Contrasting Wrongs by Privates to Keep the Market Rolling

Abstract

The market must be defended (also) against the countrymen’s offenses, minimizing the costs involved and this minimization requires as a precondition the most precise possible predetermination of the offenses. The more effective regulatory device in preventing wrongs seems the threat of sanctions in excess of the redress, entrusting the decision on their application to the injured party, who should at the same time be the only entitled to reap the benefit, without distinctions between crimes and civil wrongs. The credibility of the threat, as well as any actual restauration of the harm and the prevention of reiteration, requires accuracy, speed and effectiveness in the application of sanctions and therefore: 1) the parties should have the duty to tell the truth and the instruments for finding the facts should be strengthened; 2) the judges’ mistakes should be sanctioned as well; 3) the jurisdiction should be drawn so as to favor a rapid application of sanctions against an incontrovertible finding of the facts; 4) any form of penalties’ remission should be subject to the consent of the injured party.