BEYOND COMMUTATIVE JUSTICE: CONTRACT LAW, JUSTICE, and JUST PRICES1* Más Allá De La Justicia Conmutativa: Derecho De Contratos, Justicia Y Precios Justos

LATIN AMERICAN LEGAL STUDIES Volume 7 (2020), pp. 363 - 3 2090

BEYOND COMMUTATIVE JUSTICE: CONTRACT LAW, JUSTICE, AND JUST PRICES1* Más allá de la Justicia Conmutativa: Derecho de Contratos, Justicia y Precios Justos

Joaquín Reyes Barros2**

Abstract:

In this paper I evaluate James Gordley’s account of the just price as the price that preserves commutative justice. After raising some objections to this approach, I suggest that focusing on the institutional nature of prices, rejecting the value monism implicit in the standard account of the just price and allowing for the possibility of a pluralist approach to price justification can contribute to moving just price theory forward.

Keywords: Commutative Justice; Just Price; Equality in Exchange; Exchange Value; Institutional Facts

Resumen:

En este artículo evalúo la teoría del precio justo defendida por James Gordley, según la cual el precio justo es aquel precio que preserva la justicia conmutativa. Luego de oponer algunas objeciones a esta perspectiva, sugiero que enfocarse en la naturaleza institucional de los precios, rechazar el monismo valórico implícito en la versión estándar del precio justo y permitir la posibilidad de un enfoque pluralista a la justificación de los precios puede contribuir a avanzar la teoría del precio justo.

Palabras clave: justicia conmutativa; precio justo; igualdad en el intercambio; valor de intercambio; hechos institucionales

1 * For helpful comments and suggestions on early versions of this paper, I am grate- ful to Amalia Amaya, Chloe Kennedy, Luís Duarte D’Almeida, Alice Krzanich, Ismael Martínez-Torres, Euan MacDonald, Cormac MacAmlaigh, Claudio Michelon, Lucas Miot- to-Lopes, Margaret O’Brien, Felipe Oliveira de Sousa, Diego Papayannis, Esteban Pereira Fredes, Alberto Pino Emhart, Alexander Vargas Tinoco, Antonia Walterman, Neil Walker, and two anonymous reviewers. I would also like to thank audiences at Lucerne, Girona, Maastricht, Oxford, and Edinburgh. 2 ** University of Edinburgh, UK and Universidad Finis Terrae, Chile (Joaquin.Reyes@ ed.ac.uk). Article received on March 14, 2020 and accepted for publication on June 3, 2020.

is met, there is no additional requirement of equivalence in the value exchanged.” value the in equivalence of requirement additional no is there met, is

(1981), §79: “if the requirement of consideration consideration of requirement the “if §79: (1981), Contracts of (Second) Restatement see States,

.” (emphasis added). For its exclusion in the United United the in exclusion its For added). (emphasis .” paid be to price the of adequacy the to nor

the unfairness test extends neither to the definition of the main subject matter of the contract, contract, the of matter subject main the of definition the to neither extends test unfairness the

unfairness Test (2): For contract terms which are drafted in plain and intelligible language, language, intelligible and plain in drafted are which terms contract For (2): Test unfairness

(2009), p. 225: “II. - 9:406 Exclusions from from Exclusions 9:406 - “II. 225: p. (2009), Group Acquis & Group Study in fairness of

price theory in private law- See, for example, the explicit exclusion of just pricing as a standard standard a as pricing just of exclusion explicit the example, for See, law- private in theory price

This is not to deny that there have been recent signs of a decline of the impact of just just of impact the of decline a of signs recent been have there that deny to not is This 5

enforcement.”

imposes upon each party a duty of good faith and fair dealing in its performance and its its and performance its in dealing fair and ÍNDICEfaith good of duty a party each upon imposes

(1981), §205: “Every contract contract “Every §205: (1981), Contracts of (Second) Restatement instance, for See, 4

365. p. (2006), Gordley 154-158; pp. 1991), (

Gordley Gordley ; 122-136 pp. (1977), Deutch generally see unconscionability, price On 3

364ff. pp. (2006),

ordley ordley G generally See standard. certain below or above half-price usually proportion, tain

consists in the buying and selling of goods for more or less than a cer a than less or more for goods of selling and buying the in consists enormis Laesio 2 -

p. 76. p. (1986), . al et Kahneman from taken is example shovel snow The VERSIÓN EN CASTELLANO 1

NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL

a price preserves commutative justice when it keeps equality of exchange value value exchange of equality JAVIER keeps WILENMANN it when (EDITORjustice INVITADO)commutative preserves price a

just price is the price that preserves commutative justice. According to this view, view, this to According justice. commutative preserves that price the is price just

which can be traced back to the Scholastic doctrine of the the of doctrine Scholastic the to back traced be can which , the the ,

ESTÁNDARESpretium iustum DE PUNICIÓN A ADOLESCENTES EN LA

the price of a thing to be? According to the standard view, view, standard the to According be? to thing a of price the ought JURISPRUDENCIA DE CORTES CONSTITUCIONALES Y what But TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

TENDENCIAS Y PROBLEMAS ACTUALES

goods are being sold for more or less than they ought to be. to ought they than less or more for sold being are goods

Jaime Couso5 Salas ...... 1

etc., are instances of private law rules shaped by a concern for the fact that certain certain that fact the for concern a by shaped rules law private of instances are etc.,

of implied duties of fair dealing and good faith good and dealing fair of duties implied of

, prohibitions on price gouging, gouging, PRIVATIZACIÓNprice on FORZADAprohibitions , DEL DERECHO PENAL ECONÓMICO. 4

price unconscionability in the Common Law Common the in unconscionability price , standards of conduct in the form form the in CUESTIONESconduct of DE LEGITIMIDADstandards ,

Héctor Hernández Basualto ...... 3 23 normative standard of fair pricing. Civil law remedies against against remedies law Civil pricing. fair of standard normative laesio enormis laesio , ,

deep-seated private law rules and institutions depends upon establishing some some LA IMPOSICIÓNestablishing upon CONSTITUCIONALdepends institutions DE and DISCIPLINArules law EN LAprivate deep-seated

pricing in private law seem to track this intuition. Indeed, the intelligibility of of PRÁCTICAintelligibility the SANCIONADORAIndeed, DELintuition. ESTADOthis track to seem law private in pricing Several legal rules and practices dealing with unequal exchange and unfair unfair and Javier Wilenmannexchange ...... unequal with dealing practices and rules legal Several 45

ARTÍCULO DE RESEÑA: CRIMINAL LAW IN THE AGE OF THE

, their just price. just their , i.e. have, to ought they price the match not does goods some for

1 ADMINISTRATIVE STATE

snow shovels just after a snowstorm, it seems to be the case that the price paid paid price Fernandothe Londoñothat case ...... the be to seems it snowstorm, a after just shovels 63 snow

to buy cheap a costly item, or even a hardware store increasing the price of their their of price the increasing store hardware a even or item, costly a cheap buy to

intensely the buyer wants it, a buyer taking advantage of the ignorance of the seller seller the of SOBRE LOSignorance DESAFÍOSthe of AL REGULARadvantage taking LA ACTIVIDADbuyer a it, BANCARIAwants buyer the intensely willing to do for less, a seller charging more for a good because he knows how how knows Y ELhe NUEVO because MARCO good a NORMATIVO for more PARA LOScharging BANCOSseller a EN less, CHILE for do to willing

Roberto Ignacio Carrillo A...... 75

Whether it is a professional extracting enormous profits for a job he would be be would he job a for profits enormous extracting professional a is it Whether LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

off’, ‘too much’, or, at the other extreme, because it is ‘a bargain’ or ‘too little’. little’. ‘too ESTEREOTIPOSor bargain’ ‘a DEis it GÉNERO because EN EL PROCESOextreme, JUDICIAL:other the at ANÁLISISor, much’, ‘too off’,

the price of a certain good seems ‘wrong’, either because it is exorbitant, a ‘rip ‘rip a CRÍTICOexorbitant, is Yit DE DERECHObecause COMPARADOeither ‘wrong’, LATINOMAERICANOseems good certain a of price the In our experience as market agents, we encounter many situations in which which in Natalia Cerecedasituations Barrios,many Antonia Cofréencounter Farías,we Melissaagents, Joo Amunátegui,market as Cindy Lorca experience our In

Romero Y Kaely Labraña Trincado ...... 97 IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISISINTRODUCTION I. CRÍTICO

Santiago Martínez ...... 119

364 364 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 365 between the goods exchanged.6 Among contemporary legal scholars, this view has been defended and developed by James Gordley, who claims that, under ideal conditions of economic competition, the just price would correspond to the market price, because exchanging at the market price would preserve the ongoing distribution of purchasing power. ÍNDICE In this paper, I evaluate and provide a critique of this view of justice in pricing and explore the possibility of a partial restatement and revision of just price theory. The proposed view focuses on the institutional nature of prices and claims that the just price is best conceived as the price that can be fetched under just background conditions of exchange. This conception of the just price entails a rejection of the value monism implicit in the traditional understanding of the just price and a subsequent endorsementVERSIÓN of EN value CASTELLANO pluralism in price justification. On the proposed approach, commutative justice is just one among many values that can serve the purpose of justifying prices. NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO) The paper is structured into two main sections. The first section explains Gordley’s accountESTÁNDARES of the DEjust PUNICIÓNprice and Aputs ADOLESCENTES forward two mainEN LAobjections to Gordley’s account.JURISPRUDENCIA The first isDE an CORTESobjection CONSTITUCIONALESagainst Gordley's claim Y that the just price can preserveTRIBUNALES the ongoingINTERNACIONALES distribution DE of DERECHOS purchasing HUMANOS. power. The second and most importantTENDENCIAS objection Y PROBLEMAS casts some ACTUALES doubts regarding the normative pull of Jaime Couso Salas ...... 1 market prices and, therefore, their ability to serve as a normative standard for just pricing.PRIVATIZACIÓN FORZADA DEL DERECHO PENAL ECONÓMICO. CUESTIONES DE LEGITIMIDAD The secondHéctor Hernández section Basualto explores ...... an alternative approach to justice in pricing,23 one that has as its starting point the institutional nature of prices and the price LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA system. ThisPRÁCTICA approach SANCIONADORA allows us to disentangleDEL ESTADO the issue of justice in pricing from concernsJavier over Wilenmann commutative ...... justice and opens theoretical space for value45 pluralism in price justification, in which other values such as autonomy, efficiency or distributiveARTÍCULO justice DEcan RESEÑA: have a CRIMINALbear on questions LAW IN THE of priceAGE OFjustification. THE This section doesADMINISTRATIVE not develop a full STATE theory of price justification: it only argues for the Fernando Londoño ...... 63 possibility of developing such an approach. SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA Finally,Y ELthe NUEVO paper MARCO concludes NORMATIVO with a few PARA remarks LOS BANCOS about EN the CHILE implications of the proposedRoberto view Ignacio for Carrilloour more A...... general understanding of contract law. 75

IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISIS CRÍTICO Santiago Martínez ...... 119 6 Gordley (1981), Gordley (1991), Gordley (2006), Gordley (2001), Gordley (2015), Gordley & Jiang (2019). Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

this observation. this

. I thank an anonymous reviewer for for reviewer anonymous an thank I . passim and 3 p. (1991), Gordley See doctrine. contract

of modern modern of explanation best the (2) and doctrine contract modern of origin the (1) both is tics

- Scholas late the by provided doctrine contract of organization the that claims Gordley 9

havell (2006), Kornhauser (2017). Kornhauser (2006), havell S & plow

- Ka (2014), Posner (1979), osner P & Kronman see contract, of theories efficiency-based

or or F (2017). Heller & Dagan (2017), Voyiakis (2016), Ripstein (2012), Weinrib (1995),

ried (2015), Weinrib Weinrib (2015), ried F instance, for see, contract, of theories autonomy-based For 8

197. p. (2018), ardner

ÍNDICE G This anachronistic tendency in private law theory was recently noted and criticised in in criticised and noted recently was theory law private in tendency anachronistic This 7

influenced eighteenth-century French jurists such as Domat and Pothier, and the the and Pothier, and Domat as such jurists French eighteenth-century influenced

according to such principles. The works of the northern natural lawyers deeply deeply lawyers natural northern the of works The principles. such to according

theless preserved the structure of private law developed by the late Scholastics Scholastics late the by developed law private of structure the preserved theless

Aristotle—or, at least, what they took to be Aristotle’s philosophy—they never philosophy—they Aristotle’s be to took they what least, at Aristotle—or,

