The Law of Capitalism and How to Transform It

The Law of Capitalism and How to Transform It

A fascinating study of the legal underpinnings of capitalism, reasons why the system must be transformed, and actions we can take   Even though capitalism has been conventionally described as an economic system, it is actually a deeply entrenched legal regime. Law provides the material for coding simple objects, promises, and ideas as capital assets. It also provides the means for avoiding the legal constraints that societies have frequently imposed on capitalism. Often lauded for creating levels of wealth unprecedented in human history, capitalism is also largely responsible for the two greatest problems now confronting humanity: the erosion of social and political cohesion, which undermines democratic self-governance, and the threats that emanate from climate change.   By exploring the ways that Western legal systems empower individuals to advance their interests against society, Katharina Pistor reveals how capitalism is an unsustainable system designed to foster inequity. She offers ideas for rethinking how the transformation of the law and the economy can help us create a more just system—before it is too late. “ The Law of Capitalism and How to Transform It is a tour de force. In this sweeping and expansive study, Pistor offers a compelling account of how influential private actors use private law to place ever-expanding areas of life beyond the reach of public control and accountability. This is essential reading to understand the past as well as to envision a more equitable and sustainable future.”—Kathleen Thelen, author of Attention, Shoppers! American Retail Capitalism and the Origins of the Amazon Economy “What is to be done? In her powerful new book, Katharina Pistor shows us how a just private-law code could provide a normative compass, and a source of hope, for moving beyond capitalism.”—Martijn W. Hesselink, author of Justifying Contract in Europe “A compelling manifesto explaining how our laws produce a malfunctioning global capitalism and degraded public order. Pistor then shows how lawyers can use their insights into rights and powers to make a better world.”—Joshua Getzler, Oxford University Katharina Pistor is the Edwin B. Parker Professor of Comparative Law at Columbia Law School. She is the author of The Code of Capital: How the Law Creates Wealth and Inequality . She lives in New York.