EAN: 9780691178974

THE CODE OF CAPITAL - KATHARINA PISTOR GEBUNDEN

Capital is the defining feature of modern economies  yet most people have no idea where it
actually comes from. What is it  exactly  that transforms mere wealth into an asset that
automatically creates more wealth? The Code of Capital explains how capital is created behind
closed doors in the offices of private attorneys  and why this little-known fact is one of the
biggest reasons for the widening wealth gap between the holders of capital and everybody else.
In this revealing book  Katharina Pistor argues that the law selectively codes certain assets 
endowing them with the capacity to protect and produce private wealth. With the right legal
coding  any object  claim  or idea can be turned into capital--and lawyers are the keepers of
the code. Pistor describes how they pick and choose among different legal systems and legal
devices for the ones that best serve their clients' needs  and how techniques that were first
perfected centuries ago to code landholdings as capital are being used today to code stocks 
bonds  ideas  and even expectations--assets that exist only in law.

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