- VERSIÓN EN CASTELLANO

and Barbeyrac. Although these authors consciously rejected the philosophy of of philosophy the rejected consciously authors these Although Barbeyrac. and

works of the seventeenth-century northern natural lawyers –Grotius, Pufendorf, Pufendorf, NÚMERO–Grotius, ESPECIAL:lawyers natural DERECHOnorthern CONSTITUCIONAL PENALseventeenth-century the of works

sive across legal systems through a process of dissemination that begun with the the with begun that JAVIER dissemination WILENMANN of process (EDITORa INVITADO)through systems legal across sive

- perva became institutions law private of articulation this that explains Gordley

self-conscious attempt to organize private law according to Aristotelian principles. Aristotelian to according law private organize to attempt self-conscious

ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA 9 basic categories of contract, tort, and property, is the result of late Scholastics’ Scholastics’ JURISPRUDENCIA late of result the DE is CORTESproperty, CONSTITUCIONALESand tort, contract, of Y categories basic

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

the fact that modern private law is organized all over the world across the same same the TENDENCIASacross world Y PROBLEMASthe over all ACTUALESorganized is law private modern that fact the

, Gordley argued at great length that that length great at argued Gordley ,

Jaime Couso Salas ...... Doctrine Contract Modern of Origins 1 ical

sense of our private law institutions. In his most influential work, work, influential most his In institutions. law private our of sense - Philosoph The

and, therefore, that it is to Aristotle that we must go back to in order to make make to PRIVATIZACIÓNorder in to back FORZADAgo must DELwe DERECHOthat PENALAristotle to ECONÓMICO.is it that therefore, and, law owes more to Aristotelian metaphysics than to Kantian or utilitarian principles, principles, CUESTIONESutilitarian or DE LEGITIMIDADKantian to than metaphysics Aristotelian to more owes law

Héctor Hernández Basualto ...... 23 law. James Gordley has been claiming for nearly four decades that modern contract contract modern that decades four nearly for claiming been has Gordley James law. However, these two approaches do not tell the whole story about contract contract LAabout IMPOSICIÓNstory whole CONSTITUCIONALthe tell not do DE DISCIPLINAapproaches two ENthese LA However,

PRÁCTICA SANCIONADORA DEL ESTADO

Javier Wilenmannparties...... both by agreeable and efficient economically both 45 are 8

satisfaction by reducing transaction costs and finding rules of risk allocation that that ARTÍCULOallocation risk of DE rules RESEÑA: finding CRIMINAL and costs LAW IN THEtransaction AGE OF THEreducing by satisfaction

es to contract are typically more concerned about how to maximize preference preference ADMINISTRATIVEmaximize to STATEhow about concerned more typically are contract to es

- approach Economics’ and Law

Fernando Londoño ...... while dealings, mutual their in rights other’s 63 each

to contract law tend to stress the relevance of the contracting parties respecting respecting parties contracting the of relevance the stress to tend law contract to

private law. This holds true for contract law as well. Deontological approaches approaches SOBRE LOS DESAFÍOSDeontological well. AL as REGULARlaw LA contract ACTIVIDAD for true BANCARIAholds This law. private well as efficiency-based theories are indeed the two most common approaches to to approaches Y EL NUEVOcommon MARCOmost two NORMATIVO the indeed PARA are LOS BANCOStheories EN CHILE efficiency-based as well

Roberto Ignacio Carrillo A...... 75 private law theory is enough to notice that deontological rights-based theories as as theories rights-based deontological that notice to enough is theory law private LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

individual autonomy or economic efficiency. economic or autonomy individual A quick review of contemporary contemporary of review quick A

ESTEREOTIPOS DE GÉNERO7 EN EL PROCESO JUDICIAL: ANÁLISIS

plain and justify pre-modern legal schemes in relation to modern concerns over over CRÍTICOconcerns Y DEmodern to DERECHO relation COMPARADOin schemes LATINOMAERICANOlegal pre-modern justify and plain

- For private law theorists, it is almost part of their job description to ex to Natalia Cerecedadescription job Barrios,their Antoniaof Cofrépart Farías, Melissaalmost is it Joo Amunátegui,theorists, Cindylaw Lorca private For

Romero Y Kaely Labraña Trincado ...... 97 IMPUESTOS AMBIENTALESPRICE JUST EN THE CHILE: AND UN ANÁLISIS CRÍTICOGORDLEY II.

Santiago Martínez ...... 119

366 366 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 367 doctrines of these jurists, especially those of Pothier, were to be repeated almost verbatim by the Napoleonic Civil Code. From then onwards they passed onto most legal systems throughout the world, including the Common Law. In effect, when nineteenth-century common law jurists tried to understand the common law according to abstract categories, they did so by extensively borrowing from the continental doctrines of Grotius, Pufendorf,ÍNDICE Domat, and Pothier.

Systems of private law modelled on Aristotelian principles now “govern nearly the entire world”.10 However, as Gordley himself acknowledges, those Aristotelian principles that helped to shape modern contract doctrine have now fallen into disrepute. Talk of formal causation, final ends, essence, substance and attributes, as well as the Aristotelian understanding of justice as a virtue guided by practical wisdom have beenVERSIÓN replaced inEN contract CASTELLANO law theory by a theoretical discourse in which concepts such as ‘utility maximization’, ‘preference satisfaction’, ‘autonomy’ or ‘freedom’ are dominant. According to Gordley, these modern concepts haveNÚMERO very limitedESPECIAL: explanatory DERECHO CONSTITUCIONAL power. Autonomy PENAL and efficien- JAVIER WILENMANN (EDITOR INVITADO) cy theories of contract law would both share the same basic defect, namely, to assume that ESTÁNDAREScontracts are explainedDE PUNICIÓN exclusively A ADOLESCENTES by the fact thatEN the LA parties have chosen something,JURISPRUDENCIA regardless DEof theCORTES content CONSTITUCIONALES of what is chosen. Neither Y preference satisfactionTRIBUNALES nor autonomy INTERNACIONALES are able to explainDE DERECHOS why the HUMANOS. law sometimes fails to enforce theTENDENCIAS will of the Y parties, PROBLEMAS nor whyACTUALES it reads into the contract a specific set Jaime Couso Salas ...... 1 of terms—the ‘natural’ or ‘implied’ terms of the contract—to which the parties have never consciouslyPRIVATIZACIÓN agreed FORZADA to. Whatever DEL DERECHO their merits, PENAL ECONÓMICO.therefore, these modern theories of contractCUESTIONES are not DE LEGITIMIDADable to explain some very basic features of currently existing contractHéctor Hernández law. Basualto ...... 23

LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA To solvePRÁCTICA this problem, SANCIONADORA Gordley DEL argues ESTADO that we need to return to the very 11 Aristotelian Javiercategories Wilenmann which ...... were so passionately rejected in previous centuries.45 According to Gordley, a teleological—and hence Aristotelian—approach to contract lawARTÍCULO is the best DE way RESEÑA: to overcome CRIMINAL the LAW deficiencies IN THE AGE of OFboth THE autonomy and efficiency ADMINISTRATIVEtheories of contract, STATE without abandoning their insights.12 For Gordley, Fernando Londoño ...... 63 however, these insights are far more present on the side of efficiency than on SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE Roberto Ignacio Carrillo A...... 75 10 Gordley (1991), p. 1. 11 GordleyESTEREOTIPOS (1991), p. 232: DE “WeGÉNERO can have EN EL a PROCESOtheory of contract,JUDICIAL: but ANÁLISIS to do so we need the very conceptsCRÍTICO that the nineteenth-centuryY DE DERECHO COMPARADO jurists threw LATINOMAERICANO out. (…) I know that we could not resurrect theseNatalia concepts Cereceda without Barrios, Antonia major Cofré changes Farías, Melissain the Joo way Amunátegui, we understand Cindy Lorca the world. I am also aware thatRomero it would Y Kaely take Labraña a good Trincado deal ...... of hard thought to see how these concepts should97 be applied. Although we can learn from the late scholastics, we cannot simply copy them. (…) Nevertheless,IMPUESTOS I do not AMBIENTALES see how that ENlarger CHILE: approach UN ANÁLISIS would beCRÍTICO possible without using these older concepts.”Santiago Martínez ...... 119 12 Gordley (2006), pp. 11-12. Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

404. p. (2006), Gordley 17

27-28, 355. 27-28, pp. (2006), Gordley 242; p. ), (1991 Gordley 16

(2001), p. 118. 118. p. (2001), Benson (2015); Fried See 15

. passim (2019), Jiang & Gordley 323; 318, pp. (1991), Gordley also See 1.

(2019), p. p. (2019), Jiang & Gordley fair”. “economically be would it it, puts recently he As 14

pp. 389-391, 394. 389-391, pp. (2006), Gordley 13

ÍNDICE

justice is preserved, because market prices tend towards equilibrium. towards tend prices market because preserved, is justice

run long the in unjust, seem might price a run short the in while Thus, market.

one party ends up losing purchasing power as a result of price fluctuation in the the in fluctuation price of result a as power purchasing losing up ends party one

proportionally reflected in the price of the contract, then the price is just, even if if even just, is price the then contract, the of price the in reflected proportionally

by the party who can bear them least costly—and these burdens and risks are are risks and burdens these costly—and least them bear can who party the by

burdens and risks are efficiently allocated among parties—i.e., if they are born born are they if parties—i.e., among allocated efficiently are risks and burdens

price that most resembles the long-run equilibrium of the market. If contractual contractual If market. the of VERSIÓNequilibrium EN CASTELLANOlong-run the resembles most that price

demand curves intersect. Under non-ideal conditions, the just price would be the the be would price just the conditions, non-ideal Under intersect. curves demand

correspond to the price of equilibrium, that is, the price at which the supply and and supply the NÚMEROwhich at ESPECIAL:price the is, DERECHOthat CONSTITUCIONALequilibrium, of price PENALthe to correspond

fetched in a competitive market. Under ideal conditions, the just price would would price just the JAVIERconditions, WILENMANNideal Under (EDITOR INVITADO)market. competitive a in fetched

Gordley, this price is the competitive market price—i.e., the price that can be be can that price the price—i.e., market competitive the is price this Gordley,

would preserve the ongoing distribution of purchasing power. purchasing of distribution ongoing the preserve would

According to to ESTÁNDARESAccording DE PUNICIÓN A ADOLESCENTES EN LA 17 to their just price. To know the just price of a thing, one must ask what price price what JURISPRUDENCIAask must one DEthing, a CORTES of price CONSTITUCIONALESjust the know To price. Y just their to

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

Equality in exchange is preserved when things are bought and sold according according TENDENCIASsold and Y PROBLEMASbought are ACTUALESthings when preserved is exchange in Equality

exchanges enforceable by law should be those that keep equality in exchange. exchange. Jaimein Couso Salasequality ...... keep that those be should law by enforceable 1 exchanges

not like to change it by means other than a collective decision, then the only only the then decision, collective a than other means by it change to like not

bution of purchasing power among society members, or at least that they would would they PRIVATIZACIÓNthat least at or FORZADA DELmembers, DERECHOsociety PENALamong ECONÓMICO.power purchasing of bution

- law. According to Gordley, if one assumes the desirability of the ongoing distri CUESTIONESongoing the of DE LEGITIMIDADdesirability the assumes one if Gordley, to According law.

