A Code for the Globe | The Laws of Capitalism Episode 6

Laws are national, but international capital transcends borders.

Prof. Pistor explains how the domestic law of two hegemons - the United Kingdom and the United States - have become the default legal systems used internationally. Globalization has been made possible by using these two dominant jurisdictions to code a global system for trans-national commerce, finance and corporations. But individual countries may have ceded too much as a result. Pistor uses the example of bilateral investment treaties to explore the tension between democratic sovereignty and globalization. Desirable domestic regulations and protections sought by the democratic process can be hampered by the threat of expensive lawsuits from foreign investors. The freedom of capital movement across borders brings along an alien legal jurisdiction, imposing restrictions on local governments, elevating the private rights of capital above the public interest, and eroding democracy.

[rodholden]

Brilliant, so succinct. Thanks Professor Pistor and INET

[BeranM]

I miss the ye olde days when corporations had limited charters and members of the corporation as well as shareholders could be held liable for misuse, abuse, nonuse of any corporate hereditaments. You know, the good times when a corporation was still considered what it actually is in reality: a soulless, intangible, invisible, incorporeal, artificial entity existing only in consideration, contemplation, and intendment of the written law.

Back when phrases like 'quo warranto', 'dissolution', and 'charter revocation' put genuine fear and worry into the hearts and minds of members of corporations who were acting against the public good by asserting their corporate civil rights were more important than a non-member's absolute rights.

Odd how the most well-known jurists of the past two-thousand-years understood that corporations were, are, and always will be fictions of law but those who claim expertise on the matter nowadays (and since sometime in the 19th century) refuse to even utter the words 'fiction' and 'corporation' in the same breath. If they do it's only ever to claim that what was accepted fact and reality way back when (i.e., that corporations are mere fictions of law) is now mere theory and open to interpretation much like the pseudoscience that is jurisprudence presumes the law to be interpretable.

It's the type of thinking expressed in this series which has led to the incessant profit-driven, greed-induced problems we now face in regards to corporations ostensibly being integral to every aspect of our lives.

[distordm_nx]

Truly an exceptional professor and speaker.

[mohammadsohail]

6 Chains of Economic Circle 1 Raw Material 2 Production 3 Distributor 4 Wholesaler 5 Vendor 6 Consumer. Usurious loans break the economic chain and break the family system.

[lightninglove]

Love this series, learning a lot about how economic systems actually work. I was wondering how the discussion of encoding capital in law relates to the black market, which is constrained by the legal economy but operates (internationally) without legal jurisdiction. Maybe there's something I'm missing I don't know much about how black markets operate let alone markets overall, but I'm curious how illicit markets and the capital they produce and exchange etc. may or may not be connected with the discussion of legal coding, perhaps how the legal codes enable the scale of some black markets while allowing loopholes which obscure the illicit nature of the finances?

[sdfsdf]

Frightening... I don't think most people even have the slightest idea about who really governs them.

[BB-cfgx]

The initial history lesson was interesting. Probably some little nitpics that aren't worth mentioning. Much to ponder. Tell us more.

[a.l.conner]

Weird for me to say but out of the 18 + minutes of great info she gave I wish the last 8-10 minutes would last an hour - I kinda read between the lines and my heart dropped - it’s a game of 3d chess & I’m afraid I’m jus a decent tic tac toe player

[mohammadsohail]

∆ Auto Corruption and Terrorism System. 1.Code Of State Devils (∆) 2. Coordinator (Usurious Bankers) 3 Facilitator (Social Crime Legislation) 4.Resisted (US & EU Govts).

[newblackdog]

English Common law and common law jurisdictions rule. Common law is far more flexible than civil law and supports modern trade.

[garrettreynolds]

Do business with the US at your peril!

[amorfati]

I thought this is going to be on “DNA” codes to debunk capitalism being Hardwired in Human nature. 😂😂

[TheNoblot]

now today 2022 is a 1984 Orwellian surveillance world in animal farm usa & the rest of the world that exist on the dollar tune. the main character is NAPOLEON and NAPOLEON is a 1776/1789 HERO, not a soviet criminal . however doublespeak makes everyone believe that animal farm Orwell's novel is about the soviet union and not 1776/ have a look at brave new world Huxley and you will perceive how it resembles to 1492 however often what matter is not what the book say's but what the author did not say. the shylocks & entrepreneurs of wall street and the dollar king of coercion abuses and destruction of civilization must be deleted, however the past has brought you a combination of joy & pain/ Perhaps humanity is on a learning process and the two hands one evil the other good are the riddle of understanding & the quest for those that will someday understand what they happen to know.

[yonayehezkel]

𝗙𝗿𝗲𝗲 𝗜𝗿𝗮𝗻
The World Cup games have barely started but already, we have seen one of the most memorable pictures: Iran’s soccer team staying rebelliously silent while their national anthem is playing before the beginning of their match against England. There have been other protests in Iran against the regime of the Ayatollahs, but this one feels different. They are no longer only against the government’s treatment of women, but have become a demand to transform the regime altogether and open it up to the rest of the world. Despite killing more than 400 peaceful protesters, the demonstrations are continuing in full force.
The Iranian government is hostile not only toward Israel and toward its own people; it is hostile toward the entire world. Its stated goal is to impose Shiite Islamic law on the entire world, and it will not rest until it achieves it, however long it takes.
Unfortunately for them, the Iranian people do not share the goals or dogmas of the regime; they want to live as people live in the free world, where people can do what they want, live how they want, and say what they want within acceptable limits. In short, the Iranian people want to be free and feel free.
I have said before that Iran is a very ancient and very intelligent nation. I believe that if the will of the people triumphs, Iran and Israel will not be enemies and will resume the warm relationship that the two countries had cultivated before the Ayatollahs overthrew the Shah and set off a dark chapter in the country’s history.
Oppression stymies development. Only free people can grow and change and develop, and change is intrinsic to human nature. If not this time, then perhaps next time, but in the end, the Iranian people will free themselves from the regime that wishes to oppress them and bind all of humanity to its yoke.