By: Jonathan Rubin
The law inexorably lags developments in wider society. For decades, governmental policies toward business have followed the Chicago School of economics view that free markets unfettered by governmental interference almost universally deliver outcomes that are preferable to governmental regulation or judicial intervention. Recently, however, calamities in finance, banking, insurance, automobile manufacturing, ocean oil drilling, mining and other sectors of the economy have shown that leaving markets to their own “self-correcting” devises is inadequate as a policy of governmental oversight.
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