In this speech, I would like to address a feature of legal regimes in general that is too often ignored in the study of how law operates. Though I believe that the concept is relevant to many different areas of law, I shall focus on modern tort law. I wish to address what I will call the culture of our modem law of torts. By culture, I mean a set of attitudes and expectations embedded in the conceptual basis of the law that is only captured in a limited way by the principal legal doctrines of the area of law themselves. I believe that those of us who work in the field of law and economics, especially, have neglected the broader impact of the culture of modem law. As a consequence, we have failed to understand the significant consequences ...