Private interbank discipline

Article Abstract:

Private interbank discipline is more effective than government regulation because it allows regulatory and disciplinary measures tailored to the needs and mutually-agreed upon standards of financial institutions. Examples of how such a self-regulatory system can work are represented by private paper currency and checking regulation in the late 19th and early 20th centuries, and by the modern credit card, electronic fund transfer, interest rate swap and secondary mortgage market monitoring systems. A survey of these suggests six components for establishing a successful self-disciplinary system.

Models, Discipline, Financial institutions, Industry self-regulation, Industry self regulation

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Hope for the tort system: congressional proposals for reform

Article Abstract:

Society must learn to accept risk for tort reform to be effective. The current tort system has been deformed by using it as the only way to compensate for risk. The current system is dysfunctional, costly and has contributed to the erosion of liberty. It is based on an overly extreme dichotomy between irresponsible victims and culpable wrongdoers. The House of Representatives has introduced some proposals for tort reform that represent a common-sense beginning to bring justice back to the system.

United States, Political aspects, Tort reform

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