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Title

MARKET ECONOMY AND PRIVATE LAW FAILURE

Writers

BAGHERI MAHMOUD

Pages

 Start Page 41 | End Page 88

Abstract

 This paper primarily deals with the merits of the MARKET ECONOMY and its legal infrastructure, i.e. PRIVATE LAW. The economic philosophy underpinning economic liberalism is based on the profound insight into the limits of human nature, which makes economic planning almost impossible. This is because social and economic interactions arc infinite and transitory. The legal framework for such interactions is PRIVATE LAW, which combines order and freedom, However, the same normative system under which MARKET ECONOMY and PRIVATE LAW arc favored can also identity some shortcomings and failures, which have to be dealt with by some policy and regulatory measures. Free operation of market may fail to achieve justice or efficiency. This failure is manifested in MONOPOLIES, ASYMMETRIC OF INFORMATION, externalities and national and political interests. Once the failure of market in these fields is established, the choice of legal and polity responses is the next step. To rectify the above mentioned areas of MARKET FAILURE we have to either use broad policy instruments such as tax or subsidies or resort to the regulatory laws such as COMPETITION LAW, securities regulation, environmental law, intellectual property laws, exchange control and foreign trade law.

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