![]() ![]() The law is not always handed down from above, but often emerges from below, sometimes outside the courts. Pistor surveys the various venues where legal claims are pursued, but also where law is constructed. But it can also be pursued in a more decentralized fashion, with parties picking the law and the forum. Private owners of capital can harness the centralized means of coercion (like litigating in State courts) to make their rights effective. They end up constructing certain bodies of law to that end - property, collateral, trust, corporate, bankruptcy and contract law. She then turns her attention to the question, "How are assets legally coded as capital?" The answer is through the legal institutions. These are essential to ensure that an asset generates wealth for its owner, i.e. ![]() Pistor begins with the four essential attributes of capital - priority, durability, universality, and convertibility. Professor Katharina Pistor surveys the institutions involved in the process of connecting legal codes to capital. ![]()
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