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Peter Gerdes's avatar

I think the use of US/UK choice of law provisions has more to do with the institutional expertise of the US/UK legal profession in areas like finance, familiarity with those systems by the players in these markets and other related benefits not an intrinsic superiority of the way the law is run.

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RobinHanson's avatar

I see that I previously didn't give the link with more details; I've added it now. Key quote: "Clients and insurers could make trades between preventing crime via monitoring and limiting client actions before a crime, or preventing crime via fear of punishment and loss after a crime. They might agree on (and arrange to pay for) specific amounts and types of punishment, such as fines, prison, torture, exile, or even death, in the event the client were found guilty of particular crimes"

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