In this section, I explain Hayek's contractarian
basis for adopting a principle of holistic social justice.
language are also cause for concern.
approach to fiduciary duties will be discussed further.
better substitute contractual terms as envisioned by contractarian
As Cox began his career, the "contractarian
" revolution in corporate law loomed.
approach to the corporation influences how corporate law is evaluated.
Institutional intermediaries are especially important now that the disintermediated capital market, on which the original contractarian
account is premised, has disappeared.
In sum, either the contractarian
position is viciously circular, or the social contract, needing no meta-state to enforce it, effectively becomes a self-enforcing anomaly.
account of fiduciary law is straightforward.
The analogous contractarian
thinking is here no better at inducing value-enhancing creditor incentives.
(168) This excerpt succinctly captures the heart of a contractarian
's understanding (discussed supra Section II(B)(2)) and struggles with the idea of a unified entity, made up of numerous individuals, expressing a single idea--a concern which the majority implicitly rejected in coming to its conclusion.
Sen questions the Rawlsian contractarian
account of justice, wherein negotiating parties are imagined to be equal, free, and independent.