122:"Again, trade is a social act. Whoever undertakes to sell any description of goods to the public, does what affects the interest of other persons, and of society in general; and thus his conduct, in principle, comes within the jurisdiction of society... both the cheapness and the good quality of commodities are most effectually provided for by leaving the producers and sellers perfectly free, under the sole check of equal freedom to the buyers for supplying themselves elsewhere. This is the so-called doctrine of Free Trade, which rests on grounds different from, though equally solid with, the principle of individual liberty asserted in this Essay. Restrictions on trade, or on production for purposes of trade, are indeed restraints; and all restraint, qua restraint, is an evil..."
425:"Every violation of the antitrust laws is a blow to the free-enterprise system envisaged by Congress. This system depends on strong competition for its health and vigor, and strong competition depends, in turn, on compliance with antitrust legislation. In enacting these laws, Congress had many means at its disposal to penalize violators. It could have, for example, required violators to compensate federal, state, and local governments for the estimated damage to their respective economies caused by the violations. But, this remedy was not selected. Instead, Congress chose to permit all persons to sue to recover three times their actual damages every time they were injured in their business or property by an antitrust violation."
97:"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary."
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79:"A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly under-stocked, by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate."
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Contrasting with the allocatively, productively and dynamically efficient market model are monopolies, oligopolies, and cartels. When only one or a few firms exist in the market, and there is no credible threat of the entry of competing firms, prices raise above the competitive level, to either a
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of tradespeople to carry on their livelihoods. Restraints were judged as permissible or not by courts as new cases appeared and in the light of changing business circumstances. Hence the courts found specific categories of agreement, specific clauses, to fall foul of their doctrine on economic
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2004). The case being that "competition law" (or "Antitrust") is based upon a false view of economics - that it harms rather than benefits consumers in the long term. And that "competition law" (or "Antitrust") is based upon principles of law and philosophy that are both false and confused.
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on the grounds that it did not harm consumers. Running through the different critiques of US antitrust policy is the common theme that government interference in the operation of free markets does more harm than good. "The only cure for bad theory", writes Bork, "is better theory". The late
304:
of consumer welfare, the protection of competition rather than competitors. Furthermore, only a few acts should be prohibited, namely cartels that fix prices and divide markets, mergers that create monopolies, and dominant firms pricing predatorily, while allowing such practices as vertical
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is perfected because resources can no longer be reallocated to make anyone better off without making someone else worse off; society has achieved allocative efficiency. Productive efficiency simply means that society is making as much as it can. Free markets are meant to reward those who
137:
After Mill, there was a shift in economic theory, which emphasised a more precise and theoretical model of competition. A simple neo-classical model of free markets holds that production and distribution of goods and services in competitive free markets maximizes
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of possible output - or alternatively rational producers will be reduce their output to the margin at which buyers will buy the same amount as produced - there is no waste, the greatest number wants of the greatest number of people become satisfied and
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Posner once worked in the
Department of Justice's antitrust division, has long been a professor at the University of Chicago Law School, and is likely the most widely cited antitrust scholar and jurist in the United States.
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the
Antitrust Criminal Penalty Enhancement and Reform Act 2004 raised the maximum imprisonment term for price fixing from three to ten years, and the maximum fine from $ 10 million to $ 100 million. In 2007
192:. Dynamic efficiency refers to the idea that business which constantly competes must research, create and innovate to keep its share of consumers. This traces to Austrian-American political scientist
279:
has used the
Chicago School approach in several recent cases. One view of the Chicago School approach to antitrust is found in United States Circuit Court of Appeals Judge Richard Posner's books
275:, advocate an approach to competition law guided by the proposition that some actions that were originally considered to be anticompetitive could actually promote competition. The
521:
864:
246:". This follows the theory that if one cannot achieve the ideal, then go for the second best option by using the law to tame market operation where it can.
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fairness, and they did not contrive an overarching conception of market power. Earlier theorists like Adam Smith rejected any monopoly power on this basis.
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See
Dominic Armentaro "Antitrust: The Case for Repeal" (Ludwig Von Mises Institute 1986) and "The Case Against Antitrust" by Robert A. Levy (
318:, who favours more aggressive antitrust policy, in at least one Supreme Court case challenged Robert Bork's preference for non intervention.
