December 22, 2004

Welfare, Dialectic, and Mediation in Corporate Law

  • William Bratton

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Bill Klein extends an idealistic and progressive invitation with the Criteria for  Good  Laws  of Business  Association I  (the  Criteria).  The  structure  of our debates,  he says,  prevents us from joining the  issue.  The  discourse will move forward  if we  can  isolate  core  components  on  which  we  agree  and  disagree. The  invitation,  thus  directed,  is  well-constructed.  To  facilitate  engagement, each  criterion  is  set  out  as pari passu  with  each  other.  And  there  is  a  good reason for the inclusion of each listed criterion. Each has an established place in public and private law jurisprudence. Each has influenced results, coming forth as salient in one or another area oflaw, in one or another regulation or case. We can,  then,  agree  in  the  abstract  to  take  each criterion seriously.  Klein  bids us then  to  cull,  modify,  and restate,  so  as  to  identify  more  clearly  the  goals  we hold out for corporate law. CONTINUE READING