Economic Ramifications of Stringent Tort Laws
Part 1. Executive Summary
We look at the progressive stringent interpretation of tort laws. We observe the starvation of the economic engines and commanding heights of the economy. This effect is all the more evident in tobacco, pharmaceutical and automobile industries in the US. This has resulted in stifled innovation and risk averse behavior on the part of industries in these sectors. We draw parallels from history, where we look at the evolution of tort law, with the beginning of the industrial revolution, and how it has maintained a harmony between the capitalist, the worker and the…
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