Law in a Market Context

Understanding law in a market context

Understanding law in a market context is different from engaging in an economic analysis of law. It involves a consideration of the way in which people experience the intersection of law, markets, and culture. And it recognizes that this experience varies with a number of characteristics such as race, gender, class, age, and geographic location, among others. Moreover, this experience is understood by way of a process of interpretation – a process that situates the individual within a cultural-interpretive community.

For this reason, the book presents a framework for understanding the interpretive process and the ways in which interpretive institutions facilitate wealth formation and (re)distribution. Likewise, it focuses on the way in which law functions to mediate the tension between culture and the market to provide a framework for understanding the borrowing and incorporation of market concepts into law. The book also introduces a number of important economic terms and concepts that are frequently used in legal analysis. It is important to appreciate the way in which these terms and concepts can be selected, substituted, and re-characterized to advance alternative lines of legal argument. There are multiple market frames, references, and representations to choose from – thus, the creative lawyer should be able to advance market-based arguments for a variety of competing socio-legal outcomes.

In addressing these ideas attention is focused on the community context of law and market exchange.