Capital is the defining feature of modern economies, yet most people have no idea where it actually comes from. What is it, exactly, that transforms mere wealth into an asset that automatically creates more wealth? The Code of Capital explains how capital is created behind closed doors in the offices of private attorneys, and why this little-known fact is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else.

In this revealing book, Katharina Pistor argues that the law selectively "codes" certain assets, endowing them with the capacity to protect and produce private wealth. With the right legal coding, any object, claim, or idea can be turned into capital - and lawyers are the keepers of the code. Pistor describes how they pick and choose among different legal systems and legal devices for the ones that best serve their clients' needs, and how techniques that were first perfected centuries ago to code landholdings as capital are being used today to code stocks, bonds, ideas, and even expectations - assets that exist only in law.

A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the different ways that debt, complex financial products, and other assets are coded to give financial advantage to their holders.

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Duración del título	11 horas y 23 minutos
Autor	Katharina Pistor
Narrador	Laural Merlington
Fecha de lanzamiento en Audible.es	octubre 08, 2019
Editor	Tantor Audio
Tipo de programa	Audiolibro
Versión	Versión íntegra
Idioma	Inglés
ASIN	B07YNYZG8V
Clasificación en los más vendidos de Amazon	nº3,364 en Audible Libros y Originales (Ver el Top 100 en Audible Libros y Originales) nº6 en Legislación nº16 en Política pública nº26 en Sociología (Audible Libros y Originales)

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Interesting book and great insights, but the writer needs serious writing lessons.

Revisado en Reino Unido el 26 de agosto de 2021

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I did enjoy this book greatly, but Pistor is a poor writer. Pistor takes readers through legal history by examining the way different assets (Land, Financial Derivatives, Companies) have been given legal personality by private lawyers through the centuries. However, her writing is often obtuse and dense, and she is fond of using acronyms without defining the acronyms beforehand. She also likes to re-use phrases 'coding strategies' 'asset cloaking' 'legal shielding' to the point it becomes nauseous for readers.

At the beginning of the book, her stated aim is to write something intelligible for the average educated individual, but even I (as someone who has a background in the finance industry and someone with an economics degree) found the book difficult to wade through at times. Perhaps this is emblematic of lawyers: they dress up simple ideas in arcane language to give themselves an air of sophistication. In any case, there are lots of intriguing ideas in this book, it's just a shame that Pistor is unable to write in a simple manner.

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Matias Berg

Ein augenöffnendes Buch über das rechtliche Betriebssystem des globalen Kapitalismus

Revisado en Alemania el 4 de enero de 2021

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Die Autorin hat ein wirklich faszinierendes Buch geschrieben, wobei sich das Faszinierende leider erst auf den zweiten Blick erschließt, da die Lektüre des Buches für Nicht-Juristen wie mich, nun ja, kein Lusterlebnis ist. Ich gebe auch gerne zu , dass ich vermutlich nur die Hälfte des Textes verstanden habe, aber das, was ich verstanden habe, das hat es in sich. Und es hat mir in mancherlei Hinsicht die Augen geöffnet.

Frau Pistor bietet nichts weniger als einen Blick hinter die Kulissen des Kapitalismus. Bei „Kapital“ denkt man immer an Geld, an Banken, Hedge-Fonds, vielleicht noch an Steuern und Steuerparadiese und dergleichen. Doch die Autorin lenkt den Blick auf das „Betriebssystem“ des Kapitalismus (insbesondere anglo-amerikanischer Prägung), also das, was zum Funktioniern unabdingbar ist, dem Nutzer aber normalerweise verborgen bleibt: Das Recht. Und zwar nicht das Recht, wie es sich in Gesetzen findet, welche von Parlamenten erlassen werden, sondern vom Privatrecht, das quasi ein Schattendasein in einem Schattenreich führt, in dem die Anwälte die Herren sind, oder besser: die Programmierer. Denn das englische Wort „Code“ bedeutet zweierlei: Code und eben auch „Programm“ (im Sinne von Computerprogramm).

Anwälte sind es im Wesentlichen, die aus einem beliebigen Gut („an asset“) Kapital machen, indem sie dieses Gut „codieren“ bzw. „programmieren“, und ihm so spezielle Eigenschaften verleihen. Sie schreibt:

„Fundamentally, capital is made from two ingredients: an asset, and the legal code. I use the term “asset” broadly to denote any object, claim, skill, or idea, regardless of its form. In their unadulterated appearance, these simple assets are just that: a piece of dirt, a building, a promise to receive payment at a future date, an idea for a new drug, or a string of digital code. With the right legal coding, any of these assets can be turned into capital and thereby increase its propensity to create wealth for its holder(s).“

Diese Eigenschaften, die aus einem Gut ein Kapital machen sind:
„Priority, which ranks competing claims to the same assets; durability, which extends priority claims in time; universality, which extends them in space; and convertibility, which operates as an insurance device that allows holders to convert their private credit claims into state money on demand.“

