Problems of Efficiency and Regulatory Capture
This chapter analyses two aspects of the regulation of property. The first line of analysis begins by treating the technique of private law as a regulatory technique. It then moves on to ask whether the technique is efficient when it comes to regulating property and markets. Contract and property are intimately linked and so it is natural to ask the same question of the private law of property. The second line of analysis discusses how courts, the principal agents of the private law technique, might themselves be the objects of regulation. The focus in this section of the chapter is on the possibility of regulatory capture of judges and courts. The creation in some jurisdictions of specialist intellectual property courts and the fact that multinational companies with large intellectual property portfolios are frequent repeat players in these courts create the kind of conditions that lead to the evolution of capture.
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