Contracting Worlds and Essential Contract Theory
| Date | 01 September 2000 |
| Author | Ian R. Macneil |
| DOI | 10.1177/096466390000900307 |
| Published date | 01 September 2000 |
| Subject Matter | Articles |
CONTRACTING WORLDS
AND ESSENTIAL CONTRACT
THEORY
IAN R. MACNEIL
Northwestern University, Chicago, USA
ILMAL GOVERNO VISITED
PRIVATIZATION runs rampant, sweeping even the most traditionally
‘sovereign’ governmental functions into ‘private’ hands. ‘Free markets’
conquer the globe, along with globalization of ‘private’ financial and
corporate institutions under the domination of which the ‘free markets’
operate. These ‘private’ institutions are delocalized, being almost totally
mobile. Many dwarf half the ‘sovereign’ countries of the world. By their
power over money, information and communication they can and do manip-
ulate and control even the largest of ‘sovereigns’. To whatever degree the
‘sovereigns’ are democratic, democracy itself is thereby eroded. (Much
‘sovereign law’ is, of course, already created by highly undemocratic bodies
like central banks, WTO, IMF and the EU bureaucracy.)
For these dominant ‘private’ institutions, the only measure of success is the
‘bottom line’ of net gain stated in money. To whatever extent they dominate,
Carlyle’s cash nexus has taken over the universe. In a world where con-
sumption has become the main human preoccupation of virtually religious
intensity, this means that the ‘private’ institutions have taken over ‘more and
more social activities’–all dominated, of course, by the cash nexus. Although
much is in a state of flux due, inter alia, to constantly changing technology,
in particular the Internet, the basic continuing trend towards worldwide
dominance by ‘private’ institutions remains largely unchallenged. (For a
pithy summary in the context of WTO and the Seattle riots and including the
role of non-government organizations such as Red Cross, Amnesty Inter-
national and countless others, see Byers, 2000).
Gunther Teubner founds his article essentially on this scenario; so shall I
found my comments.
SOCIAL &LEGAL STUDIES 0964 6639 (200009) 9:3 Copyright © 2000
SAGE Publications, London, Thousand Oaks, CA and New Delhi,
Vol. 9(3), 431–438; 013781
07 Macneil (jl/d) 3/8/00 1:49 pm Page 431
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