...The Continuation of the Commons In Garrett Hardins “The Tragedy of the Commons” he goes into great detail about how the commons, publicly own space or property, needs to be less common and controlled to prevent its self-destruction. Hardins makes the claim that man rationalizes using his freedom to the commons by saying he is doing just as much good as he is doing harm. As well, he states that we all will continue to use the commons and this will eventually exhaust the resources of because of the volume of the population that uses it. To Hardins, the idea that man’s use of the commons is exponentially growing, we are using up our limited resources on the planet. This is not entirely true because in the process of man using the common property...
Words: 730 - Pages: 3
...Richter Tragedy of the Commons Analysis The Tragedy of the Commons is an effective metaphor to understanding the exploitation of global property resources by private producers. Its flaws as a metaphor stems from the gross assumptions it makes on human behavior and motivations. When taken at face value, the metaphor can be used to explain broad resource issues that nations are still dealing with today, such as global climate change and the use of natural resources. However, when closely inspected, its generalization about the community-shared commons is not as accurate. Garret Hardin's article has received vast critical acclaim and is considered one of the finest works regarding natural resource issues. In his article, Hardin claims that all commonly owned resources are doomed to destruction. This is due to the fact that men are greedy, and instinctively pursue their own best interests. Given is an example involving a common pasture open to all, in which it is expected that every herdsman is going to try keep as many cattle on the commons as possible in-order to try make the most profit. However as the commons is overgrazed productivity goes down causing each herdsman to add more cattle in an attempt to bring their profits back up. It is in this desire for self-interest that the tragedy of the commons occurs. The Tragedy of the Commons metaphor is best understood when applied to large-scale resource issues. In order to do so, the community commons Hardin referred to must...
Words: 701 - Pages: 3
...Common Law Your Name Course Number Due Date Tutors Name Common Law Introduction In order to effectively interact with the legal department and staff, everyone must have some knowledge in respects to various areas of the law and the legal concepts that one will encounter on a day to day basis. Concepts and examples of common law, when it began, how it is used and where it is used as well as the sources will be discussed. The importance of precedent to the judicial decision-making process is also tied in with common law and how it is used when making court decisions and lastly, but just as important, knowing what equitable remedies means and how it is used in court decisions so as the Manager it is important that everyone is prepared to understand and have the ability to interpret the meanings of each concept. Common law Common Law is also called Anglo American Law or precedent. It emerged in England in the Middle Ages and it did not originally consist of substantive rights but procedural remedies. The English common law was developed from custom judges rather than legislatures in the English and U.S. courts. Common law, are laws based on court decisions in similar cases in the past. Although law and precedent originated in England they are being used in what used to be English colonies including this country. All other countries use a statutory system which is the theory behind the common law that should be reliable and predictable whereby, without it businesspeople...
Words: 1739 - Pages: 7
...1.2.1 Common law The term common law gives rise to diffi culty as it has several meanings, so any meaning depends upon the context in which the term is used: Common law may mean the law created by the common law courts in contrast to the law created by the Court of Chancery, which was called equity. Common law may m • ean all the law created by the courts, including the law of equity, as opposed to the law created by Parliament, that is legislation. In this sense, common law may be also termed ‘judge- made’ law. • Common law may refer to a legal tradition which defi nes the English legal system and other derivative legal systems as opposed to the civilian legal tradition exemplifi ed by the systems of mainland Europe. Apart from England and Wales other examples of a common law tradition are to be found in the legal systems of the states of the United States (with the exception of Louisiana), Canada, and Australia. Common law in this sense refers to forms of law- making, particularly judge- made law, which is governed by the doctrine of judicial precedent. The characteristic feature of the civilian systems is that law is to be found in codes made by the legislature. The civilian tradition is seen in the legal systems of France and Germany. While the French law of contract is codifi ed and to be found in legislative form, the English law of contract is to be found mainly in the decisions of judges as reported in 7 Common law and equity the law reports. As will...
