Abstract
This chapter shows that the corporate law market is simply a part of the broader market for law discussed in this book. The corporate choice-of-law rule known as the “internal affairs doctrine” (IAD) did not spring from forces unique to corporations, but rather from the general law market forces described in this book. This chapter first discusses the demand for and supply of corporate law. It then contrasts enforcement of the IAD with enforcement of other party choices of law. The chapter continues with a demonstration that the corporate law market is more multifaceted than most scholars recognize, reaching into securities regulation and into closely held as well as public held firms, and is rapidly developing in the European Union. The chapter discusses how the corporate law market responds to supply and demand forces. The chapter concludes with an exploration of the legal implications of our analysis.
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