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Economics and the ‘nonsense’ of law : the case of the Chicago antitrust revolution
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Davies, William (2010) Economics and the ‘nonsense’ of law : the case of the Chicago antitrust revolution. Economy and Society, Vol.39 (No.1). pp. 64-83. doi:10.1080/03085140903020655 ISSN 0308-5147.
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Official URL: http://dx.doi.org/10.1080/03085140903020655
Abstract
The Law and Economics movement that emerged in the University of Chicago through the 1940s and 1950s, around Ronald Coase's example, is a manifestation of the neo-liberal project of applying neo-classical economics to state sovereignty. In the 1970s and 1980s, Law and Economics ideas revolutionized the application of antitrust laws in the United States. However, this achievement came about not through a transformation in economic orthodoxy, but through persuading legal experts to recognize the inherent ‘nonsense’ at work in their own normative assumptions. The Chicago antitrust revolution is therefore symptomatic of trends that Foucault viewed as definitive of neo-liberalism more broadly.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Centre for Interdisciplinary Methodologies | ||||
Journal or Publication Title: | Economy and Society | ||||
Publisher: | Routledge | ||||
ISSN: | 0308-5147 | ||||
Official Date: | April 2010 | ||||
Dates: |
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Volume: | Vol.39 | ||||
Number: | No.1 | ||||
Page Range: | pp. 64-83 | ||||
DOI: | 10.1080/03085140903020655 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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