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This article combines two sources of data to shed light on the nature of transactional legal work. The first consists of stories about contracts that circulate among elite transactional lawyers. The stories portray lawyers as ineffective market actors who are uninterested in designing superior contracts, who follow rather than lead industry standards, and who depend on governments and other outside actors to spur innovation and correct mistakes. We juxtapose these stories against a dataset of sovereign bond contracts produced by these same lawyers. While the stories suggest that lawyers do not compete or design innovative contracts, their contracts suggest the contrary. The contracts, in fact, are consistent with a market narrative in which lawyers engage in substantial innovation despite constraints inherent in sovereign debt legal work. Why would lawyers favor stories that paint them in a negative light and deny them a potent role as market actors? We conclude with some conjectures as to why this might be so.

The social protests on the streets of indebted sovereigns in crises across the Eurozone have made debt restructuring an imperative. Further delay in achieving this expeditiously and equitably significantly exacerbates the social costs of crises from which current and future generations will struggle to recover. This article examines the feasibility of the drastic and widespread debt restructuring needed to resolve the problem in the face of existing private law sanctions that protect individual creditor rights. It relies on an analysis of US policy in the transition to a securitized market and of key sovereign debt cases to reveal the historical contingency of private law protections. It concludes by showing that the effectiveness of private law protections have always been constrained by the overriding imperative to achieve debt sustainability with negotiated and consensual workouts. This can be achieved in the Eurozone with statutory constraints on enforcement action pending the settlement of debt workouts as suggested in a recent proposal.

Racing to the top of the corporate hierarchy is difficult, no matter how qualified or capable the candidate. Producing more widgets than one's competitors is not enough. Negotiating the political landscape of the institution is also required. More specifically, individual corporate officers have to be appeased, powerful interest groups have to be co-opted and made allies, and competitors have to be undermined or eliminated. The more bureaucratic the organization and the more opaque the promotion process, the more important this institutional game to climbing the corporate ladder. This chapter identifies the kind of racial minorities or racial types who are likely to play this game well and, consequently, race to the top of the corporation. It then explains why these racial types might not have the racial commitment, or feel institutionally empowered, to lift other people of color as they climb the corporate ladder.

In the Fall of 2006, the Center on Corporations, Law & Society (CCLS) at Seattle University School of Law, in collaboration with Professor Jack Kirkwood, co-editor of this Research in Law and Economics book series, hosted a symposium to explore the relationship between law and economics principles and the promotion of social justice. CCLS has a robust history facilitating scholarship about the role corporations and corporate law plays in promoting, as well as undermining, social, economic, and environmental justice, having organized numerous conferences with published proceedings on topics connecting corporate law and governance to health care,¹ first amendment protections,² business ethics,³ and diverse progressive social movements, including environmental activism, worker rights, racial justice, and electoral democracy.⁴ Given that corporations play such a dominant role in almost every aspect of society, and given that much of governing corporate law doctrine and theory derives from neoclassical law and economics, the theme of the symposium, Law and Economics: Toward Social Justice, was both natural and fundamental to CCLS's work. This book-volume is a collection of the papers accepted for presentation at the symposium and revised for publication.

Why do so many African Americans get stuck near the bottom or at the middle of the corporate ladder? Why do so many continue to complain about discriminatory pay and promotion decisions many decades after the enactment of anti-discrimination laws? Law and economics commentators who have written about the issue of employment discrimination have failed to address the complexity of the problem of implicit bias and the effects of the frequently inaccurate heuristics used by some white workers when making judgments about their black colleagues. Economic theory without context is useless. But with context, law and economic analysis can help us understand and address specific problems like workplace discrimination that persist within corporate cultures because of an overestimation of the cost of anti-discrimination efforts and an underestimation of the gravity and likelihood of workplace discrimination.

In this chapter, I explore the economic and socioeconomic reality of African American low and mid-level corporate managers in order to capture a more complete picture of the costs of discrimination in the corporate workplace. I also explore the heuristic assumptions that are made about African American professionals and the effects those assumptions have on the black community. Finally, to understand the gravity of the harm to individuals, their families and the communities to which they belong, narratives about the economic and psychological harm caused by discrimination are essential. I offer the narratives of six middle managers and low-level professionals who faced discrimination in the corporate workplace to provide an important context about discrimination's real costs.

The purpose of this paper is to suggest an integrated risk management service for agriculture, by identifying different risk management practices that may be offered in conjunction with crop insurance, to address the various problems and challenges being faced by farmers and by insurance companies.

The research is based on an inductive approach of developing theory from case studies using within‐case and cross‐case analysis. However, apart from exploring different elements from case studies, some of the existing concepts have been reviewed from the literature for their application in agricultural risk management.

An integrated framework for risk management in agriculture has been developed by inductively exploring the various elements that may be successfully interlinked with the crop insurance to tackle the various agricultural risks more efficiently and effectively.

This paper can act as a basis for new product development in agricultural risk management through the use of this integrated approach of risk management and the different elements that have been identified to improve the effectiveness of crop insurance.

This paper fulfils the identified need to develop a framework for an integrated risk management in agriculture.