THE LAW OF INTEREST: DAWN OF A NEW ERA?

Authors

  • ROGER BOWLES
  • CHRISTOPHER J WHELAN

Abstract

The high rates of interest and erratic inflation experienced by many countries over the past decade have prompted important reviews of the law of England, Canada and elsewhere. This article has as its focus a new set of proposals for reform of the law relating to parties kept out of their money published by the Law Reform Commission of British Columbia. These proposals go much further than previous ones and amount, in our view, to a revolutionary change. The Commission sets out a scheme which would at long last enable parties to recover sums which reflect the market opportunities of which they have been deprived. An ingenious multiplier system ensures that interest can be compounded in a way which is just as simple to apply as present methods, and has the great advantage of putting into practice the principle of restitutio in integrum.

Keywords:

Legal Theory

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Published

1986-03-01

Issue

Section

Legal Commentary

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