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I thank Dan Brodansky, Brian Broughman, Tom Eaton, Jesse Fried, Kent Greenfield, Paul Heald, Todd Henderson, Christine Hurt, Bob Lawless, Jim Linck, Harold Mulherin, Jeff Netter, Chuck O’Kelley, Peter Oh, Victoria Plaut, Annette Poulsen, Jaxk Reeves, Larry Ribstein, Usha Rodrigues, Jim Rogers, Maggie Sachs, Jason Solomon, Eric Talley, and Jide Wintoki. This Article also benefited from comments received from participants in the Symposium The Going-private Phenomenon: Causes and Implications at The University of Chicago Law School; participants at the 2008 Annual Meeting of the American Law and Economics Association and workshop participants at the University of Georgia Department of Banking and Finance, the UC Berkeley School of Law, the Boston College School of Law, Emory Law School, the University of Illinois College of Law, the University of Pittsburgh School of Law, and the 2008 Law and Entrepreneurship Retreat. Additionally, special thanks go to Marc Auerbach of Standard & Poor’s and Eric Tutterow of Fitch Ratings for providing helpful data and discussion, and to Kevin Erwin (Georgia ’09) for research assistance. All errors are my own.

I am grateful to participants in workshops at the Harvard, University of Virginia, University of Michigan, and University of Chicago Law Schools, and to Mary Anne Case, Barry Cushman, Elizabeth Emens, Richard Fallon, Barry Friedman, Don Herzog, Christine Jolls, Michael Klarman, Jacob Levy, Eric Posner, Richard Primus, Adam Samaha, Kirsten Smolensky, Geoffrey Stone, Cass Sunstein, John Sylla, and Adrian Vermeule for comments on earlier versions of this Article. I also thank Mark Sherman and Karen Courtheoux for excellent research assistance and the Sonnenschein Faculty Fund at The University of Chicago Law School for financial support.

Many thanks to Curtis Bridgeman, Fred Gedicks, Steve Gey, Mike Zimmer, participants at the 2008 Midwest Law and Economics Association annual meeting, and participants in the Second Annual Labor and Employment Law Colloquium for comments.

For insightful discussions and comments, I claim appreciation to Arnaud Ajdler, Ian Ayres, Michael Birnhack, Miriam Bitton, Robert Brauneis, Dan Burk, Kevin Collins, Christopher Cotropia, Kevin Davis, Rochelle Dreyfuss, John Duffy, Brett Frischmann, John Golden, Wendy Gordon, Hugh Hansen, Scott Hemphill, Timothy Holbrook, Bert Huang, Sonia Katyal, Amir Khoury, Roberta Kwall, Jeffrey Lefstin, Mark Lemley, Douglas Lichtman, Clarisa Long, Michael Madison, Peter Menell, Joseph Scott Miller, Mark Patterson, Anthony Reese, Pamela Samuelson, Susan Scafidi, Katherine Strandburg, Polk Wagner, Tim Wu, Shlomit Yaniski-Ravid, Benjamin Zipursky, and participants at the Seventh Annual Intellectual Property Scholars Conference, 2009 Stanford/Yale Junior Faculty Forum, and in workshops at Bar-Ilan, Brooklyn, Columbia, Fordham, and George Washington law schools.

I appreciate helpful conversations with Daniel Carpenter, Michele Dauber, John Ferejohn, George Fisher, Rich Ford, Lawrence Friedman, David Golove, Jill Hasday, Daniel Ho, Don Hornstein, Lewis Kornhauser, David Luban, Eric Muller, Hari Osofsky, Robert Tsai, and Barry Weingast, as well as feedback from workshop participants at Berkeley, Iowa, Oregon, NYU, North Carolina, Southwestern, and Stanford’s Center for International Security and Cooperation. David Kennedy provided extremely helpful written comments on an earlier version of this Article. I also benefited greatly from the research assistance of Mindy Jeng, Shivan Saran, Britt Grant, Mrinal Menon, Connor Raso, Brad Hansen, and Jennifer Liu, as well as the staff of the Stanford Law School Library. I am also grateful to the staff at the National Archives in College Park, Maryland, the Franklin D. Roosevelt Presidential Library, and the Harry S. Truman Library. All of these people should be secure in the knowledge that they are not responsible for any errors or omissions. This is dedicated to Mateo, Ria, and Lucy.

This Article greatly benefited from comments and criticisms by Jonathan Barnett, Omri Ben-Shahar, Philip Blumberg, Lloyd Cohen, Bob Ellickson, Assaf Hamdani, Henry Hansmann, Christine Jolls, Sonia Katyal, Greg Keating, Dan Kelly, Dan Klerman, Yair Listokin, Tom Merrill, Gideon Parchomovsky, J.J. Prescott, Bob Rasmussen, Roberta Romano, Carol Rose, Alan Schwartz, Peter Siegelman, Henry Smith, Chris Stone, Bill Treanor, Mark Weinstein, and Ben Zipursky; and participants in the Law, Economics, and Organization Workshop at Yale University and the law and economics seminars and workshops at University of Michigan Law School, University of Southern California Gould School of Law, the Bar Ilan University Faculty of Law, and the Tel Aviv University Faculty of Law; and participants in faculty seminars at Fordham University Law School, Brooklyn Law School, University of Connecticut Law School, University of San Diego Law School, Washington University School of Law, University of Illinois Law School and George Mason University Law School. For the central ideas, I am indebted to Fred Schauer and Steven Shavell, without whom this Article would not have been possible. I am also grateful for the financial support of the John M. Olin Center for Law, Economics, and Business at Harvard Law School. All errors, of course, are mine.

I greatly benefited from a presentation of this Review to a faculty workshop at UCLA School of Law. Many thanks to the faculty there for their helpful comments, and to Jon Michaels and the faculty colloquium committee for the invitation. Thanks as well to Viktor Mayer-Schönberger and Frank Zimring for their suggestions. In the interest of full disclosure, I wish to note that Professor Solove and I are coauthors on a casebook, Information Privacy Law (Aspen 3d ed 2009).

Thanks to John Gardner, Leslie Green, Mark Greenberg, and Scott Shapiro for useful discussion of these issues on various occasions, and to Greenberg for quite helpful discussion of an early draft of this Article. I also benefited from questions and comments by students in my Spring 2007 Jurisprudence class at the University of Texas at Austin when we discussed this topic. Workshop audiences at a variety of venues provided valuable feedback and discussion: the Faculty of Law and Program in Social and Political Theory, Research School of Social Sciences, Australian National University; UCLA School of Law; the Institute for Philosophical Investigation, National Autonomous University of Mexico; the jurisprudence departments of the Faculties of Law at the Universities of Genoa in Italy and Girona in Spain, and the University of Chicago Law School. Of the many who helped me on these occasions, I should mention especially Peter Cane, Riccardo Guastini, Larry Laudan, Adam Muchmore, Martha Nussbaum, Giovanni Ratti, Jane Stapleton, and Ed Stein.

Very useful comments were provided by Ken Bamberger, Eric Biber, Tino Cuéllar, Dan Farber, Jesse Shapiro, Matthew Stephenson, Adrian Vermeule, and John Yoo. Financial support has been provided by the Hellman Family Faculty Fund, the Boalt Hall Fund, UC Berkeley’s Committee on Research, and the Jerome Kutak Fund at The University of Chicago Law School. Thanks to Tess Hand-Bender, Roman Giverts, Monica Groat, Edna Lewis, Harry Moren, Stacey Nathan, and John Yow for research assistance. An earlier version of this Article was presented at the 2008 annual meeting of the American Law and Economics Association and in the UC Berkeley’s Center for the Study of Law and Society’s Speaker Series.

Thanks to Greg Alexander, Akhil Amar, Will Baude, Aaron Bruhl, Michael Dorf, Joey Fishkin, Marin Levy, Bernadette Meyler, David Pozen, Catherine Roach, and Steve Sachs for helpful and thought-provoking comments on earlier drafts, and to Kevin Jackson for excellent research assistance. Any remaining errors or infelicities are, of course, my own.