Doch welche Rolle spielen die Staaten? Sind sie es nicht, die die Regeln bestimmen? Die Antwort von Frau Pistor: Ja und Nein. Staaten erlassen Gesetze, doch diese sind immer unvollständig, was den privaten Akteuren erlaubt, in den Lücken, die die Gesetze unweigerlich lassen, ihre 'Codierungen' vorzunehmen. Hinzu kommt, dass gerade im sog. Common Law der anglo-amerikanischen Tradition viel weniger 'top down' erlassen wird, sondern sich die Regeln viel mehr evolutionär, also 'bottom up' entwickeln.

Und deswegen ist es auch kein Zufall, dass die beiden maßgeblichen Jurisdiktionen im internationalen Wirtschaftsrecht jene von England und des Staates New York sind, da diese es sind, die den privaten Akteuren den größten Spielraum einräumen. Kurz gesagt: das 'Betriebssystem' der internationalen Märkte kommt also aus England und New York und spricht Englisch.

Zudem entsteht immer mehr eine außerstaatliche Schattengerichtsbarkeit, wenn große Player auf den Märkten in ihren Verträgen stipulieren, dass etwaige Streitigkeiten nicht mehr vor staatlichen Gerichten ausgetragen werden, sondern private Schiedsgerichte angerufen werden müssen.

Die Autorin entwirft gegen Ende des Buches ein Bild, in dem die Staaten immer mehr zu Erfüllungsgehilfen der privaten Akteure, also der Kapitaleigner und ihren Anwälten, werden, wenn staatliche Organe am Ende nur mehr und mehr die in internationalen Anwaltskanzleien generierten Regeln um- und durchsetzen.

Die folgenden Sätze sind ein gutes Fazit dieses klugen Buches:
"There is no capital without law, because only law can bestow priority, durability, convertibility, and universality on assets, and thereby privileges its holders. Capitalism exists because modern legal systems are built on and around individual subjective rights and put the state in the service of protecting these rights."

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The Infernerator

Essential Explanatory Complement to Piketty's Descriptive Research on Inequality

Revisado en Canadá el 14 de agosto de 2019

Compra verificada

This crucial book is clearly written to clarify for a popular audience the all-important, all-governing current legal-institutional relations that support the growth of socio-economic inequality. Pistor explains how the Anglo Common Law works by enabling private law (private law firms representing the globe's 'incumbent' rich) to develop ('innovate') a complex bulwark of property and bankruptcy law apart from societies, states, and even judiciaries (not known for any democratic bias). With the assistance of the impressionable, comprador liberal-conservative political establishment first in the UK & US and second around the world, this Common Law-supported kingdom of private law has effectively reduced the democratic state to little more than a violent enforcer of that private law, as it maldistributes rights and obligations to the augmentation of socio-economic inequality and tyranny. Anglo civil law is distinguished--and so useful to powerful interests--as the legal code of a people with boundary issues, as Stoicist Svend Brinkmann might say. Not only does Pistor's clarification help the reader better understand the fundamental functioning of Anglo-American law, it also suggests structural and political points of change.

For example, by now, most law governing property around the world has never seen the light of a society's court system--It has never been subjected to any socially-rational justification and deliberation. It is simply privately manufactured, and operates as a credible threat ("But it's the law."), to channel wealth and enforce privilege and profound subordination in everyday relations. Were the majority of people--those who carry the risk and costs, who are legally obligated to deliver over the assets and work to the owners, but who do not accrue power--to somehow cohere and push back in the streets and on states, Pistor suggests, private-law's house of cards could tumble.

Upon further reflection, Pistor's sketch of capitalism's naked emperor points to the cyborg technology of policing and surveillance stitching the whole global accumulation and dispossession network together, on the back of climate and environmental crisis.

The book is written to educate a popular audience, explaining law in analogy to computer coding, where society is a computer-user cyborg that keeps getting more inequality and tyranny out of the code. Sometimes the book's concerns are those of lawyers, the coders. For example, Pistor explores whether encrypted blockchain systems can replace lawyers to produce contracts. No, they're too inflexible for a world that includes intrinsic, environmental, random, and agential forms of change. More likely is the unholy cyborg merger of blockchain systems and lawyers to create contracts.

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Kean Birch

Great book!

Revisado en Canadá el 11 de diciembre de 2020

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I really enjoyed reading this book. It's basically about how the law creates markets and what consequences this has. Much of the book is concerned with how different things are turned into assets/capital through different legal processes

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Cliente de Kindle

A deep legal análisis of the role of law on rising inequality

Revisado en México el 16 de diciembre de 2019

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I believe this book helps the General public to understand the lost legal modules for coding Capital and its impact in society as a whole.

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