Words: 1698 - Pages: 7
...Learning Materials COMMON LAW Common Law, Statute and Precedence are the sources for all laws accepted in the jurisdictions within the United States. Common law is based on the old English Legal System of laws based on the overthrow of monarchial dictators and the replacement with a representative system of Parliament. When the American Colonies established their independence in the late 1700’s they adopted much of the English legal system that they knew when they immigrated to the “New World”. This became the initial basis for civil and criminal law in the newly formed United States. Common law results from judicial decisions handed down from the courts. Most of the common law in criminal issues pertaining to the modern criminal justice system has been subjugated by state and federal legislatures that have created statutes establishing criminal law violations. In dealing with Common Law there is a catch-22 type of situation. When a common law is overridden by a statute creation the history of the common law is vacated in terms of how laws are executed. The problem arises when the enforcement method of the new law has common law as its basis. If this is not deemed acceptable by society then another statutory law has to be created. Whenever new laws are enacted there are frequently challenges in court. These challenges depending on the jurisdiction of the law end up going through the system and various courts of appeals. Ultimately they may reach the US Supreme Court where...
Words: 709 - Pages: 3
...CHAPTER 7 COMMON STOCK: CHARACTERISTICS, VALUATION AND ISSUANCE ANSWERS TO QUESTIONS: 1. a. Nonvoting stock - common stock that is issued when the firm wishes to raise additional equity capital but does not want to give up voting power. b. Stock split - the issuance of a number of new shares in exchange for each old share held by a stockholder in order to lower the stock price to a more desirable trading level. c. Reverse stock split - the issuance of one new share in exchange for a number of old shares held by a stockholder in order to raise the stock price to a more desirable trading level. d. Stock dividend - a dividend to stockholders in the form of additional shares of stock instead of cash. e. Book value - total common stockholders' equity divided by the number of shares outstanding. f. Treasury stock - shares of common stock that have been repurchased by the company. 2. No, the retained earnings figure on the balance sheet is simply the cumulative amount of earnings that have been retained over time. At the time when income is retained, these dollars may be used to purchase additional long-term assets. As a result, the retained earnings amount is not available for current dividends. Current dividends are paid out of cash (or earnings) and not out of retained earnings. 3. Reasons for stock repurchases: • tax considerations – Under current tax laws, capital gains income is taxed at lower rates than...
Words: 4932 - Pages: 20
...Common Law Common law is a system of law, which is developed by the judges through the decision of courts, which is generally seen as being opposed to the civil system, which consists of statues, which is adopted by the legislative process, which in turn is developed by the executive branch. Precedent or case law therefore constitutes the system of law. Some of the rules constituting common law that was not adequate to ensure justice as common law itself is not adequate are the damages, mistake, and undue influence which are sorted below as example: • Damages- While building a house, the contractor and the owner had a contract of making a building, which contained 20 windows, but the contractor ended up making only 18 windows. As the windows were not made as per the contract, the contractor need to either make the window as told or needs to pay certain amount as compensation to the owner so that the owner can ask other to do the work for which he needs to pay. So it is a damage that is faced by the owner and compensated by the contractor. • Mistake - as per given example in damages while building a house a contract is made as per building of the house with certain amount of money. So, as the owner of the house needs to pay money to the contractor as it was contacted before Rs.200000. so while paying the contactor by cash receipt, the owner signed the receipt only of RS.20000 without checking the amount signed the owner paid the contractor as well as the contractor didn’t check...
Words: 394 - Pages: 2
...tortuous liability in comparison to contractual liability. 2. Vicarious liability and health and safety issues. 3. Strict liability in comparison with general tortuous liability. 4. The various elements of the tort of negligence. Describe the nature of general tortuous liability comparing and contrasting to contractual liability (3a) A tort is a legal wrong, and the principle is the law gives various rights to person, such as right of a person in possession of land to occupy it without interference or invasion by trespassers. When such a right is infringed the wrongdoer is liable in tort. The law of tort is concerned really with a person’s responsibility to others. It applies to both individuals and companies. (Common Law, Introduction to Types of Torts, p. 231) Generally tort refers to private and civil offenses for which law may...
