Is the purpose of private law to correct wrongs? To promote just distributions? To enhance economic efficiency? Or to protect valuable moral practices and individual autonomy? Theorists have long suspected that all of these ideas may play some role in the justification of private law. Many classical doctrines of contract and tort law seem consistent with wrong-correction and the protection of individual autonomy. Other doctrines, such as the payment of damages as a valid option for a contract party, seem more informed by efficiency considerations. Modern statutory regimes for the protection of consumers, employees or insurance holders are typically understood as efforts to minimize disparities in the distribution of bargaining power across the community. Described in those terms, private law emerges as a patchwork of different and largely independent justifications of varying breadth and applicability. This book argues that this description is mistaken. Its main thesis is that...

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