A short note on the validity of rules guiding informal markets

Goyal, Yugank and Westerman, Pauline (2018) A short note on the validity of rules guiding informal markets. In: Legal validity and soft law. Law and Philosophy Library . Springer Nature, pp. 183-192. ISBN 9783319775227

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We argue in this note that the principles of validity need fresh understanding to explain the elements of private ordering exhibited in the vast swathes of informal markets around the world. Informal markets, by definition, lie outside formal legal systems and yet display a tenacious stability in their norms. We show that these norms are valid because they are driven by reputation rather than any higher order of law. In doing so, reputation drives efficacy into validity. By remolding Kelsen’s ideas on validity into Hart’s internal point of view, we show how reputation drives efficacy into validity. We illustrate this idea through a case study on a centuries-old footwear cluster in Agra (India).

Item Type: Book Section
Keywords: Informal markets | Kelsen | Validity | Agra footwear cluster | Trust Efficacy
Subjects: Social Sciences and humanities > Business, Management and Accounting > General Management
Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal School of Liberal Arts & Humanities
Depositing User: Arjun Dinesh
Date Deposited: 24 Apr 2022 13:03
Last Modified: 05 Jul 2022 07:09
Official URL: http://dpoi.org/10.1007/978-3-319-77522-7_9
URI: https://pure.jgu.edu.in/id/eprint/2611


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