11 Geo. Mason U. L. Rev. 139 (1988-1989)
The Market for Rules, Privatization, and the Crisis of the Theory of Public Goods

handle is hein.journals/gmaslr11 and id is 391 raw text is: PANEL V

THE MARKET FOR RULES, PRIVATIZATION, AND THE
CRISIS OF THE THEORY OF PUBLIC GOODS
Leonard P. Liggio*
The theme of private and privatization in law is long standing. It is fun-
damental to the Anglo-American common law tradition. It is possible to view
the common law as being private law in contrast to many modem legal sys-
tems. However, historians of Roman law argue that Roman law was simi-
larly private law, but that the codification under Justinian changed Roman
law into the system that is widely accepted as in contrast with common law.
These issues have begun to receive greater attention from legal philoso-
phers. Professors Ellen and Jeff Paul at the Social Philosophy and Policy
Center at Bowling Green State University have directed several conferences
at which the seminal contributions of Richard A. Epstein of the University of
Chicago Law School have been explored and expanded upon. Similarly,
James Buchanan, who was the original inspiration for the organization of this
set of papers, has encouraged parallel work by legal philosophers such as
Lester Hunt, J. Charles King, and Loren Lomasky. Additionally, Buchanan
has included in his programs philosophers such as David Gauthier, John
Rawls, Thelma Lavine, Shirley Robin Letwin, and Robert Nozick. In this
Buchanan is continuing the work of his great teacher, Frank Knight, as well
as continuing the work of his Italian and Swedish sources of public choice
theory.
A major influence on the theme of private and privatization is the work
of F. A. Hayek. Building on the contributions of Ludwig von Mises in
Socialism' and in Human Action,2 Hayek, during two decades at the London
School of Economics and more than a dozen years at the University of
Chicago at its most productive period, formulated a number of approaches to
these issues. Merely noting the movement of Ronald Coase from the London
School of Economics in the 1930s to the University of Virginia in the 1950s
and to the University of Chicago in the 1960s suggests some of the interplay
* President, Institute for Humane Studies, George Mason University.
1. L. von Mises, Socialism (1932).
2. L. von Mises, Human Action: A Treatise on Economics (1949).

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