Introduction

Law, the rule of law,

and property
provide a necessary foundation
for successful modern
business and set
maximum conditions for generating “wealth
of nations.”
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Why Nations are Weak or Strong?
 Dependency Theory
 Natural Resources- Exploitation
 Education &Technology
 Climate
 Modern Private Market
 Law & Legal System

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Law’s Role
Religion Customs Economics

One of the social forces

that hold society together.

Law
Law is most significant because it
can bind together diverse groups.
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Law-Definition
 

 
LAW

 
 

Created
Rules Enforceable
by State

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Rule Of Law
Laws are made
generally and equally
applicable.
Apply to Apply to all
various or most
groups in members of
same way society
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Property

Property Means Ownership

Private,
The legal right to exclusive
exclude or keep rights in
others from resources.
interfering.
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Property - Broad Sense

Property is the central

concept underlying
Western legal
systems.

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Jurisprudence

Natural Law
Jurisprudence
Positive Law
Philosophies that
explain origin, Historical School
justification,
meaning, and Sociological
essence of law.
Legal Realism
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Classifications Of Law - Overview
 Civil Law – Common Law

 Public Law – Private Law

 Civil Law – Criminal Law

 Substantive Law – Procedural Law

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Civil Law – Common Law
Classification
Two Major Legal Systems

Civil Law Common Law

Law based on Law based on
statutory codification written judicial
of law. decisions that
establish precedent.

Romano-Germanic Anglo-American

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Public Law – Private Law
Classification
Public Law Private Law
Law dealing with Law dealing with
regulation of issues that concern
society. private resource
relationships.

•Constitutional Law •Property Law

•Administrative Law •Contract Law
•Criminal Law •Tort Law
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Cyber Law
 Software Creators =  Employers &
Property? Employee
 Internet Binding Discipline?
Agreements
 Monitor E-Mail?  Regulation Of
 Rights To Copies Of Internet?
Intellectual  Interstate
Property? Commerce?
 ISPs Liability?

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Substantive Law – Procedural Law
Classification
Substantive Law Procedural Law

The part of the law The part of the law

creating, defining, telling the
and regulating methods/means for
rights, duties, and having rights or
powers. duties enforced.
The What The How

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Sources Of Law
Constitutions •Set forth fundamental rights
• Describe and empower
government
• Set forth limitations on power

Legislation Laws by Congress or state

legislature and local ordinances.

Administrative Rule or order by federal, state, or

Regulation local regulatory agencies.

Judicial Decisions Decisions by courts that interpret

or Case Law and enforce laws or the common
law.
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Case Law
Advantages — Disadvantages
 Stare Decisis  Volume of cases
 Judges follow  Conflicting
precedents. precedents
 Gives certainty &  Conflicts of law
predictability.

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Legal Sanctions
 Encourage/Force Compliance
 Punishment & Prevention
 Benefit Of Society
 Punish Someone
 Benefit Of Another - Remedy

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Violation of Statutes or Regulations
 May impose sanctions to accomplish statutory
purposes.
 Similar to crimes, torts, and breach of
contract.

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Legal System &
Corporate Governance
 Corporation – Legal Person
 Ownership – Shareholders
 Resource Control
 Board Of Directors
 Managers
 Corporate Governance – Rules Protecting
Owners’ Property Interest

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