Words: 4214 - Pages: 17
...ensure their long-term economic viability. Some people recommend that the state control most natural resources to prevent their destruction and overuse; others recommend that privatizing those resources will solve the problem. The reality is not that simple; the logic of the tragedy of the commons depends on a set of assumptions about human motivation, about the rules of governing the use of the commons, and about the character of the common resource. According to Elinor Ostrom, “neither the state nor the market is uniformly successful in enabling individuals to sustain long-term, productive use of natural resource systems”. This means that there isn’t just “one way” to solve problems concerning common resources. Aristotle observed that “what is common to the greatest number has the least care bestowed upon it. Everyone thinks chiefly of his own, hardly at all of the common interest”. The purpose of this paper is to present what the tragedy of the commons is and the approach of the study of self-governance; also, to give an overview of the commons in modern life. The Tragedy of the Commons Professor Garret Hardin developed this idea in a well-known essay “The Tragedy of the Commons” (1968). He argued that commonly owned and freely accessible resources tend to become depleted when or...
Words: 3295 - Pages: 14
...The term "common law" has it's origins in England in the 11th century. Even today in the US, some common law principles from the original English law are applicable while alongside it is the growing body of common law which is being set as a part of stare decisis i.e. the judicial systems decisions and interpretation of statutory law provisions by judges, are becoming a part of the common law. Other judges look to these decisions as a guideline or as a necessary precedent to follow, while making their own decisions. There are both advantages and disadvantages to a legal system based on common law or precedent-based. Advantages: i) Equity: One of the arguments in favor of a common law system is that equity is a characteristic of this system. As the precedents are followed in all cases, all people are treated equally. The same legal principles are applied to all people irrespective of their position or wealth or power, which may be a factor in some countries. So this system of following precedents which already been set previously tends to bring equity and fairness in its wake. ii) Expedient: As these decisions are based on previous judgments, it's more convenient to follow this process through. People know what to expect; there is an element of predictability. The process is easier and more practical as there are no fixed, lengthy rules but real situations that have already been resolved. iii) Efficient: As there is already a basis on which the judgment will...
Words: 456 - Pages: 2
...1- Define Common law, derived from English law and found in England, the United States, Canada, and other countries once under English influence; Civil or code law, derived from Roman law and found in Germany, Japan, France, and in non-Islamic and non-Marxist countries; Islamic law, derived from the interpretation of the Koran and found in Pakistan, Iran, Saudi Arabia, and other Islamic states; A commercial legal system in the Marxist-socialist economies of Russia & the republics of the former Soviet Union, Eastern Europe, China, and other Marxist-socialist states whose legal system centered on the economic, political, and social policies of the state. Arbitration A procedure used as an alternative to “litigation” in which parties in a dispute may select a disinterested party as referee to determine the merits of the case & make a judgment that both judges agree to honor. Litigation The process in which a dispute between parties is contested in a formal judicial setting,. Commonly instigated by a law suit asserting one party’s version of the facts. Marxist – socialist tnets Cyber squatters Person or businesses that buy, usually for a nominal fee, & register as web site names descriptive nouns, celebrity names, variations on company trade marks, geographic & ethic group names & pharmaceutical \& other descriptors & then hold them until they can be sold as an inflated price. Sometimes called CSQ CONCILATION - A non binding agreement between parties to resolve...
Words: 3646 - Pages: 15
...Creative Commons: thinking beyond copyright UPC Alles-in-1 Zakelijk - Internet+Bellen+TV vanaf € 40 p.m. Stel nu zélf uw Pakket samen! Zakelijk.UPC.nl/Alles-in-1 Ads by Google T. Ramachandran Share · Comment · print · T+ <a href="http://www.thehindu.com/opinion/blogs/blog-datadelve/article5380106.ece?textsize=large&test=1" title="Large Text Size" >T+</a> · <a href="http://www.thehindu.com/opinion/blogs/blog-datadelve/article5380106.ece?textsize=small&test=2" title="Small Text Size">T-</a> 2 The traditional copyright licence has for long been the mainstay of writers and content creators. Are there ways of going beyond copyright when it comes to promoting and sharing original work and content online? Yes, think of Creative Commons, which has been relaunched in India. The multiple options available these days for sharing content using the range of licences that are being promoted in the Creative Commons domain were in focus at the recent relaunch of Creative Commons India. The Creative Commons(CC) licenses, which provide more options compared to the traditional copyright licence for sharing creative work and digital content, and permit its creators to set the conditions for such sharing, has gained global traction. Compared to the traditional copyright licence, which is very restrictive in nature, CC licenses enable authors fine-grained ways of deciding on the rights they would...
