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Law’s Elasticity An Inquiry into the Relation of Law and Power in Finance

Archives européennes de sociologie. European journal of sociology., 2021-08, Vol.62 (2), p.249-273 [Peer Reviewed Journal]

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Title:
Law’s Elasticity An Inquiry into the Relation of Law and Power in Finance
Author: Pistor, Katharina
Subjects: Capitalism ; Coercion ; Contingencies ; Elasticity ; Finance ; Insurance ; Law enforcement ; Rule of law ; Stockholders
Is Part Of: Archives européennes de sociologie. European journal of sociology., 2021-08, Vol.62 (2), p.249-273
Description: Law is a powerful commitment device. By entering into a binding contract, a contracting party can invoke the coercive law enforcement powers of states to compel another party to perform. Many, if not most, contracts are carried out without ever invoking these coercive powers; they operate in the shadow of the law. Less attention has been paid to the flip side of law’s shadow: the possibility of relaxing or suspending the full force of the law, or making law elastic. While this may seem anathema to the “rule of law”, it is not an infrequent occurrence, especially in times of crisis. The elasticity of law should be distinguished from the incompleteness of law, that is, the inherent limitation lawmakers face in trying to anticipate all future contingencies. In this paper I will offer two tales of the American Insurance Group (AIG) to illustrate the elasticity of contracts as well as of law.
Publisher: Cambridge, UK: Cambridge University Press
Language: English;French
Identifier: ISSN: 0003-9756
EISSN: 1474-0583
DOI: 10.1017/S0003975621000205
Source: ProQuest Central

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