Henry G. Manne, one of the founders of the Law & Economics movement, celebrates his 80th birthday on May 10, 2008. To mark this event, his sister-in-law Beverly M. Manne of Houston, Texas, has funded the acquisition of a book in his honor for the Yale Law Library’s Rare Book Collection.
Professor Manne, Dean Emeritus of the George Mason University School of Law, is a distinguished alumnus of the Yale Law School (LL.M. 53, S.J.D. 66). His 1966 S.J.D. thesis at Yale Law School, Inside Information and the Entrepreneur, was the basis for his widely reviewed and controversial book, Insider Trading and the Stock Market (New York: Free Press, 1966). He is also known as an innovator in U.S. legal education.
The book that Ms. Manne and I selected to honor Professor Manne is Thomas Mortimers Every Man His Own Broker: or, a Guide to Exchange-Alley (London, 1765). This vade mecum for investors includes an overview of the laws governing brokers. Elizabeth Hennessy described Mortimer and his book in Coffee House to Cyber Market: Two Hundred Years of the London Stock Exchange (2001):
One of the most knowledgeable and persistent critics of brokers trade in securities was Thomas Mortimer whose book Every Man His Own Broker appeared in fourteen editions between 1761 and 1801, and was translated into German, Dutch, French and Italian. According to his own account he wrote because of an unhappy experience at Jonathans in 1756, and the work is certainly hostile to jobbers and speculators; like many of his contemporaries he was deeply perturbed by what he saw as unnecessary trading in Government funds. However, his detailed advice to the public on how to buy and sell successfully gives one of the best pictures of stock broking in the second half of the eighteenth century.
Professor Manne has provided an excellent capsule history of the Law & Economics movement in his online essay, An Intellectual History of the George Mason University School of Law. See also the biographical sketch of Professor Manne at the end.
Thanks to my fellow Texan, Ms. Beverly Manne, for her generous and thoughtful gift. And to Professor Manne, Happy 80th Birthday!
Rare Book Librarian