Score: 4. The case drew Bryan into a tangle of conspiracy, political machination, and legal brinksmanship—and transformed his understanding of mercy and justice forever. Crafted and edited with care, Worth Books set the standard for quality and give you the tools you need to be a well-informed reader. This short summary and analysis of Just Mercy includes: Historical context Chapter-by-chapter overviews Character profiles Detailed timeline of key events Important quotes and analysis Fascinating trivia Glossary of terms Supporting material to enhance your understanding of the original work About Just Mercy: A Story of Justice and Redemption by Bryan Stevenson: Just Mercy is a heartbreaking—but not entirely hopeless—look inside the American criminal justice system.
The summary and analysis in this ebook are intended to complement your reading experience and bring you closer to a great work of nonfiction. What's it worth to you to have just ONE good idea applied to your life? In many cases, it may mean expanded paychecks, better vitality, and magical relationships. The main storyline focuses on the organization he founded called the Equal Justice Initiative or EJI, and Walter McMillan, a black man sentenced to death in the late s due to a false charge of murder.
The book displays Stevenson's perspective towards racial and economic inequality as he bravely opposed the criminal justice and prison systems in America.
He firmly believes in empathy over condemnation, that it is the change society needs in order to make a difference. The book achieved astounding remarks and multiple awards, leading to its place as a 1 New York Times bestseller. Just Mercy was named one of the most powerful and influential books ever written and it was also turned into a major motion picture starring the well-known artists Michael B. Jordan and Jamie Foxx who also came away with notable awards.
It includes all important details of the main arc of the book. It also makes the problems with America's justice system absolutely clear. It pulls on our heartstrings by sharing the plight of several victims of the very system that is supposed to protect them. It opens our eyes and motivates us to do something to make things right for others. In sum, this summary is both inspirational and multidimensional. It should be the first rule concerning all matters. However, the reality of our world is completely different.
Injustice prevails in all corners of the world in different forms. It shows its face in different matters and decisions. America's judicial system has ironically led to a huge number of acts of injustice and punished lots of people unfairly. This book shares the example of Walter McMillian and several others like him, who became victims of the flaws of the judicial system of the United States.
There was a relief for some but demise for others. This book focuses on unraveling the truth about severe punishment and mass incarceration in the United States. It documents the ease with which we choose doom for people and the injustice that stems from our angry, fearful, and detached approach toward the helpless.
This summary of Just Mercy captures the attention of its readers and holds it. It is meant to be a companion, not a replacement, to the original book. Please note that this summary is not authorized, licensed, approved, or endorsed by the author or publisher of the main book. In the case of commercial property including farms , v represents the present value of expected cash flows from the property, while s represents the return from non-transferable investments, goodwill, plus any utility benefits of ownership Aghion and Bolton, ; Hart, Chapter 5.
Kuznets and Thomas, We will see this formally below. The redemption period, if one exists, represents the period of time following default during which the mortgagor can reclaim the property. As noted above, equitable redemption allows the mortgagor to reclaim the property prior to the foreclosure sale by paying off the loan balance, whereas statutory redemption extends the grace period beyond the foreclosure sale for a set period of time.
For purposes of the model, we do not formally distinguish between these cases. In effect, T is an extension of the maturity date for the mortgage. These effects, if included in the model, would simply represent an additional cost, along with that associated with moral hazard, of raising T. This reflects a potential moral hazard problem associated with lengthening of the redemption period and therefore provides the basis for limiting T to a finite length possibly zero.
From a social perspective, the function of a redemption period is to avoid the loss of subjective value resulting from a forced sale. This is purely a simplifying assumption; we would obtain the same qualitative results if we allowed v and s to depend on e. In contrast, in 1 v is weighted by the probability that the mortgagor retains the land. The first term, which is positive, represents the marginal benefit of lengthening T.
It reflects the fact that a longer redemption period increases the chance that the mortgagor will retain the non-transferable value of the property, s. Offsetting this is the second term, which is the marginal cost of a longer redemption period.
It follows that redemption statutes i. This prediction, together with the public choice factors to be discussed below, form the basis for the empirical analysis in the next section.
Empirical Analysis The model described the fundamental tradeoff underlying redemption laws as being between the negative impact on incentives to prevent default on one hand and protection of owner-specific non-marketable land values on the other. In addition, it is undeniable that mortgage redemption laws have historically been driven by the long- standing public commitment to protect family farms against fluctuations in the value of agricultural land.
It is therefore important to choose a time period for analysis over which the issue at hand was relatively important, and for which sufficient data are available. For this reason, we selected independent variables from 19 Beverly v. Barnitz, 55 Kan. Since there was little change in redemption laws over the period between and , this configuration of the data positions us as close as possible to the origins of redemption laws while remaining a recent enough time period to admit useable data.
In particular, it allows us to use data similar to that employed by Alston These variables capture the public choice forces that undoubtedly influenced the adoption of redemption laws. In fact, the quality and content of census data dramatically improves at the beginning of the 20th century. In our favor, most of these variables evolve relatively slowly over time and therefore more recent values might serve as useful instruments of past values.