Héctor Hernández Basualto ...... 23 The idea of a just price plays a central role in Gordley’s account of contract contract of account Gordley’s in role central a plays price just a of idea The

LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA

of justice. of

PRÁCTICA SANCIONADORA DEL ESTADO 16 inconsistent with their own theories and end up explaining autonomy in terms terms in Javier Wilenmannautonomy ...... explaining up end and theories own their with 45 inconsistent

but, according to Gordley, this happens because these writers are sometimes sometimes ARTÍCULOare DEwriters RESEÑA:these CRIMINALbecause LAWhappens IN this THE AGE Gordley, OF to THE according but,

that, sometimes, their conclusions are compatible with an Aristotelian approach, approach, ADMINISTRATIVEAristotelian an STATEwith compatible are conclusions their sometimes, that,

sure, Gordley does not claim that these writers are always mistaken. He admits admits He Fernando Londoñomistaken...... always are writers these that claim not does Gordley 63 sure,

Peter Benson’s Hegelian approach to private autonomy and contract law. contract and autonomy private to approach Hegelian Benson’s Peter To be be To

will theories of contracts, Charles Fried’s theory of ‘contract as promise’ or even even or SOBREpromise’ LOSas DESAFÍOS‘contract of AL REGULARtheory LAFried’s ACTIVIDADCharles BANCARIAcontracts, of theories will contrast, there seem to be no real insights stemming from nineteenth-century Y EL NUEVOnineteenth-century MARCOfrom NORMATIVOstemming PARAinsights LOSreal BANCOSno be to EN CHILEseem there contrast,

Roberto Ignacio Carrillo A...... 75 with what the Aristotelian virtue of commutative justice demands. justice commutative of virtue Aristotelian the what with exactly

In In LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

For Gordley, this rule of risk allocation is not only efficient, but it corresponds corresponds ESTEREOTIPOSit but DEefficient, GÉNEROonly not EN is EL PROCESOallocation JUDICIAL:risk of ANÁLISISrule this Gordley, For

contractual agreement should be placed on the party who can bear them least costly. costly. least CRÍTICOthem Ybear DE can DERECHO who COMPARADOparty the on LATINOMAERICANOplaced be should agreement contractual

that contracts should be efficient in the sense that the risks and burdens of a of burdens Nataliaand Cerecedarisks Barrios,the Antoniathat Cofrésense Farías,the Melissain Joo Amunátegui,efficient be Cindy Lorcashould contracts that

doctrines—such as the possibility of an ‘efficient breach’ of contract of breach’ ‘efficient an of possibility the as doctrines—such —he agrees agrees —he Romero Y Kaely Labraña Trincado ...... 97

Law and Economics and Law core some rejects he although Thus, autonomy. of that IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISIS CRÍTICO

Santiago Martínez ...... 119

368 368 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 369

I agree with Gordley in that prices can be assessed in normative terms and that offering a theory of justice in pricing is relevant for contract law. However, I find his conception of the just price unconvincing.18 This for the following reasons. First, competitive market prices do not seem to possess the just-making feature that Gordley attributes to them—i.e., the ability of preserving the ongoing distribution of purchasing power. And second,ÍNDICE and `more importantly, ongoing market prices seem to lack the required normative pull in order to provide a normative standard of justice. I elaborate in what follows.

The first problem with Gordley’s account, therefore, concerns the claim that the just price has the ability to preserve the ongoing distribution of purchasing power among members of a society. However, pace Gordley, keeping equality in exchange does not seem to help tooVERSIÓN much in EN preserving CASTELLANO the ongoing distribution of purchasing power. The reason: each party’s purchasing power ex ante is different from their purchasing power ex post. Consider, for instance, the contractual transfer of non-durable goodsNÚMERO or services. ESPECIAL: If I payDERECHO for watching CONSTITUCIONAL a football PENAL match, or buy JAVIER WILENMANN (EDITOR INVITADO) an apple, my purchasing power after paying for the game or buying the apple has decreasedESTÁNDARES compared toDE my PUNICIÓN purchasing A powerADOLESCENTES before buying EN it.LA By contrast, the value of JURISPRUDENCIAmoney is not debased DE CORTESand, therefore, CONSTITUCIONALES the seller’s purchasing Y power has increasedTRIBUNALES after the transaction. INTERNACIONALES DE DERECHOS HUMANOS. TENDENCIAS Y PROBLEMAS ACTUALES Jaime Couso Salas ...... 1

PRIVATIZACIÓN FORZADA DEL DERECHO PENAL ECONÓMICO. 18 BesidesCUESTIONES the two main DE reasons LEGITIMIDAD addressed in the main text, there is also a somewhat minor worry concerningHéctor Hernández the Basualto connection ...... between the concept of the just price and the con23 - cept of the price of equilibrium. The worry is that linking the concept of the just price with the price of equilibriumLA IMPOSICIÓN puts an CONSTITUCIONALunnecessary burden DEon theDISCIPLINA theory of theEN justLA price, since, for such a theoryPRÁCTICA to obtain SANCIONADORA the equilibrium DELmodel ESTADO of the market must obtain as well. But the latter conditionJavier may Wilenmann not be ...... so easily satisfied. In effect, the equilibrium model of the market45 has not been immune to criticism. Besides Karl Polanyi’s famous critique of a disembedded economy, consequenceARTÍCULO of DEthe modernRESEÑA: project CRIMINAL of producing LAW IN a THEself-regulating AGE OF THE market (Polanyi (2001), pp. 31,ADMINISTRATIVE 71ff, andpassim ), STATE and of John Maynard Keynes’ famous scepticism regarding long-run economicFernando models—“this Londoño ...... long run is a misleading guide to current affairs.In the long63 run we are all dead” (Keynes (1971), p. 65)—contemporary economists associated with a SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA branch of the Austrian School of economics have also argued against the idea of equilibrium Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE on the basis that it assumes long-term rationality and stability of choice among economic Roberto Ignacio Carrillo A...... 75 agents, neither of which seems likely to be the case in real markets On this, see generally Hayek (1945), Hayek (1948), Shackle (1972), Lachmann (1973). Moreover, economists of ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS all shapes and sizes—even neoclassical economists!—have argued that the economic model CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO of perfect competitionNatalia Cereceda has Barrios,little value Antonia as Cofré normative Farías, Melissa guidance. Joo Amunátegui, For critiques Cindy Lorca from neoclassical economists, seeRomero generally Y Kaely ChamberlinLabraña Trincado (1956), ...... Clark (1940). For critiques from post-keynes97 - ian economists, see Robinson (1969). What these criticisms seem to show—coming, as it were, from theIMPUESTOS ‘left’, ‘centre’ AMBIENTALES and ‘right’—is EN CHILE:that explaining UN ANÁLISIS the just CRÍTICO price in terms of a price of equilibriumSantiago might Martínez entail ...... committing the explanatory fallacy of obscurum per obscurius119 , i.e., explaining a seemingly obscure concept (the just price) for another which is even more obscure (the equilibrium price). Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

average income and larger even than anyone else has. Is he entitled to his income? Is this this Is income? his to entitled he Is has. else anyone than even larger and income average

his home games, and Wilt Chamberlain winds up with $250,000, a much larger sum than the the than sum larger much a $250,000, with up winds Chamberlain Wilt and games, home his

Chamberlain’s name on it. (…) Let us suppose that in one season one million persons attend attend persons million one season one in that suppose us Let (…) it. on name Chamberlain’s

time dropping a separate twenty-five cents of their admission price into a special box with with box special a into price admission their of cents twenty-five separate a dropping time

The season starts, and people cheerfully attend his team’s games; they buy their tickets, each each tickets, their buy they games; team’s his attend cheerfully people and starts, season The

home game, twenty-five cents from the price of each ticket of admission goes to him. (…) (…) him. to goes admission of ticket each of price the from cents twenty-five game, home

with players being free agents.) He signs the following sort of contract with a team: In each each In team: a with contract of sort following the signs He agents.) free being players with

basketball teams, being a great gate attraction. (Also suppose contracts run only for a year, year, a for only run contracts suppose (Also attraction. gate great a being teams, basketball

p. 161: “Suppose that Wilt Chamberlain is greatly in demand by by demand in greatly is Chamberlain Wilt that “Suppose 161: p. (1974), ozick N 22

160. p. (1974), Nozick ÍNDICE 21

p. 13. p. (2006), Gordley See 20

355. p. (2004), mith S 147; . p (1996) mith S 19

her purchasing power—often upsets the original patterns of wealth distribution. wealth of patterns original the upsets power—often purchasing her

is, how the way in which each person uses her freedom of contract—one might say say might contract—one of VERSIÓNfreedom her ENuses CASTELLANOperson each which in way the how is,

, when he noticed “how liberty upset patterns” upset liberty “how noticed he when , argument Chamberlain Wilt , that that ,

21 The claim I am putting forward has more in common with Robert Nozick’s Nozick’s Robert NÚMEROwith ESPECIAL:common in DERECHOmore has CONSTITUCIONALforward putting am I PENALclaim The

JAVIER WILENMANN (EDITOR INVITADO)

distribution need not be among those reasons. those among be not need distribution

ideal an is it that fact the but distribution, of pattern ongoing

system of wealth wealth of ESTÁNDARESsystem DE PUNICIÓN A ADOLESCENTES EN LA the ideal. True, Gordley assumes that there must be good reasons to respect the the respect JURISPRUDENCIAto reasons good DEbe CORTESmust there CONSTITUCIONALESthat assumes Gordley Y True, ideal. the

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

need not work perfectly and that pragmatic reasons might justify a deviation from from TENDENCIASdeviation a justify Y PROBLEMASmight ACTUALESreasons pragmatic that and perfectly work not need

an ideal distribution. He acknowledges that a system for distributing resources resources Jaime Couso Salasdistributing ...... for system a that acknowledges He distribution. ideal 1 an

just.” just.” However, as Gordley has rightly pointed out, his account does not assume assume not does account his out, pointed rightly has Gordley as However,

fair “only in societies—unlike any we know of—which are already distributively PRIVATIZACIÓNdistributively already are FORZADA of—which DEL DERECHOknow we any PENAL ECONÓMICO.societies—unlike in “only fair which Gordley’s account of the just price would entail that a contract could be be could CUESTIONEScontract a that DE LEGITIMIDADentail would price just the of account Gordley’s which

Héctor Hernández Basualto ...... 23 My argument differs in this sense from Stephen Smith’s critique according to to according critique Smith’s Stephen from sense this in differs argument My

sort of ongoing distribution of resources, ideal or not. not. or ideal resources, of distribution ongoing of sort any

LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LApreserve to unable is

distributions. My claim is that keeping equality of value in exchange exchange in value of equality keeping that is claim My distributions. ideal

PRÁCTICA SANCIONADORA DEL ESTADO preserve keeps equality of value between things exchanged—the just price—is unable to to unable Javier Wilenmannprice—is just ...... exchanged—the things between value of equality 45 keeps

Note that my argument against Gordley’s account is not that the price that that price ARTÍCULOthe that not DEis RESEÑA:account CRIMINALGordley’s LAW INagainst THE AGEargument OF my THEthat Note

ADMINISTRATIVE STATE

else’s: freedom of contract is bound to upset the ongoing distribution of wealth. of Fernando Londoñodistribution ...... ongoing the upset to bound is contract of freedom 63 else’s:

distribution by decreasing a person’s purchasing power and increasing someone someone increasing and power purchasing person’s a decreasing by distribution

the ongoing ongoing the upset

SOBRE LOS to DESAFÍOShelp even AL REGULARmight LA ACTIVIDADexchange in value BANCARIAof equality keeps that about getting ‘second-hand’ money). The conclusion seems to be that a contract contract a Y ELthat NUEVObe to MARCOseems NORMATIVOconclusion The PARA LOSmoney). BANCOS EN CHILE‘second-hand’ getting about

Roberto Ignacio Carrillo A...... 75

(in normal circumstances, money is not debased by exchange: nobody cares cares nobody exchange: by debased not is money circumstances, normal (in LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

therefore, has decreased, whereas the seller’s purchasing power has increased increased ESTEREOTIPOShas power DE GÉNEROpurchasing EN ELseller’s PROCESOthe JUDICIAL:whereas ANÁLISISdecreased, has therefore,

a book, now I can only sell it as a ‘second-hand’ one. My purchasing power, power, CRÍTICOpurchasing Y DEMy DERECHOone. COMPARADO‘second-hand’ a LATINOMAERICANOas it sell only can I now book, a

creases the buyer’s purchasing power and increases the seller’s. If I have bought bought Nataliahave I If Cereceda Barrios,seller’s. the Antonia Cofré Farías,increases and Melissa Joopower Amunátegui, Cindypurchasing Lorca buyer’s the creases

- For even when goods are durable, the very fact of buying and selling them de them Romeroselling Y Kaelyand Labraña Trincadobuying of ...... fact very the durable, are goods when even 97 For

goods the situation is not so different. different. so not is situation the goods durable IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISISinvolves CRÍTICOtransfer the When

Santiago Martínez ...... 119

370 370 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 371

Gordley’s answer to Nozick is that the state has a duty to interfere “to prevent the ideal from being too severely compromised.”23 This is certainly quite right, but I think here Gordley is conceding what he ought not to concede, namely, that paying the just price and keeping equality in exchange cannot effectively preserve the ongoing distribution of resources. If equality in exchange fulfils any role whatsoever in preserving the ongoingÍNDICE distribution of purchasing power, this role seems to be too insignificant to be used as a solid justification for keeping it.24

