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Chapter : Commentary: Law and Power in Agency Relationships
Appoint a lawyer to manage the sale of a business, an interior designer to decorate a home, a labor leader to represent workers, or a former president to facilitate a diplomatic mission: The ubiquitous use of agents represents a demand for division of labor in negotiating a range of commitments between individuals, groups, and states in the world at large. The extensive social and economic externalities generated by agency compel a public interest in circumscribing the role of agents, and thus the intervention of legal institutions—the public contract, if you will—to govern the principal–agent relationship.
Salacuse's chapter outlines a legal lens through which to glimpse this agency relationship. The basic legal forms of ...