Sarah Paterson's new book Corporate Reorganization Law and Forces of Change (Oxford University Press, 2020) has just been published. In this book, Paterson argues that since the 1980s almost every aspect of the landscape of large firms and finance has changed, with the result that corporate reorganization law is now mobilized and adapted by the participants in the process in new and diverse ways. She argues that, whichever theoretical or policy approach is adopted, these adaptations cannot all be evaluated using a single universal or fixed conceptual framework. Adopting a comparative US/UK approach, the book undertakes a detailed analysis of six forces of change which have developed in the finance and non-financial corporate fields. It analyses the ways in which these forces of change affected the nature of the corporate reorganization case, and the new ways in which participants in the corporate reorganization process mobilized and adapted corporate reorganization law in response. The book argues that it is crucial to analyze the specific adaptations of corporate reorganization law which emerged from this process of change. This demands that corporate reorganization law theorists or policy makers do not start their analysis using a conceptual framework developed in response to historical adaptations of corporate reorganization law. It is necessary, instead, to identify how dominant theoretical or policy concerns manifest themselves in the specific adaptation under review and to adapt conceptual frameworks accordingly.
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