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142:. This model assumes that new firms can freely enter markets and compete with existing firms, or to use legal language, there are no
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The classical perspective on competition was that certain agreements and business practice could be an unreasonable restraint on the
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By the latter half of the nineteenth century, it had become clear that large firms had become a fact of the market economy.
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to pay for them. Because rational producers will keep producing and selling, and buyers will keep buying up to the last
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was highly critical of court decisions on United States antitrust law in a series of law review articles and his book
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have criticised competition law in its entirety, challenging the legitimacy of action against price fixing and
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Markham, "An
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monopolistic or oligopolistic equilibrium price. Production is also decreased, further decreasing
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c.f. Lipsey and
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Concept of Workable Competition" (1940) 30 Am Ec Rev p.241-256
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What's Wrong with Price Fixing: Responding to the New
Critics of Antitrust
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enforcement is a key focus of competition law enforcement policy. In the
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For a criticism of the libertarian view see
Michael E. DeBow (2007)
216:. Sources of this market power are said to include the existence of
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and dynamic efficiency. Allocative efficiency is also known as
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An
Enquiry into the Nature and Causes of the Wealth of Nations
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is no longer the only body capable of public enforcement of
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pleaded guilty to fixing cargo and passenger flight prices.
627:
Broadcast Music Inc. v. Columbia Broadcasting System, Inc.
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is justified. Orthodox economists fully acknowledge that
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Damages actions for the breach of the EC antitrust rules
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Damages actions for the breach of the EC antitrust rules
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433:, the Modernisation Regulation 1/2003 means that the
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economies, driving enterprise at the market's mercy.
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Leegin Creative Leather Products, Inc. v. PSKS, Inc.
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argued that competition law was fundamentally flawed
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469:Herfindahl-Hirschman Index in market structure
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623:Continental T.V., Inc. v. GTE Sylvania Inc.
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112:'s approach was laid down in his treatise
30:covers the strands of thought relating to
915:The Business Community's Suicidal Impulse
2213:History of the American legal profession
899:(second edition). New York: Free Press.
837:Hawaii v. Standard Oil Co. of California
533:Smith (1776) Book V, Chapter 1, para 107
1026:Elhauge, Einer; Geradin, Damien (2007)
511:Smith (1776) Book I, Chapter 7, para 26
504:
7:
1028:Global Competition Law and Economics
196:'s notion that a "perennial gale of
989:The Process of Creative Destruction
575:The Process of Creative Destruction
551:for one of the opposite views, see
190:frontier of its possible production
166:will go precisely to those who are
59:doctrine was justified to preserve
1016:, 5th Ed. Lexis Nexis Butterworths
489:European Community competition law
439:European Community competition law
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1197:Restitution and unjust enrichment
635:Spectrum Sports Inc. v. McQuillan
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2208:History of the legal profession
801:see generally, Pate (2004) at
754:, 63 U. Tex. L. Rev. 1 (1984).
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979:The Limits of Competition Law
542:Mill (1859) Chapter V, para 4
710:(1978) New York Free Press
158:after the Italian economist
863:see FAQ on the Green paper
474:History of economic thought
417:allows punitive damages in
411:United States Supreme Court
407:United States antitrust law
200:" is ever sweeping through
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1344:International criminal law
764:Brooke Group v. Williamson
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1928:Administration of justice
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924:The New Industrial State
895:Bork, Robert H. (1993).
