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who has access to and control over the legal code and its masters:
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
Realizing the centrality and power of law for coding capital has important implications for understanding the political economy of capitalism.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
Many legal scholars have already drawn attention to the fact that the operation of the market hinges on legal institutions that facilitate price discovery.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
For centuries, private attorneys have molded and adapted these legal modules to a changing roster of assets and have thereby enhanced their clients’ wealth. And states have supported the coding of capital by offering their coercive law powers to enforce the legal rights that have been bestowed on capital.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
Everywhere we probed a little deeper, we found the core institutions of private law: contract, property, collateral, trust, corporate, and bankruptcy law.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
Two legal systems dominate the world of global capital: English common law and the laws of New York State.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
at the frontiers where new capital rights are minted day by day in the offices of law firms, states take a back seat. But states provide the legal tools that lawyers use; and they offer their law enforcement apparatus to enforce the capital that lawyers have crafted.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
financial capital, the intangible capital that exists only in law.
Katharina Pistor • The Code of Capital: How the Law Creates Wealth and Inequality
