Law and the Invisible Hand

2021 ◽  
Author(s):  
Robin Paul Malloy
Keyword(s):  
Rule Of Law ◽  
Invisible Hand ◽  
Common Interest ◽  
Social Cooperation ◽  
The Rule Of Law ◽  
Self Interest ◽  
The Common ◽  
Contemporary Interpretation ◽  
The Invisible

A contemporary interpretation of Adam Smith's work on jurisprudence, revealing Smith's belief that progress emerges from cooperation and a commitment to justice. In Smith's theory, the tension between self–interest and the interests of others is mediated by law, so that the common interest of the community can be promoted. Moreover, Smith informs us that successful societies do at least three things well. They promote the common interest, advance justice through the rule of law, and they facilitate our natural desire to truck, barter, and exchange. In this process, law functions as an invisible force that holds society together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adams Smith's invisible hand, guiding and facilitating the progress of humankind.

scholarly journals The virtual reality of the invisible hand

2015 ◽  
Vol 55 (1) ◽  
pp. 115-134
Author(s):  
Emma Tieffenbach
Keyword(s):  
Virtual Reality ◽  
Real World ◽  
Social Reality ◽  
Invisible Hand ◽  
The Real ◽  
Virtual Self ◽  
Self Interest ◽  
The Common ◽  
Insight Into ◽  
The Invisible

Self-centred based explanations such as invisible-hand accounts look like armchair constructions with no relevance to the real world. Whether and how they nonetheless provide an insight into social reality is a puzzling matter. Philip Pettit’s idea of self-interest virtually bearing on choices offers the prospect of a solution. In order to assess the latter we first distinguish between three variants of invisible-hand explanations, namely: a normative, an historical and a theoretical one. We then show that, while the model of virtual self-interest is a helpful gloss on each variant, it may not convincingly succeed, pace Pettit, in reconciling the economic mind with the common mind.

The Rule of Law and Good Governance

2019 ◽  
pp. 75-90
Author(s):  
Henk Addink
Keyword(s):  
Rule Of Law ◽  
Good Governance ◽  
Common Law ◽  
The State ◽  
Fundamental Rights ◽  
The Rule Of Law ◽  
Judicial Control ◽  
The Common ◽  
The Government ◽  
Continental Tradition

The concept of the rule of law has different—common law and continental—historical roots and traditional perspectives. The common law tradition is more focused on limiting the powers of the state, whereas the continental tradition focuses on not just to limit but also to empower the government. But both systems have a focus on the rule of law. The rule of law in the classical liberal tradition is based on four elements: legality, division and balance of powers, independent judicial control, and protection of fundamental rights. The differences between rule of law and rechtsstaat are: different concepts of the state, mixed legal systems and different approaches of a constitution, and different perspectives on human rights. There are two levels of development: a model in which law is a way of structuring and restricting the power of the state, the second level is more subjective and has important individual positions. The concept of good governance related to these developments makes clear the need to broaden the concept of the rule of law.

The Constitution of Law: Legality in a Time of Emergency by David Dyzenhaus, (Cambridge: Cambridge University Press, 2006). 250pp. Page numbers in text are to this book.

2008 ◽  
Vol 21 (2) ◽  
pp. 477-483
Author(s):  
Jamie Cameron
Keyword(s):  
National Security ◽  
Rule Of Law ◽  
Common Law ◽  
Middle Ground ◽  
Cambridge University ◽  
The Rule Of Law ◽  
Legislative Action ◽  
The Common ◽  
Constitutive Properties ◽  
Principle Of Legality

What the rule of law means and how it constrains the exercise of state power raise issues which have been debated-without resolution-over the ages. Times of emergency bring fresh energy to the discussion, and David Dyzenhaus is one of many who have entered the fray to debate the balance between liberty and national security in the post 9/11 period. It has not been easy for those who place their trust in written constitutions to account for the way textual guarantees are diluted when the state is under threat. Rather than address that dilemma, Dyzenhaus sets his ideas apart by proposing a theory which maximizes the protection of rights in emergency circumstances, without straining the institutional capacities or legitimacy of the judiciary. This theory invokes the pedigree of the common law-and “common law constitutionalism”-and is grounded in the constitutive properties of the rule of law, or principle of legality. Dyzenhaus may not have answered the questions readers will want to ask, but he has opened up the middle ground between the competing supremacies yet more, by drawing common law constitutionalism and its rule-of-law pedigree into constitutional theories of review. More to the point, he has challenged the judiciary to draw on the moral resources of the law to make executive and legislative action as accountable as possible at all times, in emergencies as well as in normal times. Readers can and should engage, at many levels, with the complexity of his thought in this important book.

scholarly journals EU–Turkey relations need an honest new start

European View ◽  
2018 ◽  
Vol 17 (1) ◽  
pp. 52-57
Author(s):  
Manfred Weber
Keyword(s):  
Rule Of Law ◽  
Humanitarian Aid ◽  
Refugee Crisis ◽  
Fundamental Interest ◽  
The Rule Of Law ◽  
Eu Membership ◽  
Joint Solution ◽  
The Common ◽  
The Eu

The EU has a fundamental interest in having a constructive relationship with Turkey. However, the EU–Turkey relationship has become strained over recent years. This is why EU–Turkey relations need a new start, based on honesty about the long-term goal: EU membership is not an option for Turkey. Instead, the EU and Turkey should focus on concrete fields of cooperation. Humanitarian aid in the refugee crisis is a good example of a field in which a joint solution has been successful, as is the protection of the common external border. More joint action from the EU and Turkey is needed as regards the situation in Syria and Iraq. Turkey must overcome its democratic shortcomings. Further economic cooperation will depend on the application of the rule of law in Turkey.

