By Clark R.C.
The genuine reason of this text is kind of normal: to discover the main easy concerns arguing for and opposed to significant resources of principles. however it takes an inductive process. the 1st half describes a few key elements of the hot debate concerning the selection among crucial and allowing ideas in company legislations. Its objective is to demonstrate the bothered dominance of 1 significant version of the production of norms—the contractual model—in educational considering. Later components discover components slighted by means of clients of this version, and in doing so introduce rules that stretch a long way past the borders of industrial legislation.
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Extra resources for Contracts, Elites, and Traditions in the Making of Corporate Law
76. Strictly speaking, the door to fraud is opened wide by gullibility rather than tradition following per se, so it is more accurate to think of increased fraud as a cost associated with traditions rather than a cost generated by them. O n the other hand, tradition following may exacerbate gullibility. 77. See E. Luttwak, Strategy: The Logic of War and Peace 27-31 (1987). 19891 CONTRACTS, ELITES, AND TRADITIONS 1737 over all tradition-related costs. No large-scale social systems are the product of a conscious and coherent rational design, however, and it seems quite doubtful that invisible hand mechanisms exist that would produce an even approximately ideal set of traditions in any of them.
Times, Feb. 15, 1989, at A l , col. 5. 81. , M. Eliade, The Sacred and the Profane: The Nature of Religion 11-12 (1959); cf. E. Durkheim, The Elementary Forms of the Religious Life 462 (J. 1738 COLUMBIA LA W REVIEW [Vol. 89: 1703 Much work has been done on the question of what things are considered sacred, and how sacred things are treated in the systems of belief and feeling of religious believers. Unfortunately, relatively little good work has attempted to develop specific theories about how processes of sacralization could ever have gotten started in human societies.
Legislatures should be wary of imposing new mandatory rules. How wary they should be involves a difficult judgment, but the judgment should be attempted. 19891 CONTRACTS, ELITES, AND TRADITIONS 1745 cess, and (2) the explicit reasons for most of the traditional rules are relatively easy to retrieve and reevaluate, and (3) there is no apparent reason to suspect that "deeper" but unarticulated reasons either helped generate the rules o r now support them. At least the first two items in this objection are matters of degree, however, and I would make the judgment that they d o not entail an attitude of no deference toward traditional, judge-made principles of fiduciary duty.
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