Bankrupt: Global Lawmaking and Systemic Financial Crisis » (New Edition)

Terence C. Halliday is Co-Director of the Center on Law and Globalization, the American Bar Foundation-University of Illinois College of Law. Bruce G. Carruthers is Gerald F. and Marjorie G. Fitzgerald Professor of Economic History in the Department of Sociology at Northwestern University. They are coauthors of Rescuing Business: The Making of Corporate Bankruptcy Law in England and the United States (1998).

Through the lens of the Asian Financial Crisis, this book documents how international organizations and national governments crafted legal responses, through corporate bankruptcy reforms, to the fragility of financial markets in East Asia and worldwide.

List of Figures and Tables ix

Preface xi

Acknowledgements xxv

Introduction: The Recursivity of Law

1 The Legal Constitution of Markets 1

Part I International Organizations

2 Managing Corporate Breakdowns Across National Frontiers 38

3 Constructing Global Norms for National Insolvency Systems 70

4 Attaining the Global Standard Terrence C. Halliday Susan Block-Lieb Bruce G. Carruthers 122

Part II States

5 Indonesia: The IMF as a Reformist Ally 166

6 Korea: Legal Restructuring of the Market and State 211

7 China: Global Norms with "Chinese Characteristics" 247

Part III Processes

8 Intermediation 293

9 Foiling 337

10 Recursivity 363

Conclusion: Globalization and Its Limits

11 The Implementation Gap 400

Notes 429

References 463

Index 481