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Legal awareness is an important part of professional work life. [36] According to John Akula, when law-sensitive issues arise, corporate executives often find themselves in what is, for them, unmapped territory, often without requisite law training. [37]
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, [1] with its precise definition a matter of longstanding debate. [2] [3] [4] It has been variously described as a science [5] [6] and as the art of justice.
Although law is an essential ingredient of the process of globalization - and important studies of law and globalization were already conducted in the 1990s by, for example, Yves Dezalay and Bryant Garth [117] and Volkmar Gessner [118] - law's importance for creating and maintaining the globalization processes are often neglected within the ...
The natural law theorists of the distant past, such as Aquinas and John Locke made no distinction between analytic and normative jurisprudence, while modern natural law theorists, such as John Finnis, who claim to be positivists, still argue that law is moral by nature. In his book Natural Law and Natural Rights (1980, 2011), John Finnis ...
The rule of law on this conception is the ideal of rule by an accurate public conception of individual rights. It does not distinguish, as the rule book conception does, between the rule of law and substantive justice; on the contrary it requires, as part of the ideal of law, that the rules in the book capture and enforce moral rights.
The concept of natural law was very important in the development of the English common law. In the struggles between Parliament and the monarch, Parliament often made reference to the Fundamental Laws of England, which were at times said to embody natural law principles since time immemorial and set limits on the power of the monarchy.
Compared to other sources of law, precedent has the advantage of flexibility and adaptability, and may enable a judge to apply "justice" rather than "the law". Equity (England only) Equity is a source of law peculiar to England and Wales. Equity is the case law developed by the (now defunct) Court of Chancery. [14]
The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought.As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat ...