Without law and legal institutions, financial markets won’t work. That’s what economists discovered about 15 years ago, when former socialist countries turned towards capitalism. But economists still conceive of law too narrowly, mainly as a means to reduce transaction costs and protect investors. Katharina Pistor convenes scholars from across disciplines — law, economics, and sociology — to re-theorize the relationship between law and finance, from the ground up. The rational autonomous actor meets the socially embedded actor — this is new economic thinking.
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