Bankrupt: Global Lawmaking and Systemic Financial Crisis

The Asian Financial Crisis dramatically illustrated the vulnerability of financial markets in emerging, transitional, and advanced economies. In response, international organizations insisted that legal reforms could help protect markets from financial breakdowns. Sitting at the nexus between the legal system and the market, corporate bankruptcy law ensures that the casualties of capitalism are treated in an orderly way. Halliday and Carruthers show how global actors--including the IMF, World Bank, UN, and international professional associations--developed comprehensive norms for corporate bankruptcy laws and how national policymakers responded in turn. Drawing on extensive fieldwork in China, Indonesia and Korea, the authors reveal how national policymakers contested and negotiated domestic laws in the context of global pressures. The first study of its kind, this book offers a theory of legal change to explain why global/local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and developing and transition economies the world over.

Author: Terence C. Halliday, Bruce G. Carruthers
Publisher: Stanford University Press
Published: 04/20/2009
Pages: 536
Binding Type: Paperback
Weight: 1.55lbs
Size: 8.80h x 6.00w x 1.20d
ISBN: 9780804760751

Review Citation(s):
Choice 12/01/2009
Reference and Research Bk News 08/01/2009 pg. 174

About the Author
Terence C. Halliday is Co-Director of the Center on Law and Globalization, the American Bar Foundation-University of Illinois College of Law. Bruce G. Carruthers is Gerald F. and Marjorie G. Fitzgerald Professor of Economic History in the Department of Sociology at Northwestern University. They are coauthors of Rescuing Business: The Making of Corporate Bankruptcy Law in England and the United States (1998).