Chapter

Virtual Transparency

Annelise Riles

in Collateral Knowledge

Published by University of Chicago Press

Published in print May 2011 | ISBN: 9780226719320
Published online February 2013 | e-ISBN: 9780226719344 | DOI: http://dx.doi.org/10.7208/chicago/9780226719344.003.0006
Virtual Transparency

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This chapter focuses on the move from plans to solve the “netting problem” through a legal interpretation of existing law, to the drafting of an entirely new law with a very peculiar form—a “hollow core”, i.e., a law in which all the key terms, from whom it applies to, to what actions are permitted and what are sanctioned, are left to be filled in by bureaucrats at a later date. Although this new law was portrayed by its supporters as a departure from legalism in favor of a more economic approach to law, in line with the public choice approaches, argue that in fact it exemplifies the subtle power and efficacy of legal aesthetics. This exemplar of transparency-in-the-making therefore provides a platform for considering understandings of legal form and its uses, including the ways the very embrace of globally transparent legal form may provide a kind of camouflage age from the insatiable global demands for transparency itself.

Keywords: virtual transparency; global demands; netting problem; hollow core; legalism; legal aesthetics; legal interpretation; drafting

Chapter.  14797 words.  Illustrated.

Subjects: Financial Markets

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