Words: 600 - Pages: 3
...Compare and contrast common law and equity. The distinction between common law and equity is better understood when the history of the two are examined. Common Law is the law of the land created by the judiciary. “According to Blackstone, the common law is that “ancient collection of unwritten maxims and customs which have ‘subsisted immemorially in this kingdom.” These principles are revealed by the courts of law “through experience in the rendering of judicial decisions.” Common law is therefore, the overall accumulation of judicial decisions known as case law.” (Emerson 2009, 7). The common law has been described as the law of the common people of England. It emerged as the product of a particular struggle for political power (Business Law, Kelly, Hayward, Hammer & Hendy pg. 5). It can also be viewed as laws developed by judges through decisions of courts and similar tribunals that decide individual cases, as opposed to statues adopted through the legislative process or regulations issued by the executive branch. Within common law judges decisions are binding, just as other laws does, to ensure consistent treatment. In cases where parties disagree common law courts look to past precedential decisions of relevant courts. However if courts find that the case before hand is fundamentally different from previous cases, the judge have the authority and duty by law to set a precedent, which will become binding in future courts. Common law can be traced back to rules...
Words: 769 - Pages: 4
...Rule about Contracts: -common law/UCC uniform commercial code. UCC is for buying and selling goods, common law contract is for everything else, Party, subject matter, price,delivery, payment terms – all neds to be listed in common law Party and subject matter – 2 things for UCC- everything else is filled by the judge based on the reasonableness. Contract is a promise or set of promises for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Contract is a set of voluntary promises that the law will enforce for private parties. Sources of Contract Law:/ Law that governs contracts 1) Common law * First law of contracts * Law decided by the judges and they used statutory law to interpret the common law * Common law applies to contracts that have land or services as their subject matter. Eg employment, home etc * Party, subject matter, price, delivery, payment terms * General treatment of the common law for contracts can be found in Restatement of Contracts 2) UCC – uniform commercial code * Common law lacks uniformity * Businesses experienced great difficutly and expense when they contracted across state lines because of differences in state contract common law * To address the need for uniformity, the National Conference of Commissioners on Uniform State Laws and the American Law Institute worked to draft a set of commercial laws appropriate for business people, lawyers, and law...
Words: 544 - Pages: 3
...who would otherwise have been severely disadvantaged by the common law. Discuss, with reference to decided cases. William the Conqueror found England with no single system of law common to the whole country. The law was mainly sets of customary rules which differed from area to area. For example, in one area you could get away with stealing, in another it would be seen as crime. There was no such thing as ‘ The English Legal System” until William’s invasion in 1066. William developed the legal system and introduced many rules. William preserved some of the old customary laws and used them as a basis for common laws. He introduced the feudal system and King’s justice, these were made to help those who supported him. Williams used subtle tactics to gain control of the country. He introduced Curia Regis, who enforced a system of rules which applied to the whole country and became known as common law. Although common law was seen for the better, it came with few problems. One of the problems was the rigidity of the writ system. In common law, if someone wants their case to be heard in court, they have to fit their complaints into the existing writs. If the writs are not similar to the existing ones, the cases will not be heard in court. The system was formal and rigid, bound by 'no writ, no remedy'. So if there was no writ to deal with the plaintiff's claim then there was no remedy. In addition to that, the common law uses damages as a remedy for cases. The aim of damages...
Words: 990 - Pages: 4
