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Civil law countries, the most prevalent system in the world, are in shades of blue. Common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. [2][3][4] The defining characteristic of common law is that it ...
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be. [177]
Economics. Economic law is a set of legal rules for regulating economic activity. [1][2] Economics can be defined as "a social science concerned with the production, distribution, and consumption of goods and services." [3] The regulation of such phenomena, law, can be defined as "customs, practices, and rules of conduct of a community that are ...
Mercantilism. Seaport at sunset, a painting by Claude Lorrain, completed in 1639 at the height of mercantilism. Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. In other words, it seeks to maximize the accumulation of resources within the country and use those ...
History. The Wealth of Nations was published in two volumes on 9 March 1776 (with books I–III included in the first volume and books IV and V included in the second), [3] during the Scottish Enlightenment and the Scottish Agricultural Revolution. [4] It influenced several authors and economists, such as Karl Marx, as well as governments and ...
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to ...
Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. [52] Political economy and law is a recent attempt within legal scholarship to engage explicitly with political economy literature.
International law (also known as public international law and the law of nations) is the set of rules, norms, and standards that states and other actors feel an obligation to obey in their mutual relations and generally do obey. In international relations, actors are simply the individuals and collective entities, such as states, international ...
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