I now turn to my second objection to Gordley’s account. I would like to suggest that taking ongoing market prices—prices fixed by supply and demand— as a normative standard for just pricing is problematic. The reason for this is that ongoing market prices consist in an aggregate of prices over an arbitrary timespan that lacks any normativeVERSIÓN pull. These EN CASTELLANOprices can be—and perhaps usually are—the final result of an extended series of unjust prices. To see this, consider the following example: NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO) Housing Prices. I buy a house in Edinburgh under opressive circumstances and pay doubleESTÁNDARES the ongoing DE marketPUNICIÓN price. A ThoseADOLESCENTES opressive circumstancesEN LA that forced me toJURISPRUDENCIA pay that price replicate DE CORTES all over CONSTITUCIONALESEdinburgh for 6 months. Y By the end of the periodTRIBUNALES the market priceINTERNACIONALES for my house isDE equivalent DERECHOS to theHUMANOS. price I paid for it.25 TENDENCIAS Y PROBLEMAS ACTUALES Jaime Couso Salas ...... 1 Housing Prices illustrates a familiar experience that also reveals the problematicPRIVATIZACIÓN nature of taking FORZADA ongoing DEL market DERECHO prices PENAL as ECONÓMICO. standard of justice. If the price I paidCUESTIONES for my house DE LEGITIMIDAD was unjust, then it must be the case that all prices that led to theHéctor new Hernández market Basualto price ...... in Housing Prices were also unjust. But if 23the ongoing market price accounts for justice, then the new market price, the sum LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA of a series ofPRÁCTICA unjust prices, SANCIONADORA must be DELnonetheless ESTADO just. But as Walsh and Lynch Javier Wilenmann ...... 45 new distributionARTÍCULO (…) unjust? DE IfRESEÑA: so, why? CRIMINAL (…) Each ofLAW these IN personsTHE AGE chose OF to THE give twenty-five cents of their moneyADMINISTRATIVE to Chamberlain. STATE (…) If D1 was a just distribution, and people voluntarily moved from itFernando to D2, Londoño transferring ...... parts of their shares they were given under D1 (what was63 it for if not to do something with?), isn’t D2 also just?” SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA 23 GordleyY EL (2001), NUEVO p. MARCO 288. NORMATIVO PARA LOS BANCOS EN CHILE 24 For a Robertosimilar Ignacio critique, Carrillo seeA...... Saprai (2010), p. 80. Saprai believes that the problem75 with Gordley’s account is that equality in exchange causes unfair distributions, because he believes—wrongly,ESTEREOTIPOS in my view—that DE GÉNERO Gordley EN EL claims PROCESO that “equalityJUDICIAL: in ANÁLISIS exchange is justified because it promotesCRÍTICO fair, Yor DE autonomy-promoting, DERECHO COMPARADO distributions LATINOMAERICANO of resources” (p. 80). Therefore, the fact that GordleyNatalia Cereceda concedes Barrios, that Antonia the Cofré state Farías, has Melissa a duty Joo to Amunátegui, intervene Cindy when Lorca people exercise their autonomyRomero would Y Kaely mean Labraña that Trincadohe is conceding ...... that equality in exchange harms the pursuit97 of autonomy. Gordley, however, does not conceive autonomy in such an absolute way. See, for instance, GordleyIMPUESTOS (2006), AMBIENTALES pp. 15-18, EN25, CHILE: 355, 376-379. UN ANÁLISIS CRÍTICO Santiago Martínez ...... 119 25 This is a slightly modified version of an example given byWalsh & Lynch (2008), p. 135. Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

p. 5. p. (1987), Wiggins 29

(1995), pp. 119-121. pp. (1995), Meikle 25-26; 5-9, pp. (1987), Wiggins see paragraph, this For 28

p. 135. p. (2008), Lynch & Walsh 27

p. 135 p. (2008), Lynch & Walsh 26

ÍNDICE

ly on subjective states, whereas needs also depend on an objective state in the the in state objective an on depend also needs whereas states, subjective on ly

- exclusive depend desires, or preferences like wants, that be to seems difference

nonetheless unwilling to pay for. pay to unwilling nonetheless However, needs are not a type of wants. The The wants. of type a not are needs However,

but are are but want you something of need a be always would need a wants: of type

notes, professional economists typically conceive of needs simply as a special special a as simply needs of conceive typically economists professional notes,

quite different notions: wants (‘preferences’) and needs. As David Wiggins Wiggins David As needs. and (‘preferences’) wants notions: different quite

‘Demand’ is an umbrella term that implies the conceptual identity between two two between identity VERSIÓNconceptual the ENimplies CASTELLANO that term umbrella an is ‘Demand’

. demand of idea very the with associated problems are there Finally,

NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL

JAVIER WILENMANN (EDITOR INVITADO) guidance. no provide

for that item. It is a decision, therefore, for which the laws of supply and demand demand and supply of laws the which for therefore, decision, a is It item. that for

relevant market is a decision that precedes what counts as supply and demand demand ESTÁNDARESand supply as DE counts PUNICIÓN what A ADOLESCENTESprecedes that decision a ENis LA market relevant affect what the relevant market for an item will be, and the specification of the the of JURISPRUDENCIAspecification the and DEbe, will CORTES item an CONSTITUCIONALES for market relevant the Y what affect

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

malt whiskies sold in Scotland’, etc.). Our preferred description will considerably TENDENCIASconsiderably will Y PROBLEMASdescription ACTUALESpreferred Our etc.). Scotland’, in sold whiskies malt

market of ‘single malt whiskies’, or ‘Islay single malt whiskies’, or ‘Islay single single Jaime‘Islay or Couso Salas ...... whiskies’, malt single ‘Islay or whiskies’, malt ‘single of 1 market

description (a bottle of Laphroaig can belong to the market of ‘whiskies’, or to the the to or ‘whiskies’, of market the to belong can Laphroaig of bottle (a description

even belong to different markets depending on the level of generality of a given given a of PRIVATIZACIÓNgenerality of FORZADAlevel the on DEL DERECHOdepending PENALmarkets ECONÓMICO.different to belong even goods can belong to more than one market at the same time. Moreover, they can can they CUESTIONESMoreover, DEtime. LEGITIMIDADsame the at market one than more to belong can goods

Héctor Hernández Basualto ...... 23 be both a consumption good and a financial asset. This makes it the case that that case the it makes This asset. financial a and good consumption a both be

can receive many different (and even incompatible) descriptions. A house can can house A LA IMPOSICIÓNdescriptions. CONSTITUCIONALincompatible) even DE DISCIPLINA(and different EN LAmany receive can

for a given commodity. Economic goods goods Economic commodity. given a for market relevant

PRÁCTICA SANCIONADORA DEL ESTADO the of identification

guidance to choose between different periods of time. of periods different between choose to guidance

The same applies to the the to Javierapplies Wilenmannsame ...... The 45 27

the just price), and yet the laws of supply and demand provide no normative normative ARTÍCULOno provide DE RESEÑA:demand CRIMINALand supply LAWof IN laws THE the AGEyet OF and THE price), just the

that will considerably affect what counts as the market price (and therefore as as therefore ADMINISTRATIVE(and price STATEmarket the as counts what affect considerably will that

One month, 6 months, one year, a decade? The choice of timespan is a decision decision a Fernandois Londoñotimespan ...... of choice The decade? a year, one months, 6 month, 63 One

back in time should we go to calculate the market price of a given commodity? commodity? given a of price market the calculate to go we should time in back

for instance, the appropriate timespan to determine the market price. How far far How SOBREprice. LOS market DESAFÍOS the AL REGULARdetermine to LA ACTIVIDADtimespan BANCARIAappropriate the instance, for as the market price of a given commodity. But this is not the case. Consider, Consider, Y ELcase. NUEVOthe MARCOnot is this NORMATIVO But PARA commodity. LOS BANCOSgiven a of EN CHILEprice market the as

Roberto Ignacio Carrillo A...... 75

think that the laws of supply and demand are sufficient to determine what counts counts what determine to sufficient are demand and supply of laws the that think LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

lies in the indeterminate and malleable nature of market prices. Now, one may may one ESTEREOTIPOSNow, prices. DE GÉNEROmarket of EN nature EL PROCESOmalleable JUDICIAL:and ANÁLISIS indeterminate the in lies Another problem for taking ongoing market prices as a standard of justice justice of CRÍTICOstandard a Y DEas DERECHOprices COMPARADOmarket ongoing LATINOMAERICANOtaking for problem Another

Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca

rise to a just price?” just a to rise Romero Y Kaely Labraña Trincado ...... 97

26 aptly observe, “how can a series of unjust pricing practices, when summed, give give IMPUESTOSsummed, when AMBIENTALESpractices, ENpricing CHILE:unjust UNof ANÁLISISseries a CRÍTICOcan “how observe, aptly

Santiago Martínez ...... 119

372 372 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 373 world, namely, whatever it is necessary for someone or something to flourish.30 But unlike needs, the concept of demand does not have this necessary connection with flourishing. Wiggins explains it thus:

If I want to have x and x = y, then I do not necessarily want to have y. If I want to eat an oyster, and thatÍNDICE oyster is the oyster that will consign me to oblivion, it doesn´t follow that I want to eat the oyster that will consign me to oblivion. But with needs it is different. I can only need to have x if anything identical with x is something that I need. Unlike ‘desire’ or ‘want’ then, ‘need’ is not evidently an inten- tional verb. What I need depends not on thought or the workings of my mind (or not only on these) but on the way the world is. Again, if one wants something because it is F, one believes or suspects that it is F. But if one needs something because it is F, it must really be F, whether or not one believesVERSIÓN that itEN is. CASTELLANO31

Unlike wants, NÚMEROthen, needs ESPECIAL: depend DERECHO on an objective CONSTITUCIONAL state in the PENAL world. That objective state consists in whateverJAVIER WILENMANN it is necessary (EDITOR for INVITADO)someone or something to flourish. The concept of demand does not have this necessary connection with flourishing.ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA JURISPRUDENCIA DE CORTES CONSTITUCIONALES Y TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS. Moreover,TENDENCIAS the concept Y PROBLEMAS of market ACTUALES demand—as the term is used in the ex- pression ‘theJaime laws Couso of Salas supply ...... and demand’—is even more problematic and puts1 even more pressure on the idea of taking ongoing market prices as a standard for just pricing.PRIVATIZACIÓN Market demand FORZADA means DEL DERECHO effective PENALdemand, ECONÓMICO. i.e., demand which CUESTIONES DE LEGITIMIDAD 32 registers in theHéctor market. Hernández BasualtoIt is demand ...... backed by money. This means that needs23 and wants that are not backed by money do not count as market demand for a given good. LAAs KoehnIMPOSICIÓN and Wilbratte CONSTITUCIONAL aptly observe, DE DISCIPLINA the market ENprice LA “exclude[s] marginalizedPRÁCTICA community SANCIONADORA members whose DEL resourcesESTADO are insufficient to afford them a place on theJavier demand Wilenmann ...... curve, thus preventing them from having a say in what45 33 the prevailingARTÍCULO price [i.e DE., theRESEÑA: market CRIMINAL price] should LAW IN be.” THE AGE OF THE ADMINISTRATIVE STATE Fernando Londoño ...... 63

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE Roberto Ignacio Carrillo A...... 75

ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca 30 Anscombe (1958a), p. 7: “To say that an organism needs that environment is not to Romero Y Kaely Labraña Trincado ...... 97 say, e.g., that you want it to have that environment, but that it won’t flourish unless it has it.” 31 WigginsIMPUESTOS (1987), p AMBIENTALES. 6 EN CHILE: UN ANÁLISIS CRÍTICO 32 See MeikleSantiago (1995),Martínez ...... pp. 120-121. 119 33 Koehn & Wilbratte (2012), p. 506. Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

justice abstracts to a common standpoint from the particularity of these things and from the the from and things these of particularity the from standpoint common a to abstracts justice

and wants. But inasmuch as it embraces the two parties as correlatively situated, corrective corrective situated, correlatively as parties two the embraces it as inasmuch But wants. and

upon each other by acting on particular things in the world pursuant to their specific needs needs specific their to pursuant world the in things particular on acting by other each upon

injustice. Inasmuch as it governs interaction, corrective justice applies to parties who impinge impinge who parties to applies justice corrective interaction, governs it as Inasmuch injustice.

way. Corrective justice deals with interacting parties correlatively as doer and sufferer of an an of sufferer and doer as correlatively parties interacting with deals justice Corrective way.

