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1、LegalGroundRulesinCoordinatedandLiberalMarketEconomiesLawWorkingPaperN°30/2005KatharinaPistorColumbiaLawSchoolandECGIMarch2005©KatharinaPistor2005.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,in
2、cluding©notice,isgiventothesource.Thispapercanbedownloadedwithoutchargefrom:http://ssrn.com/abstract=695763www.ecgi.org/wpECGIWorkingPaperSeriesinLawLegalGroundRulesinCoordinatedandLiberalMarketEconomiesWorkingPaperN°30/2005March2005KatharinaPistorArticlepreparedfor“Corp
3、orations,State,Markets,andIntermediaries:ChangesofGovernanceinEurope,Japan,andtheU.S.”,K.J.Hopt,E.Wymeersch,H.Kanda,H.Baum(eds.),OxfordUniversityPress(forthcoming).IwouldliketothankparticipantsattheBerlinConferenceofSeptember2004on“ChangesofGovernanceinJapan,Europe,andth
4、eUS”,aswellasHaraldBaum,JeffreyGordon,andparticipantsintheseminaron“AdvancedReadingsinCorporateLaw”atColumbiaLawSchoolforinsightfulcommentsandsuggestions.Anyremainingerrorsarethoseoftheauthor.©KatharinaPistor2005.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagr
5、aphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgiventothesource.AbstractTwoparallelliteratureshaveexploreddifferencesacrosslegalandeconomicsystems,notingthatcountriescanbelooselygroupedintoliberalvs.coordinatedmarketeconomiesontheoneha
6、nd,andcommonlawvs.civillawcountriesontheother.Thesetwogroupslargelyoverlap.Liberalmarketeconomies(LMEs)tendtohaveacommonlawtradition,whilecoordinatedmarketeconomies(CMEs)belongtothecivillawfamily(FrenchorGerman).Thispaperarguesthatthisoverlapisnotcoincidental.Thelinkbetw
7、eenlegalandeconomicsystemsaresocialpreferencesreflectedinbasicnorms,orgroundrules,foundinsubstantiveandprocedurallawsofdifferentcountries.Thesegroundrulesaremorepervasivethantheirspecificincarnation,suchascodeterminationinGermany,orshareholderprimacyintheUnitedStates.Thepa
8、perdevelopsatypologyofgroundrules,distinguishingbetween“substantive”groundrulesthatallocatedecisionmaki
