Abstract
Almost in tandem, two scholars Katharina Pistor and Blanko Milanovic released related work on economics, law and inequality to discuss how the legal rights of capital have become so deeply entrenched in the operational treatises of the international legal and financial system that an unbundling of those privileges is recommended in this century to prevent the further unweaving of the very foundations of democratic institutions. The perspectives of both authors offer a unique understanding of the growing dynamics of the “politics of resentment” and the challenging options as “hyper-globalization” and the demise of its neoliberal paradigm continues to come under closer scrutiny—the policy choices and rule of law options outlined support the call for a new legal constitution for capitalism in this century.
Highlights
Introduction and ReviewMethod (Note 2) The commentary summarizes and presents a focus review on the intricacy of how law works to produce and protect the importance for modern capital as legal patterns and centuries of economic development are analyzed and decoded
Almost in tandem, two scholars Katharina Pistor and Blanko Milanovic released related work on economics, law and inequality to discuss how the legal rights of capital have become so deeply entrenched in the operational treatises of the international legal and financial system that an unbundling of those privileges is recommended in this century to prevent the further unweaving of the very foundations of democratic institutions
The perspectives of both authors offer a unique understanding of the growing dynamics of the “politics of resentment” and the challenging options as “hyper-globalization” and the demise of its neoliberal paradigm continues to come under closer scrutiny—the policy choices and rule of law options outlined support the call for a new legal constitution for capitalism in this century
Summary
Vol 5, No 1, 2022 democratic institutions. For the first time in human history, the globe is dominated by one economic system. The most significant aspect of the liberal capitalism model is democracy and the rule of law These two components are credited with faster economic development, broader innovation, and social mobility despite the growing tension of class polarization across Europe and the United States [ discussed as the “politics of resentment” later in this review] that threatens both democracy, its foundational institutions and liberal capitalism. Both of these scholars rely on Piketty’s analysis of capitalism, democracy and inequality for people of equal juridical standing as Piketty describes the three negative impacts of inequality on democracy. She too has eight suggestions that might be best incorporated into the design of a new legal constitution for capitalism in this century
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