(2012), p. 130: “The notion of value fits into corrective justice in the following following the in justice corrective into fits value of notion “The 130: p. (2012), Weinrib 37

as well as its various parts.” various its as well as

also constitutes their organizing idea, underpinning and explaining the whole of contract law law contract of whole the explaining and underpinning idea, organizing their constitutes also

a distinct normative conception that not only is drawn from its principles and doctrines but but doctrines and principles its from drawn is only not that conception normative distinct a

p. 3: “Contract law (…) can be reasonably understood as specifying specifying as understood reasonably be can (…) law “Contract 3: p. (2019), Benson ÍNDICE 36

rich and full notion of the good.” the of notion full and rich

of worthiness, corrective justice abstracts from the considerations that pertain to Aristotle’s Aristotle’s to pertain that considerations the from abstracts justice corrective worthiness, of

versa”, obviously stands apart from Aristotle’s general concerns. By ignoring considerations considerations ignoring By concerns. general Aristotle’s from apart stands obviously versa”,

“it makes no difference whether a worthy person has deprived an unworthy person or vice vice or person unworthy an deprived has person worthy a whether difference no makes “it

the excellences of character that mark proper human functioning. Corrective justice, where where justice, Corrective functioning. human proper mark that character of excellences the

(1995), p. 80: “The object of Aristotle’s ethics generally is to elucidate elucidate to is generally ethics Aristotle’s of object “The 80: p. (1995), Weinrib 35

VERSIÓNjustice. ENcommutative CASTELLANOof requirements the reflects law contract

of tort law) reflects the requirements of corrective justice, whereas Peter Benson claims that that claims Benson Peter whereas justice, corrective of requirements the reflects law) tort of

More precisely: Weinrib claims that the normative structure of private law (or, at least, least, at (or, law private of structure normative the that claims Weinrib precisely: More 34

NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL

JAVIER WILENMANN (EDITOR INVITADO)

so that they can be seen as equals in legal contemplation. legal in equals as seen be can they that so

By abstracting from from ESTÁNDARESabstracting By DE PUNICIÓN A ADOLESCENTES EN LA 37 is concerned with keeping equality between the parties and their correlative rights rights JURISPRUDENCIAcorrelative their and DE parties CORTESthe CONSTITUCIONALESbetween equality keeping with Y concerned is

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

they can see each other as equals. For Weinrib and Benson, equality in exchange exchange in TENDENCIAS equality Y PROBLEMASBenson, and ACTUALESWeinrib For equals. as other each see can they

from their actual needs and wants, serving as a common standpoint from which which from Jaime Couso Salasstandpoint ...... common a as serving wants, and needs actual their 1 from

of economic value for contract is that it allows the contracting parties to abstract abstract to parties contracting the allows it that is contract for value economic of

coherence into contract law. contract into coherence

For both of these views, the normative significance significance PRIVATIZACIÓN normative the FORZADAviews, DELthese DERECHOof both PENALFor ECONÓMICO. 36 Benson’s account of commutative justice as the normative structure that brings brings that CUESTIONESstructure DE LEGITIMIDADnormative the as justice commutative of account Benson’s

Héctor Hernández Basualto ...... 23 politics, etc. or to any “rich and full notion of the good.” the of notion full and “rich any to or etc. politics, The same applies to to applies same The

cation, one which is independent from matters pertaining to economics, morality, morality, LA IMPOSICIÓNeconomics, to CONSTITUCIONALpertaining matters DEfrom DISCIPLINAindependent is EN LAwhich one cation,

structure able to link plaintiff and defendant within one single integrated justifi PRÁCTICAintegrated SANCIONADORAsingle one within DEL ESTADOdefendant and plaintiff link to able structure

of private law. private of

According to Weinrib, corrective justice provides a normative normative Javiera Wilenmannprovides ...... justice corrective Weinrib, to According 45 34

who propose corrective or commutative justice as the formal normative structure structure ARTÍCULOnormative DE RESEÑA:formal the as CRIMINALjustice LAW IN THEcommutative or AGE OF THEcorrective propose who

ing. This is the path taken by authors such as Ernest Weinrib and Peter Benson, Benson, ADMINISTRATIVEPeter and Weinrib STATEErnest as such authors by taken path the is This ing.

the limits of this paper, is to develop a content-neutral account of justice in pric in Fernandojustice of Londoño ...... account content-neutral a develop to is paper, this of limits 63 the One alternative worth mentioning, even if I cannot do justice to it within within it to justice do cannot I if even mentioning, worth alternative One

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA Y EL NUEVO MARCO NORMATIVOturn. now PARA I LOSthat BANCOSthis to is ENIt CHILE tradition. same that

Roberto Ignacio Carrillo A...... 75

of his theory hint towards the possibility of a partial restatement and revision of of revision and restatement partial a of possibility the towards hint theory his of LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

namely, a normative inquiry into economic value. However, the shortcomings ESTEREOTIPOSshortcomings the DEHowever, GÉNEROvalue. EN EL PROCESOeconomic into JUDICIAL:inquiry ANÁLISIS normative a namely,

represents, represents, pretium iustum

CRÍTICO Y DE DERECHO the of COMPARADOdoctrine the of LATINOMAERICANO tradition Scholastic the that quiry

- Gordley’s account of the just price entails a vindication of the kind of in of kind Nataliathe Cerecedaof Barrios, Antoniavindication a Cofré Farías,entails Melissaprice Joojust Amunátegui,the of Cindy Lorcaaccount Gordley’s

Romero Y Kaely Labraña Trincado ...... 97 III. THE NORMATIVE SIGNIFICANCE OF ECONOMIC VALUE IMPUESTOS AMBIENTALESECONOMIC OF EN CHILE: UN ANÁLISISSIGNIFICANCE CRÍTICO NORMATIVE THE III.

Santiago Martínez ...... 119

374 374 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 375 the actual needs and wants of the parties as well as from any other consideration of fact, the conception of economic value that stems from Weinrib’s account of corrective justice and Benson’s account of commutative justice has the advantage of detaching the just price from concerns over distributive justice and market equilibrium, as well as from the critiques associated to the lack of normative pull of ongoing market prices. It is a purely transactional,ÍNDICE non-distributive, autonomy-based account of justice in pricing.

Here I would like to propose another—perhaps complementary—alternative for thinking about justice in pricing, one that highlights the institutional nature of prices and sees the just price as the price that can be fetched under just institutional arrangements. In what follows, I would like to suggest that focusing on the institutional nature of pricesVERSIÓN allows us EN to CASTELLANO take a broader approach to price justification, one in which there is more to price justification than keeping the requirements of one single justificatory framework, be it commutative justice, autonomy, efficiency,NÚMERO or distributive ESPECIAL: DERECHOjustice. CONSTITUCIONALOn this view, an PENALadequate restate- JAVIER WILENMANN (EDITOR INVITADO) ment of just price theory would involve rejecting the value monism implicit in the standardESTÁNDARES approaches toDE questions PUNICIÓN of justiceA ADOLESCENTES in pricing andEN endorse LA instead JURISPRUDENCIA DE CORTES CONSTITUCIONALES Y TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS. TENDENCIAS Y PROBLEMAS ACTUALES specificity of Jaimethese Couso needs Salas and ...... wants. Value is the economic notion that fulfils this abstracting1 function.” Benson (2019), pp. 177-178: “Exchange value always presupposes two qualitatively different usablePRIVATIZACIÓN things, but abstracts FORZADA from DEL these DERECHO qualitative PENAL aspects ECONÓMICO. and treats the objects as commensurableCUESTIONES in purely DE quantitative LEGITIMIDAD terms: so much of x equals so much of y. (…) [A] judgment Héctorin terms Hernández of price Basualto has ...... to do with exchange value and a relational judgment23 as between the two sides. (…) The price judgment, being relational and coming under the idea of the reasonableLA [asIMPOSICIÓN opposed to theCONSTITUCIONAL idea of the rational DE involved DISCIPLINA in use value],EN LA is something that a properlyPRÁCTICA constituted SANCIONADORA third party, such DELas a ESTADOcourt, can appropriately assess”, p. 181: “As participants inJavier the Wilenmann promise-for-consideration ...... relation, parties objectively view each other45 as promisors and promises—as movers and receivers—of something that has value in legal contemplation.ARTÍCULO Because each DE ofRESEÑA: the parties CRIMINAL contributes LAW from IN hisTHE or herAGE side OF exactly THE in the same way as the other,ADMINISTRATIVE the interacting partiesSTATE may be viewed in this respect in identical terms and as equals. Moreover,Fernando Londoñoin this ...... relation and vis-à-vis each other, they count as mutually separate63 and independent persons, each with something usable that is initially under his or her exclusive SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA rightful control and that the party uses by giving it up in order to obtain the consideration Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE provided in return. This use of one’s thing as a means to obtaining another’s is the thing’s Roberto Ignacio Carrillo A...... 75 purchasing power. Now, purchasing power, when generalized in relation to many other things, becomes a quantifiable potentiality that transcends any one transaction and yet at the same ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS time can only be realized in and through particular transactions. And, supposing the existence CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO of the marketNatalia relations, Cereceda this Barrios, generalized Antonia Cofré purchasing Farías, Melissa power Joo Amunátegui, is potentially Cindy Lorca measured as the thing’s price”,Romero p. 387: Y Kaely “Value Labraña is the Trincado dimension ...... of abstract equality of the objects of a transfer97 paralleling the abstract equality of the parties who do the transfer”, p. 388: “Equivalence or the equality betweenIMPUESTOS thing AMBIENTALES and thing is thus EN the CHILE: transactional UN ANÁLISIS sign CRÍTICOof the equality of persons as owners”, p.Santiago 389: Martínez“Because ...... this principle stipulates equality between thing and thing119 in transactions, it explicitly and fully expresses the idea of corrective or commutative justice: a requirement of arithmetic equality in and for transactions.” Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

by non-economic reasons. non-economic by

denies—because it is entailed by both (1) and (2)—is the idea of a price fixed exclusively exclusively fixed price a of idea the (2)—is and (1) both by entailed is it denies—because

they are also fixed by economic reasons). The only thing that Collingwood categorically categorically Collingwood that thing only The reasons). economic by fixed also are they

: prices partially fixed by normative reasons are still prices so long as as long so prices still are reasons normative by fixed partially prices : exclusively not but

fixed by economic reasons, reasons, economic by fixed necessarily are prices (because demand rational a nonetheless is

(1926), p. 176) 176) p. (1926), Collingwood ( bargaining” fair insured law where market a in demand and

economic reasons), but, at the same time, concede that a demand for prices fixed “by supply supply “by fixed prices for demand a that concede time, same the at but, reasons), economic

by by exclusively fixed are prices (because terms in contradiction a is price just a that claim

any other moral conception.” (endorsing claim 2). This ambiguity is what allows him to to him allows what is ambiguity This 2). claim (endorsing conception.” moral other any

“It is, therefore, impossible for prices to be fixed by any reference to the idea of justice or or justice of idea the to reference any by ÍNDICEfixed be to prices for impossible therefore, is, “It

by any but economic considerations ceases to be a wage” (endorsing claim 1), and p. 174: 174: p. and 1), claim (endorsing wage” a be to ceases considerations economic but any by

(1926), p. 176: “a wage fixed fixed wage “a 176: p. (1926), Collingwood instance, for See, claims two these regarding

Collingwood’s original argument against the very idea of a just price is ambiguous ambiguous is price just a of idea very the against argument original Collingwood’s 39

(1990), p. 442. p. (1990), Hayek by approval with Quoted all.” at them

questions are what he can get in return for his goods or labor, and whether he ought to sell sell to ought he whether and labor, or goods his for return in get can he what are questions

in return for his goods and labor is a question absolutely devoid of meaning. The only valid valid only The meaning. of devoid absolutely question a is labor and goods his for return in

a just rate of interest, is a contradiction in terms. The question what a person ought to get get to ought person a what question The terms. in contradiction a is interest, of rate just a

any reference to the idea of justice or any other moral conception. A just price, a just wage, wage, just a price, just A VERSIÓNconception. moral ENother CASTELLANOany or justice of idea the to reference any

(1926), p. 174: “It is, therefore, impossible for prices to be fixed by by fixed be to prices for impossible therefore, is, “It 174: p. (1926), Collingwood 38

NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO)

ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA

fixed by economic reasons. economic by fixed exclusively are facts Economic (2) JURISPRUDENCIA39 DE CORTES CONSTITUCIONALES Y

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

fixed by economic reasons. economic by fixed necessarily TENDENCIAS Y PROBLEMAS ACTUALES are facts Economic (1)

Jaime Couso Salas ...... 1

PRIVATIZACIÓN FORZADA DEL DERECHO PENALnamely: ECONÓMICO. considerations, or reasons

there are two ways to specify the claim that economic facts are fixed by economic economic by CUESTIONES fixed are DE facts LEGITIMIDAD economic that claim the specify to ways two are there

like a “contradiction in terms.” in “contradiction a like

However, this is not necessarily the case. Indeed, Indeed, Héctorcase. the Hernández Basualtonecessarily ...... not is this However, 23 38

price may seem seem may price just a of idea very the then product), given a of demand and supply famously argued, if prices are facts fixed by economic considerations (such as as (such LA IMPOSICIÓNconsiderations CONSTITUCIONALeconomic by fixed DEfacts DISCIPLINAare prices if EN LA argued, famously

PRÁCTICA SANCIONADORA DEL ESTADO

to rule out the very idea of a just price. As British philosopher R. G. Collingwood JavierCollingwood G. Wilenmann R...... philosopher British As price. just a of idea very the out 45rule to

plex starting point, for pointing out to the economic nature of prices might seem seem might prices of nature economic the to out pointing for point, starting plex

- com a like seem might this surface, the On facts. economic

ARTÍCULO DE RESEÑA: CRIMINAL LAW IN THE AGE OFare THE interests, of rates The starting point of the proposed approach is that prices, like wages and and wages ADMINISTRATIVElike prices, that STATEis approach proposed the of point starting The

Fernando Londoño ...... 63 3.1. Prices as Institutional Facts Institutional as Prices 3.1.

