The fact that this system exists “independently of anyone’s will” earned it praise from Friedrich Hayek, who emphasized how it is spontaneously created. Countries that have adopted this system have deeper capital markets according to Shleifer, Vishny, and co-authors. Today, this system exists concurrently with a system based on equity originally developed by the Chancery. Classic texts about this system include a set of 17th-century “Institutes” by Edward Coke and 18th-century “Commentaries” by William Blackstone. This system is distinguished by reaching decisions based on stare decisis (“STAIR-ee duh-SIGH-siss”). This largely Anglo-American system contrasts with one established in continental Europe by the Napoleonic Code. For 10 points, name this system of law based on judicial precedents, contrasted with civil law. ■END■
ANSWER: common law [accept judge-made law or case law; accept judicial precedent until read; prompt on law or different types of law such as contract law; prompt on English law or American law or clear equivalents by asking “what broader system is that part of?”; reject “jus commune”]
<Social Science>
= Average correct buzz position