In this response to John Campbell, Glenn Morgan and Gregory Shaffer's comments as part of a symposium on Terence C. Halliday and Bruce G. Carruthers' book, Bankrupt: Global Lawmaking and Systemic Financial Crisis, Halliday offers a further explication of the scope of the recursivity of law as an explanatory framework for the analysis of globalization, law and markets. Adapted from the source document.
"Illiberal political societies come with varieties of labels - absolute monarchies, military dictatorships, authoritarian or totalitarian politics, Big Man regimes, or dual states. Yet they share key features in common - little or no restraint on arbitrary executive power, most especially as it is exercised through military, police and security apparatuses; law that is distorted and circumscribed and ultimately ineffectual in its protections of individuals and organizations offensive to the ruling power; little space for voices to speak freely about their rulers, their qualities of life, or their circumstances in times and places and organizations of their own choosing; severely constricted notions of rights-bearing citizens beyond those granted or withdrawn by the rulers themselves; and precariousness of property ownership, among others"--
"This book offers an empirically grounded theory that reframes the study of law and society from a predominantly national context, which dichotomizes the study of international law and national compliance into a dynamic perspective that places national, international, and transnational lawmaking and practice within a coherent single frame. By presenting and elaborating on a new concept, transnational legal orders it offers an original approach to the emergence of legal orders beyond nation-states. It shows how they originate, where they compete and cooperate, and how they settle on institutions that legally order fundamental economic and social behaviors that transcend national borders. This original theory is applied and developed by distinguished scholars from North America and Europe in business law, regulatory law and human rights"--