Critiquing Capitalism
April 4, 2025
Professor Katharina Pistor examines “The Law of Capitalism and How to Transform It,” in Richmond Law spring 2025 Emroch Lecture
Richmond Law was honored to welcome Professor Katharina Pistor as the spring 2025 Emanuel Emroch Lecturer. In her thought-provoking presentation, “The Law of Capitalism and How to Transform It,” Pistor challenged the conventional view of capitalism as a purely economic system, arguing instead that it is fundamentally a legal construct—and that rethinking its legal foundations could lead to a more just society.
“Why is capitalism—a system coded in law—so resistant to legal constraints?” Pistor asked, to set the stage for her talk. She went on to explain how capitalism’s ability to legally encode certain assets—enabling them to generate wealth for their holders—creates systemic imbalances. Allowing private actors to use critical social resources, like the legal system and the money system, to build personal wealth, reinforces that inequality.
Addressing these disparities is at the heart of Pistor’s work. “Every human being has the right to live the life that she or he has reasons to value,” she said. “But we need to think about how institutions should be reconfigured, applied, and enforced to live up to that principle.”
Pistor is the Edwin B. Parker Professor of Comparative Law at Columbia Law and Director of the Center on Global Legal Transformation. Her scholarship spans corporate governance, money and finance, and property rights.
The Emanuel Emroch Lecture Series brings distinguished speakers to Richmond Law, fostering critical discussions on law and society. Established in honor of Emanuel Emroch, L’31, the endowment continues to be supported by his son and daughter-in-law, Walter and Karen Emroch.
“Why is capitalism—a system coded in law—so resistant to legal constraints?” Pistor asked, to set the stage for her talk. She went on to explain how capitalism’s ability to legally encode certain assets—enabling them to generate wealth for their holders—creates systemic imbalances. Allowing private actors to use critical social resources, like the legal system and the money system, to build personal wealth, reinforces that inequality.
Addressing these disparities is at the heart of Pistor’s work. “Every human being has the right to live the life that she or he has reasons to value,” she said. “But we need to think about how institutions should be reconfigured, applied, and enforced to live up to that principle.”
Pistor is the Edwin B. Parker Professor of Comparative Law at Columbia Law and Director of the Center on Global Legal Transformation. Her scholarship spans corporate governance, money and finance, and property rights.
The Emanuel Emroch Lecture Series brings distinguished speakers to Richmond Law, fostering critical discussions on law and society. Established in honor of Emanuel Emroch, L’31, the endowment continues to be supported by his son and daughter-in-law, Walter and Karen Emroch.