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE

Roberto Ignacio Carrillo A...... 75

justification. LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

for the possibility of developing an institutional and pluralist approach to price price to ESTEREOTIPOSapproach DEpluralist GÉNEROand EN EL PROCESOinstitutional an JUDICIAL:developing ANÁLISISof possibility the for

ments embedded within the rules regulating exchange. In what follows, I argue argue I CRÍTICOfollows, Ywhat DE In DERECHO COMPARADOexchange. regulating LATINOMAERICANOrules the within embedded ments

the normative pull of market prices would be given by the normative commit normative the by given be would prices market of pull normative the

- Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca

problem identified above regarding the lack of normative pull of market prices: prices: Romeromarket of Y Kaelypull Labraña Trincadonormative of ...... lack the regarding above identified 97 problem value pluralism in price justification. This approach might also help solving the the solving IMPUESTOShelp also AMBIENTALESmight approach EN CHILE:This UN ANÁLISISjustification. CRÍTICOprice in pluralism value

Santiago Martínez ...... 119

376 376 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 377

Both claims are arguably false, but only (2) is incompatible with the intro- duction of normative standards allowing legal officials to distinguish between just and unjust prices. Indeed, the law cannot ensure fair bargaining without introducing moral considerations into the determination of economic facts. Laws protecting fair bargaining regulate the market according to justice-based reasons, making it the case that the prices in those market are fixed,ÍNDICE at least in part, by legal and moral considerations.

If prices are sensitive to justice-based considerations introduced by the rules and institutions that regulate market transactions, and, therefore, economic facts are not entirely devoid of normative elements—in other words: if prices are necessarily but not exclusively fixed by economic reasons—then it is possible to develop a conception of the just VERSIÓNprice grounded EN CASTELLANO upon the justice of those rules and institutions. The just price would be, under this conception, the price that stems from just institutional arrangements regarding exchange. NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO) To be sure, this path is not open to us if we have good reasons for endorsing claim (2), i.e.ESTÁNDARES, if prices areDE fixed PUNICIÓN exclusively A ADOLESCENTESby economic considerations. EN LA If (2) is correct, thenJURISPRUDENCIA prices can be DEneither CORTES just norCONSTITUCIONALES unjust. Many economists Y used to believe this conclusionTRIBUNALES to INTERNACIONALESbe logically entailed DE by DERECHOS the value-free HUMANOS. nature of economic discourse.40 AccordingTENDENCIAS to Y thisPROBLEMAS view, the ACTUALES entanglement of the descriptive and the Jaime Couso Salas ...... 1 normative that would be at the core of the idea of a just price would distort our understandingPRIVATIZACIÓN of prices. Prices FORZADA would DEL be DERECHOsimply facts PENAL about ECONÓMICO. the world, facts fixed by economicCUESTIONES considerations DE LEGITIMIDAD such as supply and demand, costs of production, etc. On this view,Héctor there Hernández is simply Basualto no ...... theoretical space for just price theory: prices 23are simply not the kind of thing justice can be predicated upon. Just like earthquakes, LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA atoms and molecules,PRÁCTICA SANCIONADORA prices would be DEL neither ESTADO just nor unjust, because facts— including economicJavier Wilenmann facts—are ...... neither just nor unjust. 45

The pictureARTÍCULO of economics DE RESEÑA: as aCRIMINAL value-neutral LAW discipline,IN THE AGE however, OF THE is not accu- rate.41 The currentADMINISTRATIVE consensus STATEamong philosophers of social science is that a purely Fernando Londoño ...... 63

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA 40 This isY especially EL NUEVO salient MARCO among NORMATIVO scholars associated PARA LOS withBANCOS the Austrian EN CHILE School of Eco- nomics. See, forRoberto instance, Ignacio Carrillo Mises A. (1966),...... p. 203: “[Economics] is a theoretical science and75 as such abstains from any judgement of value.” Hayek (1993), p. 231 (claiming that the concept of justice is inapplicableESTEREOTIPOS to the DE spontaneous GÉNERO EN order EL PROCESO of the market); JUDICIAL: Hayek ANÁLISIS (1993), pp. 237-238. Robbins (1949),CRÍTICO p. vii: Y “[judgements DE DERECHO of COMPARADO value] are beyond LATINOMAERICANO the scope of positive science”; Robbins (1949),Natalia p. Cereceda148: “Economics Barrios, Antonia deals Cofré Farías, with Melissa ascertainable Joo Amunátegui, facts; Cindy ethics Lorca with valuations and obligations.Romero The Y twoKaely fieldsLabraña Trincadoof enquiry ...... are not on the same plane of discourse. Between97 the generalisations of positive and normative studies there is a logical gulf fixed which no ingenuity can IMPUESTOSdisguise and AMBIENTALES no juxtaposition EN in CHILE: space UN or timeANÁLISIS bridge CRÍTICO over.” Santiago Martínez ...... 119 41 On the connections between the descriptive and the normative in economics, see Hausman (1992), (2018); Hausman et al. (2016). Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

of hybrid categories such as race and gender. and race as such categories hybrid of

theory would be, therefore, that economic analysis of prices should also be added to the list list the to added be also should prices of analysis economic that therefore, be, would theory

are important examples of this kind of entanglement. The response to the critics of just price price just of critics the to response The entanglement. of kind this of examples important are

entangled. Analyses of categories of race and gender in the social and biomedical science science biomedical and social the in gender and race of categories of Analyses entangled.

difficult to find more cases in which the descriptive and the normative are constitutively constitutively are normative the and descriptive the which in cases more find to difficult

are holistically linked to both evaluative and factual components, then it should not be so so be not should it then components, factual and evaluative both to linked holistically are

‘cruel’ would not be simply exceptional cases of terms with hybrid meaning. Since terms terms Since meaning. hybrid with terms of cases exceptional simply be not would ‘cruel’

This idea deepens the significance of Austin’s findings, for terms like ‘dainty’, ‘dumpy’ or or ‘dumpy’ ‘dainty’, like terms for findings, Austin’s of significance the deepens idea This

there is simply no way to distinguish accurately between evaluative and descriptive claims. claims. descriptive and evaluative between accurately distinguish to way no simply is there

distinction—and the fact/value distinction with it. The upshot of Quine’s approach is that that is approach Quine’s of upshot The it. ÍNDICEwith distinction fact/value the distinction—and

web where every belief is tied to all others—allowed him to break the sharp analytic/synthetic analytic/synthetic sharp the break to him others—allowed all to tied is belief every where web

‘dumpy’, or ‘cruel’). Quine’s defence of belief holism—the idea that our beliefs constitute a a constitute beliefs our that idea holism—the belief of defence Quine’s ‘cruel’). or ‘dumpy’,

‘dainty’, ‘dainty’, e.g. ( evaluative nor factual straightforwardly not are language ordinary in use we

Quine. Ordinary language philosophers had pointed out to hybrid cases in which the terms terms the which in cases hybrid to out pointed had philosophers language Ordinary Quine.

philosophers such as J. L. Austin in the 1950s and 1960s, and then taken one step further by by further step one taken then and 1960s, and 1950s the in Austin L. J. as such philosophers

These authors have further developed an insight first articulated by ordinary language language ordinary by articulated first insight an developed further have authors These 44

(2001), p. 57. 57. p. (2001), Hardin 43

(2012). Putnam VERSIÓN EN CASTELLANO 42

NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO)

ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA

kinds, on the contrary, are partially constituted by the beliefs beliefs the by constituted partially are contrary, the on kinds, Social JURISPRUDENCIA DE CORTES CONSTITUCIONALES Y them. towards

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

exist does not depend on our having any beliefs or other propositional attitudes attitudes TENDENCIASpropositional Y PROBLEMASother or ACTUALESbeliefs any having our on depend not does exist

purely natural facts such as atoms or molecules: the fact that atoms and molecules molecules Jaimeand Couso Salasatoms ...... that fact the molecules: or atoms as such facts natural 1 purely

case regardless of the will of any individual. In this sense, prices are different from from different are prices sense, this In individual. any of will the of regardless case The price of a good is not simply something that just so happens to be the the be to PRIVATIZACIÓNhappens so just FORZADAthat DEL something DERECHO simply PENALnot is ECONÓMICO.good a of price The CUESTIONES DE LEGITIMIDAD

Héctor Hernández Basualto ...... 23 facts. institutional namely: fact, social of kind a as

prices—quantities representing the exchange value of a good—are best conceived conceived LA best IMPOSICIÓNgood—are a CONSTITUCIONALof value exchange DEthe DISCIPLINA representing EN LA prices—quantities

prices—in this way. In what follows I elaborate on this claim by suggesting that that PRÁCTICAsuggesting by SANCIONADORAclaim this on DEL elaborate ESTADO I follows what In way. this prices—in considerations. However, it seems odd to think of economic facts—and hence of of hence Javier Wilenmannfacts—and ...... economic of think to odd seems it However, 45 considerations.

brute or natural facts, since these are the kind of facts that cannot be fixed by moral moral by ARTÍCULOfixed be DEcannot RESEÑA:that facts CRIMINALof kind the LAW are IN THEthese AGEsince OF facts, THE natural or brute

the purposes of claim (2). For (2) to obtain, economic facts should be similar to to similar ADMINISTRATIVEbe should facts STATE economic obtain, to (2) For (2). claim of purposes the

fixed by economic considerations—economic facts are facts facts are facts considerations—economic economic by fixed for for

of the wrong kind Fernandowrong the Londoño of ...... 63

ing out that prices are economic facts. For even if prices are economic facts—facts facts—facts economic are prices if even For facts. economic are prices that out ing

- Be that as it may, the main point is that claim (2) does not follow from point from SOBRE follow LOSnot DESAFÍOSdoes (2) AL REGULARclaim that is LA point ACTIVIDAD main the BANCARIAmay, it as that Be Y EL NUEVO MARCO NORMATIVO PARA LOS BANCOS EN CHILE

Roberto Ignacio Carrillo A...... 75 thing as a “rational choice without substantive values.” substantive without choice “rational a as thing

Not even in economics. in even Not LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

44 43

values cannot be sharply separated. sharply be cannot values As Russel Hardin has stated, there is no such such no is there stated, has Hardin Russel As

ESTEREOTIPOS DE GÉNERO EN EL PROCESO42 JUDICIAL: ANÁLISIS

to the idea that when it comes to propositional discourse in economics, facts and and facts CRÍTICO Yeconomics, DEin DERECHOdiscourse COMPARADO propositional LATINOMAERICANO to comes it when that idea the to

has given further analytical support support analytical further given has

Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Dichotomy Joo Amunátegui, CindyFact/Value Lorcathe of Collapse The

sible. Amartya Sen has dedicated a life’s work to this idea, and Hilary Putman’s Putman’s RomeroHilary Y Kaelyand Labrañaidea, Trincadothis to ...... work life’s a dedicated has Sen Amartya 97 sible.

- descriptive economic theory of human action without value assumptions is impos is IMPUESTOSassumptions AMBIENTALESvalue without EN CHILE:action UN ANÁLISIShuman of CRÍTICOtheory economic descriptive

Santiago Martínez ...... 119

378 378 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 379 and propositional attitudes of those who engage with them. Let me illustrate this point with the following examples borrowed from MacIntyre45:

Brain Lesion and Particle Theory. Suppose that there is a widespread disease that causes localised brain lesions resulting in the loss of all our beliefs and concepts about atoms and molecules, thusÍNDICE leaving no trace of such concepts and beliefs in our language or practices.

