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Vol 23 No 5 May/June 2018

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Drafting Commercial Agreements

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A Legal Theory of Economic Power: Implications for Social and Economic Development

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ISBN13: 9780857931863
Published: December 2011
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £75.00

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In this provocative book Calixto Salomao Filho builds a strong case for why economic power cannot be considered a mere market phenomenon. Taking the forgotten realities and effects of these power structures into account, his comprehensive legal analysis persuasively argues the need for a new theory of economic power. The book begins with a discussion of the insufficiency of antitrust concepts and instruments. The author provides an economic history of monopolistic colonial systems and its effect on the development process, and offers an alternate paradigm of legal structuralism and social organization. He goes on to explore the creation of economic power structures with a cogent discussion of market power, legal structures and the dominance of common pool resources. An examination of the dynamics and behavior of power structures follows, with particular attention paid to exclusion and collusion, legal monopolies and the exploitation of natural resources. The author shows clearly how the negative effects of economic power structures directly impact the social and economic development of societies. This new legal theory, with its basis in the realities of economic structures, will prove a powerful alternative to the traditional market rationality paradigm. As such it will be of great interest to students and scholars of law and economics, development and antitrust.

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Competition Law
Part I: A Neo Structural Legal Perspective to Economic Power Analysis 1. Introduction: The Insufficiency of the Antitrust Concepts and Instruments Part II: Economic Power Structures: Creation and Existence 2. Criticism to Traditional Measurement 3. Market Power: Criticism to Traditional Measurement 4. Legal Structures 5. Dominance of Common Pool Resources Part III: Power Structures: Dynamics and Behavior 6. Legal Monopolies and Dynamic Abuse 7. Exploitation of Natural Resources: The Environmental Problem Part IV: Conclusion: From a General Theory of Market Power to a General Theory of Law? Part V: Bibliography