Rules and Institutions in Developing a Law Market: Views from the U.S. and Europe

27 Pages Posted: 7 Mar 2008 Last revised: 12 Mar 2008

See all articles by Erin A. O'Hara O'Connor

Erin A. O'Hara O'Connor

Florida State University - College of Law; Gruter Institute for Law and Behavioral Research

Larry E. Ribstein

University of Illinois College of Law (deceased); PERC - Property and Environment Research Center

Date Written: February 1, 2008

Abstract

Developments in European choice of law seem to offer the US a tantalizing opportunity for escape from the chaos of state-by-state choice-of-law rules. Specifically, the Rome Regulations provide the sort of uniform choice-of-law rules that have eluded the US. Also, decisions of the European Court of Justice that permit firms to adopt home-country rules in some situations seem to facilitate jurisdictional choice by private parties. This top-down ordering of choice-of-law rules contrasts with the seemingly chaotic and decentralized system that prevails in the US. However, decentralized US-style federalism might have something to offer Europe because choice of law in the U.S. has sparked a type of law market that helps constrain inefficient State regulatory efforts. Viewed from the perspective of which system best fosters a market for law, both the US and Europe have advantages that each could learn from the other.

JEL Classification: H1, K0, K2, K4

Suggested Citation

O'Hara O'Connor, Erin A. and Ribstein, Larry Edward, Rules and Institutions in Developing a Law Market: Views from the U.S. and Europe (February 1, 2008). U Illinois Law & Economics Research Paper No. LE08-010. Available at SSRN: https://ssrn.com/abstract=1100277 or http://dx.doi.org/10.2139/ssrn.1100277

Erin A. O'Hara O'Connor (Contact Author)

Florida State University - College of Law ( email )

425 W. Jefferson Street
Tallahassee, FL 32306
United States

HOME PAGE: http://www.law.fsu.edu/our-faculty/deans/ohara-oconnor

Gruter Institute for Law and Behavioral Research

158 Goya Road
Portola Valley, CA 94028
United States

Larry Edward Ribstein

University of Illinois College of Law (deceased)

PERC - Property and Environment Research Center

2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

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