In this case, there is no doubt that atoms and molecules would still exist after the loss of our concepts and beliefs. As MacIntyre notes, “nothing that is now true in particle theory would then be false.”46 But now consider the following situation:

Brain Lesion and Prices.VERSIÓN Suppose thatEN CASTELLANOthere is a widespread disease that causes localised brain lesions resulting in the loss of all our beliefs and concepts about money and prices, thus leaving no trace of such concepts and beliefs in our language or practices.NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO)

In thisESTÁNDARES case, the outcome DE PUNICIÓN is clear: thereA ADOLESCENTES would be no suchEN thingLA as prices and money afterJURISPRUDENCIA the loss of ourDE beliefsCORTES towards CONSTITUCIONALES them. The reason isY that prices are not bruteTRIBUNALES or natural facts.INTERNACIONALES They do not belongDE DERECHOS to the same HUMANOS. category as atoms and molecules.TENDENCIAS The reason Y PROBLEMAS for this is also ACTUALES clear: the existence of money and prices Jaime Couso Salas ...... 1 depends upon our beliefs and attitudes towards them.47 PRIVATIZACIÓN FORZADA DEL DERECHO PENAL ECONÓMICO. But thereCUESTIONES is something DE LEGITIMIDAD else. At least in complex and civilised societies such as ours, pricesHéctor are Hernández not simply Basualto ...... fixed by isolated individuals nor even by groups23 of individuals according to their own purposes and whims.48 Prices are the product of LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA PRÁCTICA SANCIONADORA DEL ESTADO Javier Wilenmann ...... 45 45 MacIntyre (1998), p. 57. ARTÍCULO DE RESEÑA: CRIMINAL LAW IN THE AGE OF THE 46 MacIntyreADMINISTRATIVE (1998), p. 57. STATE 47 This holdsFernando true Londoño for the ...... kind, but not necessarily for each individual token. See Searle63 (1995), p. 32: “[A] single dollar bill might fall from the printing presses into the cracks of the floor and SOBREnever be LOS used DESAFÍOS or thought AL of REGULARas money atLA all, ACTIVIDAD but it would BANCARIA still be money. In such a case a particularY EL NUEVOtoken instance MARCO would NORMATIVO be money, PARA even LOS though BANCOS no oneEN CHILEever thought it was money or thoughtRoberto about Ignacio it Carrillo or used A...... it at all. Similarly, there might be a counterfeit dollar 75bill in circulation even if no one knew that it was counterfeit, not even the counterfeiter. In such a case everyoneESTEREOTIPOS who used that DE particular GÉNERO ENtoken EL PROCESOwould think JUDICIAL: it was ANÁLISISmoney even though it was not in factCRÍTICO money. AboutY DE DERECHO particular COMPARADOtokens it is possible LATINOMAERICANO for people to be systematically mistaken.” SeeNatalia also Cereceda Khalidi Barrios, (2015), Antonia p. Cofré 98. Farías, Melissa Joo Amunátegui, Cindy Lorca Romero Y Kaely Labraña Trincado ...... 97 48 Hayek believed that this fact alone makes it the case that justice is not applicable to market prices,IMPUESTOS because there AMBIENTALES is nobody that EN CHILE:can be madeUN ANÁLISIS responsible CRÍTICO for them. See Hayek (1993), pp. 231ff.Santiago MartínezThis is ...... a non-sequitur. On the compatibility between Hayek’s insights119 about market prices and substantive conceptions of justice, see generally Burczak (2006). See also Atria (2010). Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

(2007), pp. 11-74. pp. (2007), MacCormick 49-76; pp. (1986), Weinberger & MacCormick

(1969), (1969), Searle also See (1958b). Anscombe especially see facts, institutional On 55

(1969), p. 35. p. (1969), Searle 54

(1969), p. 35. p. (1969), Searle 53

(1969), p. 33. 33. p. (1969), Searle 52

(1958b), p. 69. p. (1958b),

Anscombe point. the illustrate to sale contract a in potatoes of price the used she facts, tional

- institu and facts brute between distinction the introduced Anscombe Elizabeth When

ÍNDICE 51 (2002). Nagel & Murphy 50

(2018). Rahmatian (2016), Desan 49

of a quarter of potatoes to B.’ to potatoes of quarter a of price the paying ‘A terminology,

a quarter of potatoes from B’ or, to use a slightly different different slightly a use to or, B’ from potatoes of quarter a buying ‘A as) understood

., can be be can ., i.e that the brute fact of ‘A giving two metal coins to B’ transforms into ( into transforms B’ VERSIÓNto coins EN metal CASTELLANO two giving ‘A of fact brute the that

the background social and legal context provided by rules regulating exchange exchange regulating rules by provided context legal and social background the

to pre-institutional facts about exchange. Thus, it is only when we take into account account into take we NÚMERO when ESPECIAL:only is it DERECHOThus, CONSTITUCIONALexchange. about facts PENAL pre-institutional to

institutional meaning institutional give they opposite: the Quite prices. pre-existing regulate and

JAVIER WILENMANN (EDITOR INVITADO) The rules of exchange are constitutive rules. They do not simply acknowledge acknowledge simply not do They rules. constitutive are exchange of rules The ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA

JURISPRUDENCIA DE CORTES CONSTITUCIONALES Y

if the rule or rules did not exist. not did rules or rule the if TRIBUNALES INTERNACIONALES54 DE DERECHOS HUMANOS.

can receive specifications or descriptions which it could not receive TENDENCIASreceive not could Y PROBLEMASit which ACTUALESdescriptions or specifications receive can

rules) is constitutive, behavior which is in accordance with the rule Jaimerule the Couso Salaswith ...... accordance in is which behavior constitutive, is rules) 1

no explicit reference to the rule. But where the rule (or system of of system (or rule the where But rule. the to reference explicit no

not the rule existed, provided the description or specification makes PRIVATIZACIÓNmakes FORZADAspecification or DEL DERECHOdescription the PENALprovided ECONÓMICO.existed, rule the not

(the same answer to the question “What did he do?”) whether or or CUESTIONESwhether DEdo?”) LEGITIMIDADhe did “What question the to answer same (the

with the rule could be given the same description or specification Héctor Hernándezspecification or Basualto ...... description same the given be could rule the with 23 Where the rule is purely regulative, behavior which is in accordance accordance in is which behavior regulative, purely is rule the Where

LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA

C.” Searle explains it thus: it explains Searle

PRÁCTICA SANCIONADORA DEL ESTADO 53

define new forms of behavior” of forms new define

. They have the form “X counts as Y in context context in JavierY as Wilenmanncounts ...... “X form the have They . 45 52

of behaviour, whereas constitutive rules do not merely regulate, “they create or or create ARTÍCULO“they DEregulate, RESEÑA:merely CRIMINALnot do LAWrules IN THE AGEconstitutive OF THEwhereas behaviour, of

rules. Regulative rules regulate pre-existing forms forms pre-existing regulate rules Regulative rules. regulative

ADMINISTRATIVE STATE merely than rather

rules, rules, constitutive

Fernando Londoño by ...... regulated facts are prices terminology, Searle’s In 63

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDADcontexts. BANCARIAinstitutional by generated

most the not most—if the —paradigmatic case of of case —paradigmatic , facts facts , i.e. facts, Y EL NUEVO MARCOinstitutional NORMATIVO PARA LOS BANCOS EN CHILE

Roberto Ignacio Carrillo A...... 51 75 taxes, and private ownership, private and taxes,

are creatures of the law. In fact, prices are one of of one are prices fact, In law. the of creatures are LATIN AMERICAN LEGAL STUDIES Volume 7(2020) 50

contracts, and other facts generated by legal contexts. Prices, therefore, like money, like therefore, Prices, contexts. legal by generated facts other and contracts,

49 ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS

a society requires a common medium of exchange (money), private ownership, ownership, CRÍTICOprivate Y DE DERECHO(money), COMPARADOexchange of LATINOMAERICANOmedium common a requires society a

thing as quantities representing exchange value. Indeed, the existence of prices in in prices of Natalia Cerecedaexistence Barrios,the AntoniaIndeed, Cofré Farías,value. Melissa Jooexchange Amunátegui, Cindyrepresenting Lorca quantities as thing

. Without the price system, there would be no such such no be would there system, price the Without . system price Romero Y Kaely Labraña Trincado ...... the call we 97 what

. The complex web of legal rules and institutions that regulate prices is is prices regulate that institutions and rules legal of web complex The . IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISIS CRÍTICO institutions

Santiago Martínez ...... 119

380 380 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 381

If constitutive rules define what counts as the price ofx , then the identification of certain facts and not others as the price of x depends upon the institutionally embedded normative commitments that shape the market system. Institutions are themselves shaped by the normative commitments of a given political community. Thus, a market system exclusively biased towards higher outputs will tend to identify the fact that people want x, whateverÍNDICE x is, as a reason to put a price on x, and the fact that people are willing to pay as much as £100 for x as a reason to count £100 as the price of x. By contrast, a market not exclusively concerned with higher outputs will count facts other than buyer’s willingness or ability to pay as relevant to identify the price of a good. For instance, a normative commitment to satisfying basic needs would make it the case that the price of prescription drugs will not be so affected by how much people are willing to pay for them. Therefore, the identification of the price ofVERSIÓN drug x as EN£10 CASTELLANO will be insensitive to the fact that some people are willing to pay £100 for x.

The demand forNÚMERO a just price ESPECIAL: is thus DERECHO equivalent CONSTITUCIONAL to a demand for just PENAL institutional JAVIER WILENMANN (EDITOR INVITADO) arrangements regarding prices. 56 The adequate functioning of the price system is of great importanceESTÁNDARES to society. DE IfPUNICIÓN prices are A too ADOLESCENTES high or too low EN for certainLA goods, the whole societyJURISPRUDENCIA is affected. DE Price CORTES calculation, CONSTITUCIONALES therefore, is not somethingY that can be left entirelyTRIBUNALES to one INTERNACIONALES individual. One cannotDE DERECHOS do as one HUMANOS. pleases with prices, because pricesTENDENCIAS also ‘belong’ Y PROBLEMAS to the community, ACTUALES as it were, and the community will Jaime Couso Salas ...... 1 make certain decisions about what is the right price to pay for a certain item. To some extent,PRIVATIZACIÓN I buy and sell FORZADA as a representative DEL DERECHO of PENALthe community, ECONÓMICO. and not as an isolated individual.CUESTIONES This DEis whyLEGITIMIDAD one of the functions of the laws of contract is to regulate marketHéctor transactions Hernández Basualto according ...... to reasonable standards and not according23 to the whims of private individuals. Thus, under what conditions, if any, accesio, LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA traditio, or usucapioPRÁCTICA count SANCIONADORA as a valid form DEL of ESTADO acquisition of property rights, whether certain kind Javierof goods Wilenmann are ...... susceptible of private ownership at all, what a property45 right actually entails, what are the basic requirements for a contract to be legally enforceable,ARTÍCULO etc. all define DE RESEÑA: in a veryCRIMINAL specific LAW mannerIN THE theAGE underlyingOF THE conditions under whichADMINISTRATIVE goods ought to beSTATE exchanged.57 Fernando Londoño ...... 63

The institutionalSOBRE LOS nature DESAFÍOS of prices AL REGULAR also has LAimplications ACTIVIDAD for BANCARIA claim (1)—namely, that economicY EL facts NUEVO are MARCOnecessarily NORMATIVO fixed PARAby economic LOS BANCOS reasons. EN CHILE The implication is that this claimRoberto Ignacioseems Carrillo to hold A...... true only if we stipulate an ad-hoc definition75 of

ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca 56 In a similarRomero vein,Y Kaely Lang Labraña (2017), Trincado p...... 326: “To the extent that the market values of assets97 are a function of the legal order constituting the market (…) the question whether the market value is the ‘right’IMPUESTOS one (…) AMBIENTALES becomes indistinguishable EN CHILE: UN from ANÁLISIS the question CRÍTICO of whether the legal order on whichSantiago the market Martínez rests...... is normatively justifiable.” 119 57 Cf. Michelon (2014), Michelon (2018). Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

understanding of contractual justice: contractual of understanding

for both the traditional account of the doctrine of the just price and for our general general our for and price just the of doctrine the of account traditional the both for

Here I present four implications of the proposed approach to price justification justification price to approach proposed the of implications four present I Here IV. CONCLUDING REMARKS CONCLUDING IV.

