Skip to main content

The Law and Economics of Magna Carta

The Magna Carta ("The Great Charter") is a fascinating constitutional document. You can find out more about it at the British Library website. Many view the Magna Carta as the cornerstone of common law legal systems and modern political constitutions. 

To celebrate the 800th anniversary of Magna Carta, the International Review of Law and Economics has published a special issue on the topic. This special issue attempts to answer the following questions: What did Magna Carta actually say? What economic problems was it solving? Is it a constitutional document or a myth? Why did it endure over eight centuries? What has been its influence? Is it relevant today?

Popular posts from this blog

The Failure of Herstatt Bank

As an undergraduate, I was taught about the failure of Herstatt Bank in 1974 and Herstatt risk. This bank was only the 35th largest bank in Germany at the time so why would anyone be interested in studying its failure? Herstatt failed because of its involvement in risky foreign exchange business. When it closed its doors on 26 June 1974, counterparty banks (mainly in New York) had not received dollars due to them because of time-zone differences - this is known as settlement risk. The cross-jurisdictional implications of its failure resulted in the Bank for International Settlements setting up the Basel Committee on Banking Supervision and Herstatt's failure was a key reason for the establishment of real-time gross settlements systems, which ensures that payments between two banks are executed in real time. The Bank of England's Ben Norman has an interesting post on Herstatt over at the Bank's new blog ( Bank Underground ). As well as giving an excellent overview of

Boom and Bust: A Global History of Financial Bubbles

Boom and Bust: A Global History of Financial Bubbles, co-authored with my colleague Will Quinn , is forthcoming in August. It is published by Cambridge University Press and is available for pre-order at Amazon , Barnes and Noble , Waterstones and Cambridge University Press . 

The Great Depression

Marginal Revolution University has a great video on the Great Depression.