New Books: Law and Economics

In terms familiar to economists, this book provides a positive theory of labor law and dissects the fundamental theoretical issues that shape labor law doctrine. It investigates the deep economic tensions influencing judicial opinions in labor law, and how these can predict the outcomes of relevant legal doctrine and determine whether it accomplishes its regulatory goals. Keith Hylton explores major philosophical approaches in the labor movement as well as the economic pressures that have impacted the growth of unions and the evolution of labor law. Hylton examines core issues including union organization, labor bargaining, labor law successorship, and the interaction between labor and antitrust laws. He questions whether the decline of unions will change employment and labor laws, and whether it is possible for the law to reverse or slow the decline in private sector union density. The central thesis of the book is that much of labor law doctrine is economically efficient, minimizing the costs of the bargaining relationship between the employer and the union. The Economics of Labor Lawis an invaluable resource for students and scholars of labor and employment law, and law and economics. Practitioners will also benefit from its detailed account of how economics can provide a more solid foundation for labor law doctrines.

Lerong Lu examines the biggest change in modern financial industry - the Fintech (financial technology) revolution - that denotes the close interaction between the financial services industry and latest information technologies such as big data, cloud computing, blockchain, and artificial intelligence. The three areas of banking institutions, online lending marketplaces, and money and payment systems are explored to assess how financial innovations affect the traditional financial industry, what kinds of regulatory challenges arise, and how global policymakers react to such challenges. With in-depth and international case studies on Fintech, including app-based banking services, mobile payments, P2P lending, and cryptocurrencies, the global Fintech hubs in six continents are assessed. The complex, dynamic, and multidimensional Fintech ecosystem is also investigated including its key players (such as regulatory strategy, regulatory sandbox, and RegTech) and Fintech corporations (including financial holding companies, Fintech unicorns, BigTech firms, and Metaverse platforms). Lu highlights the enormous benefits for financial institutions and their consumers and argues that Fintech contributes to a more equal, democratic, inclusive, and sustainable financial system. However, he also considers the risks and multiple legal, ethical, and regulatory challenges for policy-makers and financial authorities that Fintech has posed.

A powerful and sophisticated analysis of how Western professionals have enabled kleptocratic elite networks and undermined the rule of law.After the Cold War ended, the British government created the conditions under which a large, multinational class of extremely wealthy kleptocrats based primarily in Russia and Eurasia could move to and thrive in London with a genuine sense of impunity. What is the role of professional enablers in the rise of kleptocracy?In Indulging Kleptocracy, John Heathershaw, Tena Prelec, and Tom Mayne examine the broad range of financial, legal, and related services provided in the UK with respect to suspicious wealth from Russian and Eurasian elites. Through a series of rich, gripping case studies, the authors show how powerful legal and financial service industries that know how to game the system have made it possible for these corrupt elites to operate with relative impunity. They detail how these enablers exploit deregulation and the under-enforcement of the law, offshore their clients' wealth, and enhance their reputations and influence via philanthropy, political donations and the use of the UK's punitive libel regime. They further argue that kleptocracy is not just a moral and economic problem that sits at the margins of real politics, but it impoverishes the global south and undermines institutions in the global north, eroding faith in democracy by empowering corrupt elite business-political networks in global politics.Shedding light on dangerous patterns of corruption, Indulging Kleptocracy explores one of the most fascinating stories in the post-Cold War era and offers suggestions on how to break the system of indulgences and stymie the globalization of kleptocracy.

The WTO is facing an unprecedented crisis, one which threatens to critically erode its relevance and destabilize global trade. Some member states have become increasingly distrustful of other WTO members, invoking trade-restrictive measures in the name of economic security. Petros C. Mavroidis's new book provides insight into current international trade, national security, and environmental challenges facing the world community, of which the World Trade Organization (WTO) is at the epicenter. Even if the WTO overcame its current crisis, its adjudication branch is insufficiently equipped to address the aforementioned challenges and the WTO contract itself is in dire need of updating. Yet, as Mavroidis argues, ensuring the survival of the WTO is crucial for rebuilding the trust of the global trading community. In this direction, Mavroidis offers concrete proposals toward improving the function of the WTO and reigniting global collaboration.

This book explores the best ways for governments to design venture capital investment incentives. Venture capital is a multi-billion-dollar industry and a major driver of innovation and national growth. Investment in startup companies by venture capital funds helps finance new inventions and create wealth, economic growth, and jobs. However, because venture capital investment is highly risky and sensitive to market downturns, many governments around the world use special legal and tax incentives to help encourage this form of investment. Since the introduction of the first venture capital incentive in the USA in 1958, scores of venture capital incentives have come and gone. These incentives have experienced varied success, with some failing entirely. Filling a gap in an important area, this book employs a legal and regulatory approach to examine venture capital policy from a global perspective. It uses an analytical framework to evaluate the design, implementation, and success of incentives, and looks at over 60 examples from 25 countries around the world. The book is aimed at researchers and policy makers in law, finance and economics, as well as practitioners and investors in the venture capital space. The book introduces the legal aspects of venture capital investment and presents a list of leading practice guidelines and recommendations to help policy makers design effective, efficient, and appropriate venture capital incentives.