ÍNDICE

claims about economic facts from claims about the reasons justifying those facts. those justifying reasons the about claims from facts economic about claims

facts and economic reasons. An institutional approach to prices allows us to separate separate to us allows prices to approach institutional An reasons. economic and facts

compatible with the claim that there is no necessary connection between economic economic between connection necessary no is there that claim the with compatible

that do not seem to ensure fair bargaining. To claim that fixed prices are unjust is is unjust are prices fixed that claim To bargaining. fair ensure to seem not do that

because they are generated by unjust institutional arrangements—arrangements arrangements—arrangements institutional unjust by generated are they because

example is that those prices would be unjust unjust be would prices those that is example Price Fixed

VERSIÓN EN CASTELLANO the with problem the then

the just price is the price fetched under just background conditions of exchange, exchange, of conditions background just under fetched price the is price just the

. If we endorse the claim that that claim the endorse we If . unjust

NÚMERO ESPECIAL: DERECHOwas paid P CONSTITUCIONALthat price the that PENALor pay, to price

wrong the is it that but price, a be to ceases considerations non-economic by sively

JAVIER WILENMANN (EDITOR INVITADO)

- exclu fixed price a that not affirms one if collapses objection this that Note

ESTÁNDARES DE PUNICIÓN A ADOLESCENTES EN LA JURISPRUDENCIA DE swans. CORTESproper are CONSTITUCIONALES swans black that Ydenies swan, black

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS.

of someone who believes that all swans are white and that, after being shown a a shown TENDENCIASbeing after Ythat, PROBLEMASand white ACTUALESare swans all that believes who someone of

by supply and demand. It seems to me that this position would be like the position position the Jaime like Couso be Salas ...... would position this that me to seems It demand. and supply 1 by

other than clinging on to a definitional point about prices being necessarily fixed fixed necessarily being prices about point definitional a to on clinging than other

to bite. I see no other motivation to deny that P paid the price of those potatoes potatoes PRIVATIZACIÓNthose of price the FORZADA paid P DELthat DERECHOdeny to PENAL ECONÓMICO.motivation other no see I bite. to tions about the way we use the word ‘price’. However, I find this too big a bullet bullet a big CUESTIONEStoo this find DE I LEGITIMIDADHowever, ‘price’. word the use we way the about tions

Héctor Hernández Basualto ...... 23 - conven linguistic our against go and bullet the bite simply could one sure, be To

for those potatoes. potatoes. those for price

LA IMPOSICIÓN a CONSTITUCIONALpaid P that saying in DE DISCIPLINA‘price’ word the EN of LA usage common

those potatoes. This seems counterintuitive. There is nothing that contradicts our our PRÁCTICAcontradicts that SANCIONADORAnothing is There DEL ESTADO counterintuitive. seems This potatoes. those not tell P the price for a quarter of potatoes, and that P did not pay a price for for price a Javierpay Wilenmannnot did ...... P that and potatoes, of quarter a for price the P tell 45 not

Wise Communist did not fix the price of a quarter of potatoes, that the grocer did did grocer ARTÍCULOthe that DE RESEÑA:potatoes, of CRIMINALquarter a of LAWprice INthe THEfix AGEnot OFdid THE Communist Wise Someone who endorses claim (1)—like Collingwood did—must claim that that claim ADMINISTRATIVEdid—must STATE Collingwood (1)—like claim endorses who Someone

Fernando Londoño ...... 63

potatoes. potatoes.

tells P that the price for a quarter of potatoes is £2. P pays £2 for the quarter of of quarter SOBREthe for LOS£2 DESAFÍOSpays P £2. ALis REGULARpotatoes LAof ACTIVIDADquarter a for BANCARIA price the that P tells quarter of potatoes at £2. P goes to a shop to buy a quarter of potatoes. The grocer grocer The Y EL NUEVOpotatoes. of MARCOquarter NORMATIVOa buy to PARAshop a LOSto BANCOSgoes P £2. ENat CHILE potatoes of quarter

Roberto Ignacio Carrillo A...... 75

epistemic access to the value of everything. Wise Communist fixed the price of a a of price the fixed Communist Wise everything. of value the to access epistemic LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

one of the elders of the country who is thought to have a divine gift that gives him him gives ESTEREOTIPOSthat gift divine DEa GÉNEROhave to EN ELthought PROCESO is who JUDICIAL:country ANÁLISISthe of elders the of one

. P lives in a country where prices are fixed by Wise Communist, Communist, Wise by fixed are prices where country a in lives P . CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO Prices Fixed

Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca

Romero Y Kaely Labrañaexample: an Trincadowith ...... point this illustrate me Let language. 97ordinary in wages and prices, one that does not track the way in which we use these concepts concepts IMPUESTOSthese use we AMBIENTALESwhich in way EN the CHILE: track UNnot ANÁLISIS does CRÍTICOthat one prices, and wages

Santiago Martínez ...... 119

382 382 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 383

First. Since institutions can be shaped by different normative commitments, an institutional approach allows us to adopt a more pluralistic approach to price justification, one that entails a partial reform to the Scholastic approach to the iustum pretium and a revision of just price theory’s commitment to commutative justice as the sole source of price justification. The upshot of this recognition is that, in order to move just price theory forward, the original ÍNDICEScholastic doctrine of the just price needs to be partially modified and complemented by a more pluralistic approach to price justification, one that can accommodate the fact that some prices can be normatively justified by criteria other than commutative justice. Indeed, a conception of the just price that focuses on the institutional nature of prices entails a recognition that it is at least conceptually possible to talk of just prices without invoking equality of value in exchange or commutative justice as a moral standard: if there is no such thing as pre-institutional prices, it followsVERSIÓN that there EN is CASTELLANO no such thing as pre-institutionally just prices either. As the Scholastic theologian Domingo Bañez (1654) would put it, “there is no just price by natural law, only by positive law.”58 NÚMERO ESPECIAL: DERECHO CONSTITUCIONAL PENAL JAVIER WILENMANN (EDITOR INVITADO) Second. An institutional approach to justice in pricing might also help solving the problem (identifiedESTÁNDARES above) DE regardingPUNICIÓN the A lackADOLESCENTES of normative pullEN ofLA market prices. On this view,JURISPRUDENCIA the normative force DE ofCORTES market pricesCONSTITUCIONALES would stem from theirY ability to manifest the TRIBUNALESmultiple normative INTERNACIONALES commitments DE embedded DERECHOS within HUMANOS. the rules regulating market exchangeTENDENCIAS and the Yprice PROBLEMAS system, ACTUALES which may or may not coincide with those Jaime Couso Salas ...... 1 of commutative justice. PRIVATIZACIÓN FORZADA DEL DERECHO PENAL ECONÓMICO. Third. CUESTIONESIf we want to DE make LEGITIMIDAD price justification in contract law coherent with a concern for valueHéctor Hernándezpluralism, Basualto then ...... economic inefficiencies, the reproduction of inega23 - litarian patterns of wealth distribution, the systematic oppression of certain groups LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA within societyPRÁCTICA and the subsequent SANCIONADORA autonomy-deficits DEL ESTADO in those oppressed, among other normative concerns,Javier Wilenmann must ...... also be taken into account in order to determine the justice45 of contract law rules regulating market exchange and prices. This may involve an expansion ofARTÍCULO the traditional DE RESEÑA: normative CRIMINAL role assigned LAW IN to THE contract AGE lawOF THEand contractual justice viz-a-vizADMINISTRATIVE markets and STATEdistributive justice, in which the role of contractual Fernando Londoño ...... 63 justice is simply to respect the autonomy of the parties and their corresponding 59 moral powers.SOBRE Thus, LOS besidesDESAFÍOS commutative AL REGULAR justice LA ACTIVIDAD and the valueBANCARIA of autonomy, a concern for efficiency,Y EL NUEVO MARCOthe promotion NORMATIVO of distributive PARA LOS BANCOSjustice, ENegalitarianism, CHILE as well as other normativeRoberto Ignacio commitments Carrillo A...... can and perhaps should also be assumed as part75 of

ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO Natalia Cereceda Barrios, Antonia Cofré Farías, Melissa Joo Amunátegui, Cindy Lorca 58 BañezRomero (1654), Y Kaely II-II Labraña 77 1 Trincado 272: “ ...... Nullum est pretium iustum lege naturali, sed solum97 lege positiva”. IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISIS CRÍTICO 59 For whatSantiago I call Martínez the ‘traditional...... view’, see Benson (2019), pp. 395-476. Admittedly,119 ‘traditional’ is perhaps not the best word to describe Benson’s approach to the relationship between contract law, markets and distributive justice. I am not interested in defending the label. Volume 7 (2020) LATIN AMERICAN LEGAL STUDIES AMERICAN LEGAL 7 (2020) LATIN Volume

(2012), which is fully reproduced in the present volume. present the in reproduced fully is which (2012), Michelon also See . passim and

pp. 96-100 96-100 pp. (2013), Michelon see law, private for narrative new a for need the On 62

pp. 250-256. pp. (2012), Shiffrin from taken is metaphor reflection The 61

Keren-Paz (2007). Keren-Paz see law, tort regarding claim similar a For 60

ÍNDICE

VERSIÓN EN CASTELLANO transactions.

recting the attention of private law to the pervasiveness of inequality in contractual contractual in inequality of pervasiveness the to law private of attention the recting

practices—as part of the normative landscape of contract law—this may help in di in help may NÚMEROlaw—this ESPECIAL:contract of DERECHOlandscape CONSTITUCIONALnormative the of PENALpart practices—as

increasingly recognised as part of the normative structure underlying our contractual contractual our underlying JAVIER WILENMANNstructure normative (EDITORthe of INVITADO)part as recognised increasingly

is bound to be met with resistance. However, if (and as) price justification becomes becomes justification price as) (and if However, resistance. with met be to bound is

justice leaves its place of honour as the normative structure underpinning contracts, contracts, ESTÁNDARESunderpinning DE PUNICIÓNstructure Anormative ADOLESCENTESthe as honour of ENplace LAits leaves justice juridical equality, a pluralist approach to price justification, one in which commutative commutative JURISPRUDENCIA which in one DE CORTESjustification, price CONSTITUCIONALESto approach pluralist a Y equality, juridical

TRIBUNALES INTERNACIONALES DE DERECHOS HUMANOS. Given that contract law typically operates under the assumption of formal or or formal of TENDENCIAS assumption Y PROBLEMASthe under ACTUALESoperates typically law contract that Given

Jaime Couso Salas ...... 1

might help in providing such a narrative. a such providing in help might

theory of contract law sensitive to normative concerns beyond commutative justice justice PRIVATIZACIÓNcommutative FORZADAbeyond DELconcerns DERECHOnormative to PENAL ECONÓMICO.sensitive law contract of theory

alternative narrative that better captures this feature of contemporary private law. private contemporary of feature this captures better that narrative alternative A A CUESTIONES DE LEGITIMIDAD

62 Héctor Hernández Basualto ...... 23 vasiveness of such encroachments might be an indication of the need for adopting an an adopting for need the of indication an be might encroachments such of vasiveness

public encroachments in the private sphere is not necessarily false, the growing per growing the false, necessarily not is sphere private the in encroachments public

- LA IMPOSICIÓN CONSTITUCIONAL DE DISCIPLINA EN LA

of the public sphere into the private. While this narrative of increasingly persistent persistent PRÁCTICA increasingly SANCIONADORA of narrative DELthis ESTADOWhile private. the into sphere public the of

labour law, consumer law, antitrust law, etc. These fields are often seen as intrusions intrusions as Javier seen Wilenmann often ...... are fields These etc. law, antitrust law, consumer law, 45 labour

. . v.gr

ARTÍCULOcontract— of DE freedom RESEÑA: and CRIMINALmarket free LAWof INlogic THEthe AGE OFchallenge THEthat transactions

in making sense of the emergence of several systems of legal rules governing private private ADMINISTRATIVEgoverning rules legal STATEof systems several of emergence the of sense making in

promissory morality (’Contract as Promise’). as (’Contract morality promissory An alternative approach might help help might approach alternative An

Fernando Londoño ...... 61 63

by a sphere or moral rights and duties, in which the role of private law is to reflect reflect to is law private of role the which in duties, and rights moral or sphere a by

) and from the model of individuals protected from each other other each from protected individuals of model the from and ) Economics and Law

SOBRE LOS DESAFÍOS AL REGULAR LA ACTIVIDAD BANCARIA ( the model of mutually disinterested parties bargaining to obtain preference satisfaction satisfaction Y EL NUEVOpreference MARCOobtain to NORMATIVObargaining PARAparties LOS BANCOSdisinterested EN CHILEmutually of model the

Roberto Ignacio Carrillo A...... 75 entail an understanding of contract law and private transactions different from both both from different transactions private and law contract of understanding an entail LATIN AMERICAN LEGAL STUDIES Volume 7(2020)

. The emphasis on promoting value pluralism in price justification may may justification price in pluralism value promoting on emphasis The . ESTEREOTIPOS DE GÉNERO EN EL PROCESO JUDICIAL: ANÁLISIS Fourth

CRÍTICO Y DE DERECHO COMPARADO LATINOMAERICANO

Nataliajustification. Cerecedaprice in Barrios, Antoniapluralism Cofrévalue Farías,of Melissa Joo Amunátegui,development the Cindyto Lorca direction opposite the

other normative forces at play, even within the same legal system, that might run in in run might Romero that Y Kaely Labrañasystem, Trincadolegal ...... same the within even play, at forces normative 97 other

This claim does not mean, of course, that there cannot be be cannot there that course, of mean, not does claim This law. contract of tasks the IMPUESTOS AMBIENTALES EN CHILE: UN ANÁLISIS60 CRÍTICO

Santiago Martínez ...... 119

384 384 Joaquín Reyes Barros Reyes Joaquín Beyond Commutative Justice: Contract Law, Justice, and Just Prices 385

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