839:405 U.S. 251, 262 (1972)
679:Economic Analysis of Law
558:The New Industrial State
285:Economic Analysis of Law
1885:Principle of typicality
1359:International trade law
813:see, USDOJ Antitrust's
752:The Limits of Antitrust
224:of the market, and the
133:Neo-classical economics
127:Neo-classical synthesis
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885:, New York Free Press
625:, 433 U.S. 36 (1977),
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419:Hawaii v. Standard Oil
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28:Competition law theory
1880:Principle of legality
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883:The Antitrust Paradox
708:The Antitrust Paradox
697:Posner (2001) p.24-25
639:State Oil Co. v. Khan
494:Irish Competition law
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297:The Antitrust Paradox
273:University of Chicago
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244:effective competition
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86:The Wealth of Nations
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38:Classical perspective
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307:price discrimination
198:creative destruction
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44:Classical economics
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1948:Dispute resolution
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1148:Law of obligations
1101:Constitutional law
1091:Administrative law
985:Schumpeter, Joseph
820:2007-08-08 at the
789:2007-09-30 at the
522:Book I, Chapter 10
459:Competition policy
352:. You can help by
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973:978-0-7355-6354-4
956:978-0-226-67576-3
929:Mill, John Stuart
920:Galbraith Kenneth
748:Frank Easterbrook
738:Bork (1978) p.406
729:Bork (1978) p.405
687:978-0-7355-6354-4
667:978-0-226-67576-3
643:Verizon v. Trinko
586:Whish (2003) p.14
571:Joseph Schumpeter
553:Kenneth Galbraith
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156:Pareto efficiency
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690:
670:
650:
615:
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597:
588:
579:
563:
544:
535:
526:
513:
503:
501:
498:
497:
496:
491:
486:
481:
476:
471:
466:
461:
454:
451:
382:
379:
374:Cato Institute
368:
367:
347:
345:
323:
320:
316:Phillip Areeda
251:
250:Chicago School
248:
228:. Markets may
212:by creating a
210:social welfare
140:social welfare
128:
125:
39:
36:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2303:
2292:
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2266:
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2209:
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2199:
2193:
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2185:
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2166:
2163:
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2158:
2154:
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2146:
2144:
2141:
2139:
2136:
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2131:
2129:
2126:
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2121:
2119:
2118:Civil society
2116:
2114:
2111:
2109:
2106:
2104:
2101:
2099:
2096:
2095:
2093:
2089:
2083:
2080:
2078:
2077:Trier of fact
2075:
2073:
2070:
2068:
2065:
2063:
2060:
2058:
2055:
2051:
2048:
2046:
2043:
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2038:
2036:
2033:
2031:
2028:
2026:
2023:
2021:
2018:
2017:
2016:
2013:
2011:
2008:
2006:
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1984:
1981:
1979:
1976:
1975:
1974:
1971:
1969:
1966:
1964:
1963:Legal opinion
1961:
1959:
1956:
1954:
1951:
1949:
1946:
1944:
1943:Court-martial
1941:
1939:
1936:
1934:
1931:
1929:
1926:
1924:
1921:
1920:
1918:
1916:
1915:Jurisprudence
1912:
1906:
1903:
1901:
1898:
1896:
1893:
1891:
1888:
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1883:
1881:
1878:
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1833:
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1828:
1827:
1825:
1821:
1815:
1812:
1810:
1807:
1805:
1804:Statutory law
1802:
1800:
1799:Socialist law
1797:
1793:
1792:Byzantine law
1790:
1789:
1788:
1785:
1781:
1778:
1776:
1773:
1771:
1768:
1766:
1763:
1761:
1758:
1754:
1751:
1750:
1749:
1746:
1745:
1744:
1743:Religious law
1741:
1739:
1736:
1734:
1731:
1729:
1726:
1724:
1721:
1720:
1718:
1716:
1715:Legal systems
1712:
1706:
1703:
1699:
1696:
1694:
1691:
1689:
1686:
1685:
1684:
1683:Statutory law
1681:
1677:
1674:
1673:
1672:
1669:
1667:
1664:
1662:
1659:
1657:
1654:
1650:
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1560:
1556:
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1551:
1548:
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1541:
1538:
1534:
1531:
1530:
1529:
1526:
1524:
1521:
1519:
1516:
1514:
1513:Statutory law
1510:
1507:
1505:
1502:
1501:
1499:
1497:
1493:
1487:
1484:
1482:
1479:
1477:
1474:
1472:
1471:Transport law
1469:
1467:
1464:
1462:
1459:
1457:
1454:
1452:
1449:
1447:
1444:
1442:
1439:
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1434:
1432:
1429:
1425:
1422:
1420:
1417:
1416:
1415:
1412:
1410:
1407:
1405:
1402:
1400:
1397:
1395:
1392:
1390:
1389:Legal fiction
1387:
1385:
1382:
1380:
1377:
1375:
1372:
1370:
1367:
1365:
1362:
1360:
1357:
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1345:
1342:
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1337:
1335:
1332:
1330:
1327:
1325:
1322:
1320:
1319:Financial law
1317:
1315:
1312:
1310:
1307:
1304:
1301:
1299:
1296:
1294:
1291:
1289:
1286:
1284:
1281:
1279:
1278:Corporate law
1276:
1274:
1271:
1269:
1266:
1264:
1261:
1259:
1256:
1254:
1251:
1249:
1246:
1244:
1241:
1239:
1236:
1234:
1231:
1229:
1226:
1224:
1221:
1220:
1218:
1214:
1208:
1205:
1203:
1202:Statutory law
1200:
1198:
1195:
1191:
1188:
1187:
1186:
1183:
1181:
1178:
1176:
1173:
1169:
1166:
1164:
1161:
1160:
1159:
1156:
1154:
1151:
1149:
1146:
1144:
1141:
1139:
1136:
1134:
1131:
1129:
1126:
1124:
1121:
1117:
1114:
1113:
1112:
1109:
1107:
1104:
1102:
1099:
1097:
1094:
1092:
1089:
1088:
1086:
1084:Core subjects
1082:
1078:
1071:
1066:
1064:
1059:
1057:
1052:
1051:
1048:
1041:
1037:
1036:1-84113-465-1
1033:
1029:
1025:
1024:
1020:
1015:
1011:
1008:
1004:
1001:
999:
995:
992:
990:
986:
983:
980:
976:
974:
970:
966:
962:
959:
957:
953:
949:
948:Antitrust Law
945:
942:
940:
936:
935:
930:
927:
925:
921:
918:
916:
912:
909:
906:
905:0-02-904456-1
902:
898:
894:
892:
891:0-465-00369-9
888:
884:
880:
877:
876:
872:
866:
860:
857:
854:
853:COM/2005/0672
850:
845:
842:
838:
833:
830:
827:
823:
819:
816:
815:press release
810:
807:
804:
798:
795:
792:
788:
785:
781:
775:
772:
768:
765:
760:
757:
753:
749:
744:
741:
735:
732:
726:
724:
720:
717:
716:0-465-00369-9
713:
709:
703:
700:
694:
691:
688:
684:
680:
674:
671:
668:
664:
660:
659:Antitrust Law
654:
651:
648:
644:
640:
636:
632:
628:
624:
619:
616:
610:
607:
601:
598:
592:
589:
583:
580:
576:
572:
567:
564:
560:
559:
554:
548:
545:
539:
536:
530:
527:
523:
520:Smith (1776)
517:
514:
508:
505:
499:
495:
492:
490:
487:
485:
482:
480:
477:
475:
472:
470:
467:
465:
462:
460:
457:
456:
452:
450:
448:
444:
440:
436:
432:
426:
422:
420:
416:
412:
408:
403:
401:
397:
392:
391:United States
388:
380:
378:
375:
364:
355:
351:
348:This section
346:
343:
339:
338:
335:
333:
329:
321:
319:
317:
313:
308:
303:
299:
298:
293:
289:
286:
282:
281:Antitrust law
278:
274:
266:
262:
257:
249:
247:
245:
241:
237:
236:
235:laissez faire
231:
227:
223:
219:
218:externalities
215:
211:
205:
203:
199:
195:
191:
187:
182:
177:
176:marginal unit
173:
169:
165:
161:
157:
153:
149:
145:
141:
134:
126:
123:
119:
117:
116:
111:
106:
104:
98:
94:
92:
88:
87:
80:
76:
73:
66:
62:
58:
55:believed the
54:
50:
45:
37:
35:
33:
29:
19:
2262:
2255:
2241:
2227:
2000:Jurisdiction
1968:Legal remedy
1923:Adjudication
1823:Legal theory
1661:Ratification
1656:Promulgation
1627:Proclamation
1607:Codification
1540:Human rights
1528:Divine right
1518:Constitution
1486:Women in law
1404:Military law
1399:Marriage law
1394:Maritime law
1293:Election law
1233:Aviation law
1223:Abortion law
1175:Property law
1111:Criminal law
1027:
1013:
1006:
997:
988:
978:
964:
947:
932:
923:
914:
896:
882:
859:
848:
844:
836:
832:
826:court filing
809:
797:
779:
774:
763:
759:
751:
743:
734:
707:
702:
693:
678:
673:
658:
653:
646:
642:
638:
634:
630:
626:
622:
618:
609:
600:
591:
582:
574:
566:
556:
547:
538:
529:
516:
507:
446:
428:
424:
418:
404:
384:
371:
358:
354:adding to it
349:
325:
301:
295:
290:
284:
280:
270:
233:
206:
136:
121:
113:
107:
103:corporations
100:
96:
84:
82:
78:
69:
27:
26:
2172:Legislature
2103:Bureaucracy
1900:Rule of man
1895:Rule of law
1870:Libertarian
1733:Chinese law
1634:Legislation
1584:Regulations
1572:Law reports
1550:Natural law
1446:Reparations
1441:Refugee law
1364:Jurimetrics
1305:(Media law)
1243:Banking law
1238:Amnesty law
1216:Disciplines
1153:Private law
994:Smith, Adam
950:, 2nd ed.,
443:Green Paper
292:Robert Bork
265:Robert Bork
65:competition
2280:Categories
2165:Law school
2045:Prosecutor
1983:Magistrate
1770:Jewish law
1728:Common law
1649:Rulemaking
1644:Regulation
1594:Law making
1533:Divine law
1509:Legal code
1456:Sports law
1379:Law of war
1329:Health law
1314:Family law
1298:Energy law
1248:Bankruptcy
1185:Punishment
1180:Public law
934:On Liberty
873:References
767:509 US 209
400:Korean Air
314:Professor
254:See also:
202:capitalist
152:productive
148:allocative
131:See also:
115:On Liberty
91:Adam Smith
42:See also:
2143:Judiciary
2138:Executive
2113:The bench
2050:Solicitor
2025:Barrister
1905:Sociology
1890:Pseudolaw
1830:Anarchist
1787:Roman law
1775:Parsi law
1760:Hindu law
1748:Canon law
1723:Civil law
1676:Concordat
1567:Precedent
1476:Trust law
1451:Space law
1288:Drugs law
1158:Procedure
1096:Civil law
967:7th ed.,
524:, para 82
361:June 2008
186:work hard
2250:Category
2192:Tribunal
2177:Military
2020:Attorney
1990:Judgment
1850:Feminist
1765:Jain law
1562:Case law
1283:Cyberlaw
1190:Corporal
1168:Criminal
1138:Evidence
1128:Doctrine
1106:Contract
824:and the
818:Archived
787:Archived
677:Posner,
657:Posner,
453:See also
415:Congress
164:long run
118:(1859).
105:at all.
2264:Outline
2201:History
2108:The bar
2082:Verdict
2030:Counsel
2010:Justice
1865:History
1688:Statute
1504:Charter
1466:Tax law
1414:Probate
1005:(1966)
996:(1776)
987:(1942)
963:(2007)
946:(2001)
931:(1859)
922:(1967)
913:(1999)
881:(1978)
429:In the
409:. The
332:cartels
181:utility
168:willing
89:(1776)
61:liberty
2182:Police
2153:Agency
2035:Lawyer
1780:Sharia
1671:Treaty
1666:Repeal
1612:Decree
1523:Custom
1419:Estate
1369:Labour
1133:Equity
1034:
981:, ch.1
971:
954:
903:
889:
769:(1993)
714:
685:
665:
645:, and
577:(1942)
561:(1967)
387:cartel
2257:Index
2123:Court
2067:Trial
1973:Judge
1814:Yassa
1617:Edict
1163:Civil
1116:Crime
803:USDOJ
500:Notes
479:SSNIP
385:Anti-
326:Some
2005:Jury
1953:Fiqh
1809:Xeer
1207:Tort
1123:Deed
1032:ISBN
969:ISBN
952:ISBN
901:ISBN
887:ISBN
865:here
712:ISBN
683:ISBN
663:ISBN
398:and
302:only
283:and
230:fail
172:able
170:and
63:and
1077:Law
445:on
356:.
83:In
2282::
1511:/
1030:,
750:,
722:^
641:,
637:,
633:,
629:,
573:,
555:,
431:EU
421:.
334:.
220:,
150:,
1069:e
1062:t
1055:v
907:.
363:)
359:(
20:)
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