Dilemmas of Democratisation from Legal Revolutions to Democratic Constitutionalism?

2012 ◽  
Vol 81 (4) ◽  
pp. 437-470 ◽  
Author(s):  
Paul Blokker
Keyword(s):  
Rule Of Law ◽  
Common Good ◽  
Democratic Politics ◽  
East Central Europe ◽  
East Central ◽  
Constitutional Review ◽  
The Rule Of Law ◽  
The Common ◽  
Higher Law ◽  
Public Views

The ideas of the rule of law and constitutionalism have become an intrinsic part of any process of democratisation around the world. This was equally the case in the radical changes that occurred in East-Central Europe (ECE) around the year of 1989. The adherence in the region to a form of “new constitutionalism” has been frequently seen as an indispensable contribution to the processes of democratisation. However, in this too little attention has been paid to the dilemmas, tensions and perverse effects that may emerge in the institutionalisation and practice of new constitutionalism, not least in terms of an enduring tension between constitutionalism as an ordering and stabilising device and democracy as an uncertain and indeterminate process of verification of public views on the common good. The experiences in ECE since 1989 with regard to new constitutionalism are ambiguous. It is undeniable that an emphasis on a higher law with entrenched rights and robust constitutional review has involved important “corrections” of certain outgrowths of democratic politics and in this prevented forms of “tyranny of the majority” or the endangering of the guarantee of universal rights. But it is equally true that new constitutionalism has been adopted at a price, not least with regard to the emergence of more widespread, publicly shared constitutional cultures as well as in terms of underexplored potentials of democratic constitutionalism and endorsement of civic engagement in the region. Democratic dilemmas and perverse effects have emerged in terms of domestic tensions, in particular regarding democratic debilitation, but also stem from tensions with legal orders beyond the national arena.

scholarly journals GOOD GOVERNANCE AND THE RULE OF LAW

2013 ◽  
Author(s):  
Nik Ahmad Kamal Nik Mahmod
Keyword(s):  
Corporate Governance ◽  
Private Sector ◽  
Rule Of Law ◽  
Good Governance ◽  
Fundamental Rights ◽  
Public And Private ◽  
Abuse Of Power ◽  
The Rule Of Law ◽  
The Common ◽  
The Right

Good governance is basically governing in the right and just ways. Good governance relates to good administration at both public and private sectors. Corporate governance is synonymous and the common usage in the private sector. Common characteristics of good governance include transparency, accountability, participatory and rule of law. Rule of law is the focus of this paper. The principle in itself is problematic because of multifarious interpretation Nonetheless, the consensus has been that rule of law is essential in any government and breach of its principles may lead to arbitrariness and breach of fundamental rights. The paper will expound the roles of rule of law in ensuring good governance and how abuse of power and corruption have undermined rule of law seriously and subsequently affect good governance.

scholarly journals ¿Es posible la mano invisible?

2019 ◽  
pp. 213-247
Author(s):  
Martín Krause
Keyword(s):  
Social Sciences ◽  
Evolutionary Psychology ◽  
Jel Classification ◽  
Invisible Hand ◽  
Large Field ◽  
Social Cooperation ◽  
Palabras Clave ◽  
The Social ◽  
Recent Developments ◽  
The Invisible

One of the main contributions of economics to the social sciences, expressed in the famous metaphor of the “invisible hand”, ended up being questioned by a good part of the economists. Based on the assumption of an individual maximizer of monetary utility, the social cooperation in which it con- sists failed, and it was not possible to expect it to succeed. However, recent developments in various areas have provided new elements in favor of its pos- sibility, its sustainability over time, and its extension to larger groups. In this work we will consider the recent contributions related to this topic in Game The- ory, Experimental Economics, Evolutionary Psychology and the analysis of his- torical cases that help to elucidate the theory and confirm its concepts. It will be considered how these areas of the social sciences have contributed with new elements to the understanding of social cooperation and voluntary actions. It concludes by stating that the invisible hand failure should, at least, be ques- tioned, and that there is still a large field to be developed in the analysis of these spontaneous orders, although there have been great contributions in recent decades. Keywords: Invisible hand, social cooperation, Game Theory, Experimental Eco- nomics, Evolutionary Psychology JEL classification: A12, C71, C92, D71, D91, H41 Resumen: Una de las principales contribuciones de la economía a las ciencias sociales, expresada en la famosa metáfora de la “mano invisible”, terminó siendo cuestionada por buena parte de los economistas. En base al supuesto de un individuo maximizador de utilidad monetaria, la cooperación social en que ésta consiste fracasaba, no era posible esperar que tuviera éxito. No obstante, recientes desarrollos en diversas áreas han brindado nuevos elemen- tos en favor de la misma, su posibilidad, su sostenibilidad en el tiempo, su extensión a grupos de mayor tamaño. En este trabajo consideraremos las con- tribuciones recientes relacionadas con este tema en Teoría de los Juegos, Economía Experimental, Psicología Evolutiva y el análisis de casos históricos que contribuyen a dilucidar la teoría y confirmar sus conceptos. Se considerará cómo estas áreas de las ciencias sociales aportan nuevos elementos para la comprensión de la cooperación social y las acciones voluntarias. Se concluye planteando que su fracaso debería, al menos, ser puesto en duda, y que hay un gran campo a desarrollar todavía en el análisis de esos órdenes espontá- neos, aunque ha habido grandes contribuciones en las últimas décadas. Palabras clave: Mano invisible, cooperación social, teoría de juegos, economía experimental, psicología evolutiva Clasificación JEL: A12, C71, C92, D71, D91, H41

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