Brief English Introduction
Armour gives a concise comparative framework for asking whether capital rules protect creditors directly, indirectly, or mostly symbolically.
Use It For
Use it beside Enriques and Macey when asking whether legal-capital systems should be tightened, liberalized, or replaced by solvency and disclosure rules.
Teaching Notes
This reading helps students avoid treating China’s 2023 five-year contribution period as the only possible response to creditor-risk concerns.