LAWSG042 Law, Economics and Society: The Foundations of Capitalism
|LAWSG042: LAW, ECONOMICS AND SOCIETY: THE FOUNDATIONS OF CAPITALISM|
|Credit value:||15 credits (7.5 ECTS, 150 learning hours)|
|Other Teachers:||Mihály Fazekas (Visiting Lecturer)
|Teaching Delivery:||10 x 2-hour weekly lectures, Term One|
|Who may enrol:||Any UCL Master’s student|
|Must not be taken with:||None|
|Qualifying module for:||LLM in Competition Law
LLM in Law and Economics
|Practice Assessment:||Opportunity for feedback on one practice essay|
|Final Assessment:||One 3,000-word essay (100%)|
The course will provide students an advanced critical introduction to the interaction of law with economics and economic sociology and a taster for empirical approaches in studying the institutions of capitalism and the economic/social impact of the legal system. The course will examine the legal and economic foundations of capitalism in order to introduce participants to the intricacies of the legal-economic nexus in modern capitalist societies.
The first part of the course will explore the various strands of neo-liberal economic thought which has shaped legal systems around the world and heterodox alternatives. We will focus on the different perspectives brought in the conceptualization of property rights (including intellectual property), liability rules and regulatory alternatives. We will also explore the legal innovations that were put in place in order to facilitate the constitution of global markets and to support market transactions and will reflect on the way technology and drastic (or disruptive) innovation alters the economic and legal foundations of the capitalist system.
The second part of the course will delve into the conceptual and institutional foundations of a market economy. We will focus on the social construction of markets and their properties, as well as the market-making role of economists who devise innovative technical instruments (“market devices”) that intervene in the shaping and reshaping of markets and ensure their performance. We will explore how the legal system has assisted this market-creating effort so far, as well as the intense collaboration between different professions in order to ensure the performativity of markets. The recent turn of both economics and the law to promoting innovation will constitute the intellectual backbone of the course. In this effort we will explore the legal-economic nexus in various industries, such as finance, the food sector, biotechnology and pharma, among others. In addition to the classic legal texts, readings will include foundation texts in law and economics, science and technology studies, political economy, economic sociology, innovation economics and general sociology.
The third part of the course will introduce the students to data science and its relevance in legal research focusing on the use of big data for the fight against corruption and exploring the emergence of forensic data science used in a legal context. The course will briefly introduce the students to the basics of data science with the two tutorials serving as an introduction to the use of some statistical tools.
Students will gain knowledge on:
Students will gain skills and abilities:
Module reading lists and other module materials will be provided via online module pages, available at the beginning of term once students have enrolled.