Strategic Bankruptcy

Paper Summary:

This paper analyzes the above book on the sociological ramifications of Chapter 11 bankruptcy and how bankruptcy has become a legitimate business tool that is often used by corporations. It discusses how the book reveals a great deal about the connections between law, economics and sociology and how since corporations have begun to use Chapter 11 filing as a legitimate business strategy, bankruptcy has become an increasingly common means to address social issues like victim compensation and labor issues. It shows how the legal system, in addressing an economic issue, ultimately plays an important role in the social fabric of American society.

From the Paper:

"Delaney's discussions also reveal a great deal about the connection between law, economics, and sociology. He notes that bankruptcy court is rapidly becoming a way for companies to address a wide variety of social concerns, rather than as a way to address economic problems. As such, it appears that our society is now endorsing, or at the very least allowing, financial and legal solutions for a variety of troubling social problems that commonly arise within the corporate sphere."

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