These things are themselves a product of the law they don’t exist outside the law, so that means that lawyers are basically in the business of minting capital for their clients.” “But increasingly, intellectual property rights and other nontangible assets, like financial instruments and data, are the major sources of wealth today. “Even for land, it was never about a piece of dirt but about the right you have to land over others,” she says. Parker Professor of Comparative Law and director of Columbia Law School’s Center on Global Legal Transformation, explains that capital, which for centuries was synonymous with real property, has always been a legal construct. “But I want people to understand the centrality of law for capitalism, both historically and certainly in the contemporary world.” “I don’t want to accuse or indict lawyers,” Professor Katharina Pistor was saying on the day last month when her new book, The Code of Capital: How the Law Creates Wealth and Inequality, was published by Princeton University Press.
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