Past and future of bankruptcy

In a recent insightful paper, professor Mark Roe (Harvard) reflects on the past and future of bankruptcy. Three ages of bankruptcy are identified and linked to underlying market-based phenomena and institutional conditions (comp., R. Clark, “The Interdisciplinary Study of Legal Evolution”, Yale Law Journal 1981, pp. 1238-1274). The paper also looks forward. New market trends are identified that will shape the future of bankruptcy law. The paper can be read here.