Coding for the 99 per cent? Principles and the preconditions of capital minting

Abstract

AbstractMartijn Hesselink proposes a ‘Progressive code of European Private Law’, which would seek to tame the ‘legal steroids’ that private law modules and savvy crafting by well-paid lawyers currently offer to to global capitalism. The present comment engages with one of the core characters of the proposed code, namely that it should ‘consist of fundamental principles (not detailed rules)’. Rather than taking up the impossible task of suggesting (or speculating) what the principles should be, the paper aims to further operationalise certain aspects of what they should – or should not – do. To this aim, the role of principles is assessed in relation to attempts to ‘code for the 99 per cent’. Hence, the paper revisits certain mechanisms of so-called weaker party protection or social law through Katharina Pistor’s coding analytics (priority, durability, universality, convertibility). Private law principles and their legacy are part of the resistance, or backlash, against social coding. The paper concludes that a code of principles that aims to be progressive in the sense Hesselink highlights should consider at least two requirements: first, principles should be expressly formulated in such a way that they do not stand in the way of progressive detailed rules; second, they need to broaden the private legal imagination. It is on this account that ‘any amount of regulatory private law could not achieve what a (constitutionalised) code of private law principles could accomplish’.