For example, the correlations between the length of average tenure an independent variable in our analysis in , and length of tenure in and , are, respectively, 0. First, we include the percentage of farm acres that were improved, taken from the Statistical Abstract of the U. Additionally, we include the ratio of the value of implements and machinery to the value of farm land and buildings.
This is a further measure of how important non-land inputs were in determining the overall value of the land. Finally, we include a measure of the average length of tenure on the farm for each state. A longer span of time on a farm should indicate more specific farm capital, as well as greater attachment to the land. In , the Census bureau began collecting information on the number of farmers who had been on their farm less than a year, one year, between two and four years, five and nine years, and more than 10 years.
While it is inevitable that improvement of land or investment in implements and machinery will increase the market value of land, it is also reasonable to suppose that not all improvements will ultimately be reflected in market value in the event that the farmer must sell the farm.
Additionally, one might expect that the more time a farmer has spent on the farm, the more likely it is that he will have acquired specific knowledge about how best to work the land. This specific knowledge, plus the Depression. By contrast, our analysis focuses on the economic forces leading to the adoption of redemption laws in general. For example, of the three regions where agriculture was relatively important based on the percentage of labor employed on farms the South, North Central, and West , the South stands out as having had the smallest percentage of states with redemption statutes.
This may be explained by the confluence of public choice and investment concerns. The percentage of mortgaged farms in the South was much smaller than in the other two regions. In addition, farmers in the North Central had a higher rate of improved land.
While farmers in the West had a similar average tenure length on their farms relative to Southern farmers, Western farmers had a higher ratio of added investments compared to the South. In the industrial northeast, farming was not an important activity during the sample period, which accounts for the low incidence of redemption laws there, although Northeastern farmers tended to have relatively long average tenure on their farms. Models I and II are logistic models, where the dependent variable equals one if a redemption law was present in the state in , and zero otherwise.
By comparing models I and II, one gets the impression that the public choice variables, the percentage of farm labor in the state and the percentage of farms mortgaged, explain the bulk of the variation regarding the presence or absence of redemption laws.
However, the investment to value ratio is also statistically significant and of the correct sign, while both the percentage of improved land in farms and average tenure length have the correct sign, but are insignificant.
Model III applies a higher tech approach to the data by making use of variations in the statute length. In particular, it shows the results of fitting a Heckman selection model to the data by jointly estimating the probability that a state has a redemption law, and, given the existence of a redemption law, the impact of each of the independent variables on the length of the statutory period. Standard errors in this model were estimated using a robust Huber-White estimator that allows for intra-region correlation in error terms.
Model III reveals some interesting features of the data. Note first that some variables appear to influence the choice of whether or not to have a rule, while others 24 A possibility that lies somewhere between the selection model and the straight logit model is to use a specification such as an ordered logit. Fitting an ordered logit to the data generates similar results to models presented. It is interesting to note that many of the conceptual issues behind selection models were developed in the context of law and economics, and in particular in the study of state variation in anti-discrimination legislation.
See Maddala In this regard, the public choice variables are a bit more robust than the specific investment variables. Tenure length, the percentage of farms mortgaged, and the percent of agriculture in the labor force are all significant in explaining whether or not a statute is in place, and those states with a larger percentage of improved land and a large ratio of investment to farm value systematically have longer statutes. By and large, these results are consistent with the predictions of the model Interestingly, the percentage of mortgaged farms appears with a positive sign in the selection equation, but with a negative sign in the statutory length equation.
One interpretation of this result is that those states with a high percentage of mortgaged farms desired to extend some protection to borrowers by enacting a statute, but when determining the statute length, these states took into account the possibly adverse impact of a longer redemption period on the overall mortgage market, and hence limited the length of the statutory period.
Conclusion This paper has developed an economic analysis of mortgage redemption laws in the United States. The history of these laws displays both regional variation and sensitivity to economic cycles, reflecting their role in protecting farmers from loss of their land during periods of economic downturn.
The importance of farming interests in a given state has therefore been a significant factor in bringing about the passage of these laws, as previous scholars have noted. While not denying political considerations, we proposed a novel theoretical justification for redemption laws based on the hypothesized existence of non-transferable value associated with certain land uses that would be lost in the event of foreclosure.
The empirical analysis, which used cross-state data from the early twentieth century, verified the importance of both political and economic factors in explaining the presence and length of redemption statutes. Alston, Lee J. Baker, Matthew, and Thomas J. Baker, Matthew, Thomas J. Miceli, C. Sirmans, and Geoffrey Turnbull. Bauer, Patrick B. Bridewell, David A. Capone, Charles A. Washington, D. Department of Housing and Urban Development. Fisher, Lynn. Fisher, Lynn, and Abdullah Yavas.
Friedman, Lawrence. A History of American Law. New York: Touchstone Books. Glaeser, Edward and Jose Scheinkman. Hanna, John. Cases and Materials on Security. Chicago: The Foundation Press.
Hart, Oliver.
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