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Bankrupt

Global Lawmaking and Systemic Financial Crisis

Language EnglishEnglish
Book Hardback
Book Bankrupt Terence C. Halliday
Libristo code: 04718600
Publishers Stanford University Press, April 2009
The Asian Financial Crisis dramatically illustrated the vulnerability of emerging markets. In respon... Full description
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The Asian Financial Crisis dramatically illustrated the vulnerability of emerging markets. In response, international organizations insisted that legal reforms, including corporate bankruptcy law, could protect markets from financial instability. Sitting at the nexus between the legal system and markets, bankruptcy law ensures that the casualties of capitalism are either liquidated or restructured. Liquidation terminates uncompetitive firms, but reorganization can save a business and benefit employees, managers, investors, and politicians. Halliday and Carruthers show how global actors developed norms for bankruptcy law and present the responses from national policymakers to these norms in China, Indonesia, and South Korea.Based on participant observation of global normmaking, this book traces the quest of international organizations to craft a 'gold standard' for bankruptcy law. It shows how national policymakers contested and negotiated laws under global influences. The first study of its kind, the book offers a theory of legal change - the recursivity of law - to explain why global - local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and for developing and transition economies the world over.

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About the book

Full name Bankrupt
Language English
Binding Book - Hardback
Date of issue 2009
Number of pages 536
EAN 9780804760744
ISBN 0804760748
Libristo code 04718600
Weight 839
Dimensions 152 x 229 x 36
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