For Latin America, there oughta be a (private) law

Joseph P. Duggan

Abstract

Even Richard Posner now says we need a little more regulation. Nothing could be further from the truth! Regulatory law is a wayward aberration of U.S. history. The solution to the market problems we are facing (even in the U.S.) is to improve private legal institutions, not introduce new regulation. Financial and securities markets, as well as the corporate sector, may have suffered from an undue degree of opacity. This is what Henry Manne has been saying for years, and no one listened to him.