Bankrupt: Global Lawmaking and Systemic Financial Crisis

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Stanford University Press, Apr 20, 2009 - Social Science - 505 pages
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The Asian Financial Crisis dramatically illustrated the vulnerability of financial markets in emerging, transitional, and advanced economies. In response, international organizations insisted that legal reforms could help protect markets from financial breakdowns. Sitting at the nexus between the legal system and the market, corporate bankruptcy law ensures that the casualties of capitalism are treated in an orderly way.

Halliday and Carruthers show how global actors including the IMF, World Bank, UN, and international professional associations developed comprehensive norms for corporate bankruptcy laws and how national policymakers responded in turn. Drawing on extensive fieldwork in China, Indonesia and Korea, the authors reveal how national policymakers contested and negotiated domestic laws in the context of global pressures. The first study of its kind, this book offers a theory of legal change to explain why global/local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and developing and transition economies the world over.

 

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Contents

The Legal Constitution of Markets
1
Managing Corporate Breakdowns Across National Frontiers
38
Constructing Global Norms for National Insolvency Systems
70
Attaining the Global Standard
122
Indonesia The IMF as a Reformist Ally
166
Korea Legal Restructuring of the Market and State
211
China Global Norms with Chinese Characteristics
247
Intermediation
293
Foiling
337
Recursivity
363
The Implementation Gap
400
Notes
429
References
463
Index
481
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About the author (2009)

Terence C. Halliday is Co-Director of the Center on Law and Globalization, the American Bar Foundation-University of Illinois College of Law. Bruce G. Carruthers is Gerald F. and Marjorie G. Fitzgerald Professor of Economic History in the Department of Sociology at Northwestern University. They are coauthors of Rescuing Business: The Making of Corporate Bankruptcy Law in England and the United States (1998).

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