The Law and Economics of Federalism
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The Law and Economics of Federalism

Edited by Jonathan Klick

This unique volume takes a primarily empirical perspective on the law and economics of federalism. Using cross jurisdiction variation, the specially commissioned chapters examine the effects of various state experiments in areas such as crime, welfare, consumer protection, and a host of other areas. Although legal scholars have talked about states as laboratories for decades, rarely has the law and economics literature treated the topic of federalism empirically in such a systematic and useful way.
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Chapter 2: Harmonisation of private law in Europe

Michael Faure

Abstract

This chapter applies the economic analysis of law to the harmonization of private law in Europe. The economic starting points following from the economics of federalism are explained and the question is asked to what extent these criteria can lead to arguments in favour of centralization. Attention is paid to a variety of arguments such as cross-border externalities, the race-to-the-bottom and harmonization of marketing conditions. It is also explained to what extent these arguments were de facto used in Europe to justify harmonization of private law. To the extent that private law harmonization in Europe in some cases seems to go further than needed from an economic perspective, the question is asked what can be the explanation for the particular deviation. Interest group analysis is used to provide such an explanation.

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