of, a wider dimension in some areas.

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.

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.

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.

To honour this great scholar, this book gathers essays from admirers and friends who add their own contributions on legal pluralism, transnationalism and culture in Asia. The book opens with an account of M.B. Hooker colourful and prolific career. The authors then approach legal pluralism through legal theory, legal anthropology, comparative law, law and religion, constitutional law, even Islamic art, thus reflecting the broad approaches of Professor Hooker's scholarship. While most of the book focuses mainly on Southeast Asia, it also reaches out to all of Asia up to Israel, and even includes a chapter comparing Indonesia and Egypt.

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.

A liberal state is a representative democracy constrained by the rule of law. Richard Posner argues for a conception of the liberal state based on pragmatic theories of government. He views the actions of elected officials as guided by interests rather than by reason and the decisions of judges by discretion rather than by rules. He emphasizes the institutional and material, rather than moral and deliberative, factors in democratic decision making.

Posner argues that democracy is best viewed as a competition for power by means of regular elections. Citizens should not be expected to play a significant role in making complex public policy regarding, say, taxes or missile defense. The great advantage of democracy is not that it is the rule of the wise or the good but that it enables stability and orderly succession in government and limits the tendency of rulers to enrich or empower themselves to the disadvantage of the public. Posner's theory steers between political theorists' concept of deliberative democracy on the left and economists' public-choice theory on the right. It makes a significant contribution to the theory of democracy--and to the theory of law as well, by showing that the principles that inform Schumpeterian democratic theory also inform the theory and practice of adjudication. The book argues for law and democracy as twin halves of a pragmatic theory of American government.

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.

Consumer protection law in the age of globalization poses new challenges for policy makers. This book provides an international perspective on consumer law and the difficulties encountered by consumers in search of practical remedies and solutions for defective products and services. Leading scholars outline the key problems faced by legislators in different countries seeking to adapt consumer laws to the global marketplace. Topics include standard form contracts; the legal challenges posed by mass infection (such as mad-cow disease and CJD); consumers and services; consumer bankruptcy law; and cross-border transactions.

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.

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.

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.

This volume provides an introduction to the United Kingdom's constitution that recognises and embraces its historical, social, political, and legal dimensions. It critically examines the radical changes to the UK constitution that have occurred over the last thirty years, paying particular attention to the revival of the constituent territories of the UK - Wales, Scotland, Northern Ireland, and England - and to the increasing role played by the judges in constitutional disputes. The UK constitution is presented as being shaped by a set of constitutional principles, including state sovereignty, separation of powers, democracy, subsidiarity, and the rule of law, principles which set the overall structure of the constitution and inform statutes and the decisions of judges. Adopting a principled approach to the UK constitution allows us to see both the clarity of the constitution's structure and also helps explain its complexities.

This book discusses the various judicial procedures available for remedying wrongs, whether against the state or the individual, in ancient Athens. It begins by identifying and describing the specific functions of the different judicial organs provided by the state to make and enforce judicial decisions. Among these are the magistrates, which are further classified into the archons, the Eleven, the Forty, the eisagogeis, and the nautodikai and the xenodikai. Other organs include the street and market officials, the apodektai, the accounting officers, the military officers, the extraordinary officers, and the demarchs. Cases were settled in homicide courts, the diskasteries, and the ekklesia and the boule. The state also allowed the use of private and public arbitrators, who were subject to certain rules laid down by the state and whose decisions were deemed legally binding. The book then traces the development of the concept of process at law in Athens during the classical period. This period saw the introduction of such concepts as the heliaia, special pleas, documentary evidences, and witness testimonies. Different types of suits and procedural remedies also were made available to Athenians who were wronged and seeking redress. In the final chapter, particular focus is given to the special court proceedings for public wrongs brought before a dikastery by a person seeking redress for an improper administrative act of a magistrate or a public body or seeking a final decision on a person's legal qualification to enter upon some particular status.

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.

This one-stop introduction gives you an overview of Scotland's mixed legal system, from its historical roots to how the judicial system works today. The fourth edition is fully updated to cover the latest legislation, rules, case law and the Carloway and Bowen Reviews, and also covers the 2017 general election, the 2016 Scottish Parliament elections, the 2014 Independence Referendum, the Scotland Act 2016; Article 50 and the EU (Withdrawal Agreement) Bill.

"One of the most important contributions to the field of contract theory-if not the most important-in the past 25 years." -Stephen A. Smith, McGill University Can we account for contract law on a moral basis that is acceptable from the standpoint of liberal justice? To answer this question, Peter Benson develops a theory of contract that is completely independent of-and arguably superior to-long-dominant views, which take contract law to be justified on the basis of economics or promissory morality. Through a detailed analysis of contract principles and doctrines, Benson brings out the specific normative conception underpinning the whole of contract law. Contract, he argues, is best explained as a transfer of rights, which is complete at the moment of agreement and is governed by a definite conception of justice-justice in transactions. Benson's analysis provides what John Rawls called a public basis of justification, which is as essential to the liberal legitimacy of contract as to any other form of coercive law. The argument of Justice in Transactions is expressly complementary to Rawls's, presenting an original justification designed specifically for transactions, as distinguished from the background institutions to which Rawls's own theory applies. The result is a field-defining work offering a comprehensive theory of contract law. Benson shows that contract law is both justified in its own right and fully congruent with other domains-moral, economic, and political-of liberal society.

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.

Imam Nawawi's commentary on Sahih Muslim is one of the most highly regarded works in Islamic thought and literature. Accepted by every sunni school of thought, and foundational in the Shaafi school, this text, available for the first time in English, is famed throughout the Muslim world. After the Qur'an, the prophetic traditions are the most recognised source of wisdom in Islam. Amongst the collected Hadith, Sahih Muslim is second only to the the collection of Imam Bukhari. With a commentary by Imam Nawawi, whose other works are amongst the most widely-read books on Islam, and translated by Adil Salahi, a modern scholar of great acclaim, this immense work, finally available to English readers, is an essential addition to every Muslim library, and for anybody with an interest in Islamic thought.