Revisiting the Contracts Scholarship of Stewart Macaulay, Post VI: Jonathan Lipson

Relational Reorganization. Although Stewart Macaulay’s contributions to the literature on relational contracting cannot be overstated — for practical purposes, he invented the field — its insights have been absent from an equally important body of literature that also looks at contracts in action: That of bankruptcy reorganization. At first glance, the reasons for the disconnect may seem obvious. Relational contracting is concerned with, well, ongoing relationships. Bankruptcy reorganization, by contrast, implies the termination or fundamental alteration of those relationships …” (more)

[ContractsProf Blog, 28 August]

First posted 2013-08-28 18:29:45

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